UP Fintech Holding Limited
itiger.comWhat Do They Do?
Runs an online brokerage for retail and corporate clients, corporate services including employee equity plans and IPOs, and wealth management for investors.
20-F for FY2025, filed Apr 24, 2026
How Do They Make Money?
It earns trading commissions when customer orders execute and clear. For some accounts, commissions are deducted from customers’ brokerage accounts; for fully disclosed accounts, clearing brokers collect commissions and remit the company’s share, and it earns financing fees while margin loans and securities borrowing and lending remain outstanding.
20-F for FY2025, filed Apr 24, 2026The Group’s revenues from contracts with customers are recognized when the performance obligations are satisfied at an amount that reflects…View ↗
Commissions earned for the Group’s online brokerage business in customers’ fully disclosed accounts and consolidated accounts are charged…View ↗
According to the attributes of transactions under consolidated accounts, the Group provides brokerage service for its customers. Commission…View ↗
According to the attributes of transactions under fully disclosed accounts, the Group provides the agreed services to its customers in…View ↗
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20-F for FY2025, filed Apr 24, 2026
FY2025 revenue by product or service ↗
$612.1M
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20-F for FY2025, filed Apr 24, 2026
$612.1M ↗
| Segment | Share | Revenue |
|---|---|---|
|
IPO Distribution Services
|
33%
FY2022: 54%
|
IPO Distribution Services, FY2025
$18.2M Sources
|
|
Wealth Management Service
|
36% |
Wealth Management Service, FY2025
$19.9M Sources
|
|
Currency Exchange Service
|
30%
FY2022: 46%
|
Currency Exchange Service, FY2025
$16.6M Sources
|
Who Are Their Customers?
Customers include individuals, companies and institutions, who can open trading accounts through the app or website. The company also partners with online platforms that let their users analyze and trade U.S. and Hong Kong securities.
20-F for FY2025, filed Apr 24, 2026We classify those who have registered on our platform as our users and those who have opened accounts on our platform as customers. Our…View ↗
As of December 31, 2024 and 2025, the aggregate of account balance amounted to US$41.7 billion and US$60.8 billion, respectively. Our…View ↗
We regularly initiate branding activities to promote our brand awareness among existing and potential customers around the world. We…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 28 cents of every revenue dollar as net income in FY2025 and turned 214 cents into free cash flow.
How Are They Changing?
Growing. Revenue grew 2.3x in 4 years, from $264.5M in FY2021 to $612.1M in FY2025, about 23% a year.
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