- Forex Broker UP Fintech Holding Limited Posts Impressive $60 Million in Revenues For Q2 2021
- Company Also Reports A Considerable Jump In Funded Accounts During Last Quarter
- Total Net Revenue Jumps 95% When Compared To Last Year but net loss of $21.4 million in quarter still posted compared to $4.4 million for 2020.
The forex broker UP Fintech Holding Limited released its unaudited financial results for the 2nd quarter of this year ending on 30 June 2021. The broker saw an impressive increase in total revenue as this came in at $60.2 million. This is 98.7% higher when compared to the same period in 2020 which is quite a substantial achievement.
According to the published results, total net revenues where up by 95% year on year to an impressive $55.4 million in Q2 2021. The forex broker also added a considerable 153,100 new funded accounts in the second quarter which is a staggering 353% higher when compared to the same quarter in 2020.
Although there was this huge jump in revenues as well as the number of funded accounts, UP Fintech posted a considerable net loss of $21.5 million which compares rather badly to the $4.4 million net income in the same quarter of 2020.
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Forex Broker UP Fintech Continues International Expansion With Huge Jump In Revenues and New Accounts
Although the company turned to a loss in the second quarter, Wu Tianhua, CEO and Director of UP Fintech, appeared happy with the considerable expansion in client numbers as well as revenue records.
“Market backdrop was relatively weaker compared to the first quarter, but I am happy to report that the Company still achieved substantial expansion in the second quarter. As we continue to invest in our internationalization, there was a significant increase in the number of newly funded accounts and the total account balance.”
Tianhua explained that although market conditions were not as good as the first quarter, the forex broker still did substantially well.
“We added 153,100 funded accounts in the second quarter, an increase of 353.5% year over year and 30.4% quarter over quarter; of these newly acquired accounts, over 60% came from international markets. Total account balance reached US$23.9 billion despite challenging market conditions, nearly triple that of the same period last year and 11.8% increase from the first quarter of this year,” Tianhua added.
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Corporate Business Jumps For UP Fintech With No Less Than 17 IPO’s
UP Fintech reported considerable growth in its corporate business arm during the second quarter of 2021. According to the company press release, its wealth management business and proprietary self-clearing system also continued developing strongly in the second quarter.
“We also participated in 17 IPOs in Hong Kong and the U.S. during the second quarter. We look forward to collaborating with our next generation clients as they grow,” the company stated in the press release.
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Gerald Fenech
