UP Fintech Holding Limited has released its financial results for the second quarter of 2021 that ended on June 30, 2021. In the report, the firm stated that the total revenues had increased by around 98.7% compared to the previous period in 2021, to reach $60.2 million
The results also show healthy gains in the total net revenues, which increased by 95%, compared to the same period last year. The total net revenues for Q2 2021 came in at $55.4 million. In the same period, the company’s funded accounts increased by 153,100, a 353% increase compared to Q2 2021.
$21.5 Million Net Losses
Despite the gains in revenues and an increase in the number of funded accounts, the firm reported net losses of $21.5 million in the second quarter. This is a significant drop compared to the net income of $4.4 million reported in Q2 2021.
“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,” stated Wu Tianhua, the Company’s CEO and Director.
Tianhua also added that out of the 153,000 new funded accounts in Q2 2021, 60% of these accounts were based in international markets. The total account balance for the firm had also increased to $23.9 billion despite the tough economic climate. The total account balance had almost tripled compared to the same period last year and increased by 11.8% compared to Q1 2021.
Growth in Corporate Business
In the report, UP Fintech also noted a significant increase in the corporate business division during Q2 2021. The firm also noted strong growth levels in the proprietary self-clearing system and the wealth management division.
The press release also noted some of the major achievements for the firm during that period. During the second quarter, the company participated in 17 IPOs in Hong Kong and the US. The firm also looks forward to more growth in the coming financial periods.