Tiger Brokers owner UP Fintech Holding reported on Thursday that its revenue for 2025 rose 56.3% to $612.1m, with net income climbing 181.4% to $170.9m as total client assets on the Tiger platform reached $60.8bn.
The Nasdaq-listed online broker added 161,900 funded clients during the year, above its 150,000 guidance, bringing the total to 1,253,900. Net asset inflows topped $10bn for the full year. The company set the same 150,000 funded-client target for 2026 “while prioritizing user quality,” according to its earnings release.
Regional asset growth
The company said Singapore, its headquarters market, saw client assets rise more than 50% year over year. Australia and New Zealand client assets more than doubled, while Hong Kong client assets more than tripled.
These figures follow trends from the third quarter, when Singapore and Hong Kong each accounted for roughly 40% of new funded clients.
UP Fintech said it launched margin accounts in Australia during the quarter and upgraded its options combo feature to allow combination orders of options and underlying stock contracts across the platform.
The company underwrote 22 U.S. and Hong Kong IPOs in the fourth quarter, including Pony AI and HashKey, bringing the full-year total to 47. Its ESOP business added 39 new clients in the quarter, reaching 748 total.
Revenue mix and costs
Full-year commissions rose 67.8% to US$266.8 million, interest income increased 34.0% to US$257.0 million, and other revenues, driven mainly by wealth management services and IPO distribution, jumped 163.4% to US$77.5 million.
Costs rose at a slower pace than revenue. Total operating expenses increased 30.9% for the year. Marketing and branding spend climbed 73.4%, while employee compensation rose 36.6% as the company expanded its global headcount.
Fourth-quarter revenue was US$175.6 million, up 41.5% year over year but flat sequentially. Cash and equivalents, term deposits and long-term deposits stood at US$793.1 million at year-end, up from US$396.0 million a year earlier.
