UP Fintech Holding

What UP Fintech Holding does

UP Fintech Holding Limited (NASDAQ: TIGR), operating under the "Tiger Brokers" brand, is a Cayman Islands-incorporated online brokerage firm founded in 2014 by CEO Tianhua Wu and listed on NASDAQ in March 2019. The company operates a proprietary mobile-first and web-based trading platform ("Tiger Trade") that enables retail investors to trade equities and derivatives across multiple global exchanges, with multi-currency settlement, multiple execution venues, and multiple clearinghouses. The platform supports trading in US, Hong Kong, Singapore, Australia, and New Zealand markets, and includes Tiger AI — an intelligent assistant upgraded in Q1 2026 to a Multi-Agent architecture (with dedicated agents for search, analysis, forecasting, risk control, and futures) integrating Anthropic's Claude model alongside other foundation models. Headquartered in Singapore, the company serves 1.28 million funded accounts holding $58.9 billion in client assets as of Q1 2026.

The company operates a transaction-based business model with five revenue streams: (1) trade execution commissions ($266.8M in FY2025, +67.8% YoY), (2) interest income from margin financing and securities lending ($257.0M, +34.0% YoY), (3) financing service fees, (4) other revenue from wealth management and IPO distribution ($77.5M, +163.4% YoY), and (5) corporate services including IPO underwriting (47 US/HK IPOs in 2025) and ESOP management (790 corporate clients as of Q1 2026). FY2025 total revenue reached $612.1 million (+56.3% YoY), with GAAP net income of $170.9 million (+181.4% YoY). The go-to-market is dual-track: direct-to-consumer digital distribution to global retail investors through mobile and web channels, paired with enterprise field sales for IPO underwriting and ESOP mandates.

Key near-term events materially affect the risk profile: in May 2026, the China Securities Regulatory Commission (CSRC) Beijing Bureau imposed administrative penalties of approximately RMB 411 million (~$59.7M) on certain subsidiaries for unlicensed cross-border securities and futures activities, effectively shutting the firm out of mainland China retail. In response, the board approved a US$50 million share repurchase program (June 2026). Hong Kong and Singapore now drive the majority of new account growth, with Australia and New Zealand client assets more than doubling year-over-year in 2025.

Name

UP Fintech Holding

Legal name

UP Fintech Holding Limited

Website

https://ir.itigerup.com

Company type

Public

Founded year

2014

Operating status

Operating

Short description

UP Fintech Holding (NASDAQ: TIGR) operates Tiger Brokers, a mobile-first online brokerage platform serving 1.28 million funded retail accounts globally with multi-market trading, margin financing, IPO subscription, and ESOP management services, plus an AI-powered trading assistant.

Ownership category

akta.pro rank

Product category

Online Brokerage

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Execution-Only / Self-Directed Investing Platforms (FSAAAAAI)

akta.pro secondary industry

Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG)

Keywords

• Online brokerage services
• Global trading platform
• Margin financing
• IPO underwriting
• ESOP management

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Commission Revenue: Commissions from trade order placement and execution services. Q4 2025 commissions were US$70.8 million (26.6% YoY increase). Full year 2025 commissions were US$266.8 million (67.8% YoY increase) driven by increased trading volume.
2. Interest Income: Interest income from margin financing and securities lending activities. Q4 2025 interest income was US$71.3 million (27.8% YoY increase). Full year 2025 interest income was US$257.0 million (34.0% YoY increase) due to increased margin financing and securities lending.
3. Financing Service Fees: Fees from financing services provided to customers. Q4 2025 financing service fees were US$2.7 million.
4. Other Revenues (Wealth Management & IPO Distribution): Revenue from wealth management services and IPO distribution income. Q4 2025 other revenues were US$30.8 million (220.6% YoY increase). Full year 2025 other revenues were US$77.5 million (163.4% YoY increase) primarily due to wealth management service revenue and IPO distribution income.
5. Corporate Services (IPO Underwriting & ESOP): Revenue from corporate services including IPO underwriting and ESOP management. The company underwrote 47 US and Hong Kong IPOs in 2025 and served 790 ESOP clients as of Q1 2026.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

UP Fintech Holding Limited operates the Tiger Brokers platform, an online brokerage providing a proprietary mobile and web-based trading platform that enables global investors to trade equities and other financial instruments across multiple exchanges worldwide. The firm generates revenue from trade execution commissions, margin financing and securities lending interest, IPO subscription/underwriting, ESOP management for corporate clients, and wealth management services.

Product overview

UP Fintech Holding Limited operates as a leading online brokerage firm through its Tiger Brokers brand, offering a unified mobile-first trading platform (Tiger Trade) that enables global investors to trade equities and other financial instruments across multiple exchanges worldwide. The platform provides comprehensive brokerage services including trade order execution, margin financing, IPO subscription, ESOP management, wealth management, investor education, and community discussion features. The product portfolio centers on the core Tiger Trade platform enhanced by AI-powered Tiger AI assistant with multi-agent capabilities, supported by advanced options trading features, Hong Kong index options, and TWAP order functionality. The company supports multi-currency, multi-market, multi-product trading across multiple execution venues and clearinghouses.

Differentiator

Problem solved

Functional benefit

Products and services

• Tiger Trade (Tiger Brokers Platform) Proprietary mobile-first and web-based trading platform enabling global retail investors to trade equities and other financial instruments across multiple exchanges worldwide, supporting multiple currencies, markets, products, execution venues, and clearinghouses. Includes Tiger AI assistant, margin financing, IPO subscription, investor education, and community discussion features.
• IPO Underwriting and Subscription Services Corporate IPO underwriting and retail IPO subscription services across US and Hong Kong markets. The company underwrote 47 US and Hong Kong IPOs in 2025.
• ESOP Management Services Employee stock ownership plan (ESOP) management services for corporate clients, covering plan administration, vesting tracking, and reporting. Served 790 ESOP clients as of March 31, 2026.
• Wealth Management Services Investment management and advisory offerings to clients, contributing to other revenues growth of 163.4% year-over-year in 2025.

Quantifiable outcome

• Revenue of $612.1 million in FY2025, up 56.3% YoY
• +5 more outcomes

Named customers9 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature6 records

Partnerships

Four partnerships are on record, tiered core.

• Tiger Brokers (Brand)coreOthersUP Fintech Holding Limited holds the trademark 'Tiger Brokers' in New Zealand, Hong Kong, and Singapore, and operates its online brokerage business under this brand in Asia.
• Deutsche Bank Trust Company AmericascoreOthersDeutsche Bank Trust Company Americas serves as the company's depositary bank to register and deliver American Depositary Shares (ADSs) for NASDAQ trading.
• KPMG Huazhen LLPcoreOthersKPMG Huazhen LLP serves as the company's independent auditor for financial statement audits.
• Sidley Austin LLPcoreOthersSidley Austin LLP serves as US legal counsel regarding certain legal matters as to the United States federal and New York law.

Scale indicators20 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Charles Schwab: Large incumbent US broker-dealer offering full-service brokerage, wealth management, and ESOP/equity plan services. Comparable on retail brokerage, ESOP administration (via Schwab Equity Award Services), and capital markets exposure.
• E*TRADE (Morgan Stanley): Established US online broker with retail platform, options/futures capabilities, and corporate services including equity plan administration. Comparable on commission-based retail brokerage and ESOP/equity plan management.
• IG Group: Global multi-asset online broker with strong Asia-Pacific presence offering CFDs, stocks, options, and futures. Comparable on international multi-market execution infrastructure and active retail trader base.

Direct peers

• Saxo Markets: Denmark-headquartered online broker offering multi-market, multi-currency trading across 60+ exchanges globally with deep derivatives and FX capabilities. Comparable multi-market access model and active-trader focus, particularly relevant for Singapore/HK distribution.
• Robinhood: Mobile-first US retail brokerage with zero-commission trading, community features, and expanding crypto/options product set. Comparable business model and customer demographic of self-directed retail traders.
• Webull: Mobile-first, self-directed brokerage popular with younger retail investors for US and Hong Kong stock trading. Comparable target customer (digital-native retail), commission-free model, and emphasis on intuitive UX and community features.
• Futu Holdings: Closest direct competitor — also Chinese-founded online brokerage with mobile-first platform targeting retail investors in HK, Singapore, US and mainland (offshore). Overlapping product suite (US/HK stocks, margin, IPO, ESOP) and was named alongside UP Fintech in the same Chinese regulatory crackdown and US insider-trading probe.
• Interactive Brokers: Global multi-market online broker with extensive multi-currency, multi-exchange execution, serving active retail and institutional traders worldwide. Comparable on cross-border market access, options/futures capabilities, and professional-grade trading tools.
• Moomoo (Futu subsidiary): International retail trading platform from Futu Holdings targeting younger Asian and global investors with mobile-first US/HK/CN trading. Comparable product positioning, customer demographic, and geographic footprint.

Emerging players

• Tiger Brokers (HK) — Long Bridge Securities: Hong Kong–headquartered online broker with mobile platform focused on HK and US stock trading for Asian retail investors. Comparable on cross-border HK/US execution, margin financing, and IPO subscription offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights8 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about UP Fintech Holding