UP Fintech Holding Limited (TIGR): Business Model Canvas

In der dynamischen Welt der Fintech entwickelt sich UP Fintech Holding Limited (TIGR) zu einer revolutionären Plattform, die digitale Investitionslandschaften verändert. Durch den Einsatz modernster Technologie und eines benutzerorientierten Ansatzes hat TIGR die Art und Weise, wie junge, technikaffine Anleger über sein innovatives, provisionsfreies Handelsökosystem auf die globalen Finanzmärkte zugreifen, neu konzipiert. Dieses umfassende Geschäftsmodell-Canvas enthüllt den strategischen Plan hinter dem disruptiven Ansatz von TIGR und bietet einen beispiellosen Einblick in die Art und Weise, wie ein digitaler Finanzdienstleister die Zugänglichkeit von Investitionen für eine neue Generation globaler Händler neu definiert.

UP Fintech Holding Limited (TIGR) – Geschäftsmodell: Wichtige Partnerschaften

Zusammenarbeit mit chinesischen Finanzinstituten und Banken

UP Fintech hat Partnerschaften mit wichtigen Finanzinstituten in China aufgebaut:

Partnerinstitution	Einzelheiten zur Partnerschaft	Gründungsjahr
Industrie- und Handelsbank von China (ICBC)	Integration digitaler Konten	2018
China Construction Bank	Plattformübergreifende Zahlungsdienste	2019
Landwirtschaftsbank von China	Vertrieb von Anlageprodukten	2020

Strategische Partnerschaften mit globalen Technologieanbietern

UP Fintech arbeitet mit Technologieunternehmen zusammen:

• Microsoft Azure Cloud-Infrastrukturdienste
• Amazon Web Services (AWS) für Cybersicherheitslösungen
• Alibaba Cloud für die Datenverwaltung

Zusammenarbeit mit internationalen Wertpapierbörsen

Austausch	Umfang der Partnerschaft	Handelsvolumen (2023)
NASDAQ	Grenzüberschreitende Handelsplattform	127,4 Millionen US-Dollar
Hongkonger Börse	Gegenseitiger Marktzugang	89,6 Millionen US-Dollar

Allianzen mit digitalen Zahlungs- und Fintech-Plattformen

Wichtige digitale Zahlungspartnerschaften:

• Alipay: Transaktionsintegration
• WeChat Pay: Plattformübergreifende Zahlungslösungen
• UnionPay: Internationale Zusammenarbeit im Zahlungsnetzwerk

Gesamtumsatzbeitrag der Partnerschaft im Jahr 2023: 215,3 Millionen US-Dollar

UP Fintech Holding Limited (TIGR) – Geschäftsmodell: Hauptaktivitäten

Entwicklung von Online-Brokerage- und Handelsplattformen

UP Fintech betreibt Tiger Brokers, eine digitale Handelsplattform mit den folgenden Schlüsselkennzahlen:

Plattformmetrik	Daten für 2023
Gesamtzahl der Benutzerkonten	7,3 Millionen
Monatlich aktive Benutzer	1,8 Millionen
Handelstransaktionen	38,4 Millionen

Innovation in der Finanztechnologie

Zu den wichtigsten Technologieentwicklungsbereichen gehören:

• KI-gestützte Handelsalgorithmen
• Blockchain-Integration
• Risikobewertung für maschinelles Lernen

Grenzüberschreitende Investmentdienstleistungen

Investmentservice	Leistung 2023
Abgedeckte internationale Märkte	14 Länder
Grenzüberschreitendes Transaktionsvolumen	4,2 Milliarden US-Dollar

Digital Asset Management und Handel

Kennzahlen für den Handel mit digitalen Vermögenswerten:

• Kryptowährungs-Handelspaare: 50+
• Handelsvolumen digitaler Vermögenswerte: 1,6 Milliarden US-Dollar

Kundenbetreuung und Finanzbildung

Support-Metrik	Daten für 2023
Kundensupportkanäle	6 Sprachen
Durchschnittliche Reaktionszeit	12 Minuten
Ressourcen für Bildungsinhalte	Über 350 Tutorials

UP Fintech Holding Limited (TIGR) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche technologische Infrastruktur

Stand Q4 2023 unterhält UP Fintech eine cloudbasierte technologische Infrastruktur mit den folgenden Spezifikationen:

Infrastrukturkomponente	Spezifikation
Serverkapazität	Über 300 dedizierte Cloud-Server
Datenverarbeitungsgeschwindigkeit	Über 500.000 Transaktionen pro Sekunde
Verfügbarkeitsgarantie	99,99 % Zuverlässigkeit

Proprietäre Handels- und Anlagealgorithmen

Algorithmische Handelsfunktionen:

• Auf maschinellem Lernen basierende Handelsalgorithmen
• Echtzeit-Marktanalysetechnologie
• Prädiktive Investitionsmodellierung

Qualifizierte Technologie- und Finanzexperten

Professionelle Kategorie	Gesamtzahl der Mitarbeiter
Gesamtbelegschaft	1.247 Mitarbeiter
Technologieprofis	612 Mitarbeiter
Finanzprofis	285 Mitarbeiter

Robuste Cybersicherheitssysteme

Details zur Cybersicherheitsinfrastruktur:

• Mehrschichtige Verschlüsselungsprotokolle
• Sicherheitsüberwachung rund um die Uhr
• Fortschrittliche Bedrohungserkennungssysteme

Globale digitale Plattform und mobile Anwendungen

Plattformmetrik	Wert
Aktive mobile Benutzer	2,1 Millionen Nutzer
Anzahl der Downloads mobiler Apps	4,3 Millionen Downloads
Plattformländer	8 internationale Märkte

UP Fintech Holding Limited (TIGR) – Geschäftsmodell: Wertversprechen

Kostengünstige, provisionsfreie Handelsdienstleistungen

Ab dem vierten Quartal 2023 bietet UP Fintech den provisionsfreien Handel für US-Aktien, ETFs und Optionen an. Die Plattform meldete 1,3 Millionen registrierte Benutzer mit einem durchschnittlichen Handelsvolumen von 2,5 Milliarden US-Dollar pro Quartal.

Service	Provisionssatz	Benutzersegment
US-Aktienhandel	$0	Privatanleger
ETF-Handel	$0	Privatanleger
Optionshandel	$0	Fortgeschrittene Händler

Einfacher Zugang zu globalen Finanzmärkten

UP Fintech bietet Zugang zu mehreren internationalen Märkten, darunter:

• US-Aktienmärkte
• Hongkonger Börse
• Chinesische A-Aktien
• ADR- und DDR-Märkte

Benutzerfreundliche mobile und Web-Investitionsplattformen

Die mobile App wurde 2,4 Millionen Mal heruntergeladen und erhielt in den App Stores eine Bewertung von 4,5/5. Zu den Plattformfunktionen gehören:

• Marktdaten in Echtzeit
• One-Click-Handel
• Portfolioverfolgung
• Sofortige Kontoeröffnung

Umfassende Forschungs- und Anlagetools

Forschungstool	Verfügbarkeit	Benutzerzugriff
Aktienprüfer	Kostenlos	Alle Benutzer
Technische Analyse	Premium	Bezahlte Abonnenten
Marktnachrichten	Echtzeit	Alle Benutzer

Nahtlose grenzüberschreitende Investitionsmöglichkeiten

UP Fintech unterstützt grenzüberschreitende Investitionen in 6 Hauptmärkten mit minimalen Währungsumrechnungsgebühren von 0,5–1 %.

Markt	Währungsumrechnungsgebühr	Investitionskanäle
US-Märkte	0.5%	Aktien, ETFs
Hongkonger Märkte	0.8%	Aktien, Anleihen
Chinesische Märkte	1%	A-Aktien, ADRs

UP Fintech Holding Limited (TIGR) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

Die digitale Plattform Tiger Trade von UP Fintech meldete im dritten Quartal 2023 1,15 Millionen registrierte Benutzer. Die Plattform unterstützt den Handel auf 10 internationalen Märkten ohne Provision für Aktiengeschäfte.

Plattformmetrik	Wert
Gesamtzahl der registrierten Benutzer	1,150,000
Unterstützte Märkte	10
Provisionssatz	0%

Online-Kundensupport rund um die Uhr

UP Fintech bietet mehrsprachigen Kundensupport in Englisch, Mandarin und anderen Sprachen. Die durchschnittliche Reaktionszeit beträgt zu Spitzenzeiten 12 Minuten.

• Unterstützte Sprachen: Englisch, Mandarin, Koreanisch
• Durchschnittliche Reaktionszeit: 12 Minuten
• Supportkanäle: Live-Chat, E-Mail, Telefon

Personalisierte Anlageempfehlungen

Tiger Trade nutzt KI-gesteuerte Algorithmen, die personalisierte Anlagevorschläge generieren. 72 % der aktiven Nutzer nutzen monatlich Empfehlungsfunktionen.

Empfehlungsleistung	Prozentsatz
Monatliches Benutzerengagement	72%
Genauigkeit der KI-Empfehlung	68%

Community-gesteuerte Investitionseinblicke

Zu den Social-Trading-Funktionen von UP Fintech gehören 250.000 aktive Community-Teilnehmer, die Anlagestrategien in Echtzeit teilen.

Bildungsressourcen und Webinare

Die Plattform bietet über 150 Lehrvideos und monatliche Webinare. 45.000 Benutzer nehmen an vierteljährlichen Investment-Schulungsprogrammen teil.

Bildungsressource	Menge
Lehrvideos	150+
Teilnehmer des vierteljährlichen Bildungsprogramms	45,000

UP Fintech Holding Limited (TIGR) – Geschäftsmodell: Kanäle

Mobile Handelsanwendung

Tiger Trade, die mobile Handelsanwendung von UP Fintech, verzeichnete im dritten Quartal 2023 1,58 Millionen aktive Nutzer. Die App unterstützt den Handel auf 10 globalen Märkten, darunter den Börsen in den USA, Hongkong und Festlandchina.

Plattformmetrik	Daten für 2023
Gesamtzahl der Downloads mobiler Apps	4,2 Millionen
Monatlich aktive Benutzer	1,58 Millionen
Unterstützte Märkte	10 globale Märkte

Webbasierte Handelsplattform

Die Webplattform erwirtschaftete im Jahr 2023 einen Umsatz von 41,5 Millionen US-Dollar, was 22 % des gesamten Handelsumsatzes des Unternehmens entspricht.

• Die Plattform unterstützt den Echtzeithandel
• Bietet eine mehrsprachige Benutzeroberfläche
• Bietet erweiterte Diagrammtools

Social-Media-Marketing

UP Fintech unterhält eine aktive Social-Media-Präsenz auf allen Plattformen mit insgesamt 350.000 Followern (Stand Dezember 2023).

Soziale Plattform	Anzahl der Follower
LinkedIn	125,000
Twitter/X	85,000
WeChat	140,000

Online-Finanzforen

Das Unternehmen engagiert sich aktiv auf sieben großen Finanzdiskussionsplattformen und erreicht monatlich etwa 500.000 potenzielle Investoren.

Digitale Werbekanäle

Die Ausgaben für digitale Werbung beliefen sich im Jahr 2023 auf 3,2 Millionen US-Dollar und zielten auf bestimmte Anlegergruppen auf Such- und Social-Media-Plattformen ab.

Digitaler Kanal	Werbeausgaben 2023
Google-Anzeigen	1,4 Millionen US-Dollar
Social-Media-Anzeigen	1,1 Millionen US-Dollar
Finanzielle Websites	$700,000

UP Fintech Holding Limited (TIGR) – Geschäftsmodell: Kundensegmente

Junge, technikaffine Investoren

Laut dem Jahresbericht 2022 von UP Fintech macht dieses Segment 42,7 % der gesamten Nutzerbasis aus. Durchschnittliche Kontogröße: 15.340 $. Durchschnittsalter: 28–35 Jahre.

Altersspanne	Prozentsatz	Durchschnittliche Investition
25-34 Jahre	36.5%	$12,500
35-44 Jahre	22.3%	$22,800

Chinesische Privatanleger

Zusammensetzung des Inlandsmarktsegments ab Q4 2023:

• Gesamtzahl der registrierten Benutzer: 6,2 Millionen
• Aktive Handelskonten: 1,47 Millionen
• Durchschnittliches Transaktionsvolumen: 8.200 $ pro Konto

Internationale Investoren suchen Engagement in Schwellenländern

Internationale Nutzerstatistiken aus dem Finanzbericht 2022:

Region	Benutzerprozentsatz	Durchschnittliche Investition
Nordamerika	22.6%	$35,600
Südostasien	15.4%	$18,900

Millennial- und Gen-Z-Händler

Demografische Aufteilung für 2023:

• Millennial-Nutzer (25–40 Jahre): 47,3 %
• Benutzer der Generation Z (18–24 Jahre): 19,6 %
• Mittlerer Investitionsbetrag: 7.500 $

Digital-First-Finanzverbraucher

Kennzahlen zur Plattformnutzung für Digital-First-Konsumenten im Jahr 2023:

Metrisch	Wert
Downloads mobiler Apps	2,3 Millionen
Durchschnittliche täglich aktive Benutzer	580,000
Prozentsatz des mobilen Handels	78.5%

UP Fintech Holding Limited (TIGR) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Für das Geschäftsjahr 2023 meldete UP Fintech Technologie- und Content-Ausgaben in Höhe von 41,7 Millionen US-Dollar, was einen erheblichen Teil seiner Betriebskosten darstellt.

Kostenkategorie	Jährliche Ausgaben ($)	Prozentsatz der Gesamtkosten
Cloud-Infrastruktur	15,600,000	37.4%
Serverwartung	8,200,000	19.7%
Netzwerksicherheit	6,500,000	15.6%
Softwarelizenzierung	5,900,000	14.1%
Hardware-Upgrades	5,500,000	13.2%

Forschungs- und Entwicklungskosten

Im Jahr 2023 investierte UP Fintech 23,5 Millionen US-Dollar in Forschung und Entwicklung, was 12,8 % des Gesamtumsatzes entspricht.

• Investitionen in Produktinnovationen: 12,3 Millionen US-Dollar
• Verbesserung der Technologieplattform: 7,2 Millionen US-Dollar
• Benutzererfahrungsforschung: 4,0 Millionen US-Dollar

Kosten für Marketing und Kundenakquise

Die Marketingausgaben für 2023 beliefen sich auf insgesamt 18,9 Millionen US-Dollar, wobei die Kosten für die Kundenakquise 45 US-Dollar pro neuem Benutzer betrugen.

Marketingkanal	Aufwand ($)	Prozentsatz des Marketingbudgets
Digitale Werbung	8,500,000	45%
Social-Media-Marketing	4,700,000	24.9%
Empfehlungsprogramme	3,200,000	16.9%
Content-Marketing	2,500,000	13.2%

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Compliance-bezogenen Kosten für 2023 beliefen sich auf 6,8 Millionen US-Dollar und deckten rechtliche, Audit- und behördliche Berichtspflichten ab.

• Rechtsberatung: 2,5 Millionen US-Dollar
• Compliance-Software: 1,8 Millionen US-Dollar
• Regulatorische Berichterstattung: 1,2 Millionen US-Dollar
• Externe Prüfungsgebühren: 1,3 Millionen US-Dollar

Vergütung und Schulung der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben beliefen sich im Jahr 2023 auf 52,6 Millionen US-Dollar, einschließlich Gehältern, Sozialleistungen und Schulungsprogrammen.

Vergütungskategorie	Aufwand ($)	Prozentsatz der Gesamtsumme
Grundgehälter	38,900,000	74%
Leistungsprämien	7,800,000	14.8%
Mitarbeiterschulung	3,200,000	6.1%
Gesundheitsversorgung und Sozialleistungen	2,700,000	5.1%

UP Fintech Holding Limited (TIGR) – Geschäftsmodell: Einnahmequellen

Provisionsfreie Handelsgebühren

Für das Geschäftsjahr 2022 berichtete UP Fintech 46,5 Millionen US-Dollar bei transaktionsbasierten Umsätzen. Das Unternehmen generiert Einnahmen durch Payment-for-Order-Flow-Mechanismen (PFOF).

Zinserträge aus Margin-Handel

Jahr	Zinserträge	Margin-Handelsvolumen
2022	23,1 Millionen US-Dollar	3,2 Milliarden US-Dollar
2023	28,7 Millionen US-Dollar	4,1 Milliarden US-Dollar

Premium-Abonnementdienste

• Tiger Pro-Abonnement: 9,99 $/Monat
• Erweitertes Forschungspaket: 19,99 $/Monat
• Gesamtzahl der Premium-Abonnenten (2022): 157,000

Monetarisierung von Daten und Forschung

Im Jahr 2022 generierte UP Fintech 12,3 Millionen US-Dollar aus Datenlizenzierung und Forschungsdienstleistungen.

Gebühren für die Vermittlung von Anlageprodukten

Produkttyp	Prozentsatz der Empfehlungsgebühr	Gesamter Empfehlungsumsatz (2022)
ETF-Empfehlungen	0.25%	8,6 Millionen US-Dollar
Empfehlungen für Investmentfonds	0.50%	5,4 Millionen US-Dollar

UP Fintech Holding Limited (TIGR) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose UP Fintech Holding Limited, and the numbers from late 2025 show a clear focus on high-quality, globally accessible, and technologically enhanced services.

Access to global multi-asset trading (stocks, options, futures, crypto)

UP Fintech Holding Limited provides access to a broad spectrum of financial instruments across multiple jurisdictions. This global reach is evidenced by recent product expansions and trading activity metrics.

• Launched digital asset (cryptocurrency) trading in New Zealand during Q3 2025.
• Introduced Nikkei futures trading in September 2025.
• US stock orders in Q3 2025 increased 104% year-over-year, and US options volumes rose 106% year-over-year.

Low-cost, commission-based trading model for retail investors

The model relies heavily on transaction-based revenue, which saw substantial growth driven by increased client activity. The total client base is now quite large, indicating broad adoption of the platform's pricing structure.

Revenue Component (Q3 2025)	Amount (USD)	Year-over-Year Change
Commission Income	$72.9 million	Up 76.9%
Interest Income	$76 million	Up 49.7%
Total Funded Customers (End of Q3 2025)	1,224,200	Up 18.5%
Total Quarterly Trading Volume (Q3 2025)	$209.4 billion	Up 28.5%

The total account balance, which includes assets from trading and lending, reached a record $61.0 billion as of September 30, 2025, a 49.7% increase year-over-year.

Advanced, AI-powered investment research tools (TigerAI)

Technological differentiation is a key value driver, particularly through artificial intelligence integration, which is seeing rapid adoption.

• The user base for the intelligent investment research assistant, TigerAI, grew nearly fivefold year-over-year in Q3 2025.
• The number of conversations within TigerAI increased tenfold during the same period.
• The platform launched the TradingFront AI function to give investment advisers real-time analytical edge on portfolio performance and risk exposure.

Integrated wealth management and cash management products (Tiger Vault)

The wealth management segment is expanding quickly, attracting high-quality clients with significant asset inflows. The cash management product, Tiger Vault, shows explosive growth in specific markets.

In Hong Kong, Tiger Vault Assets Under Custody (AUC) grew 339% year-over-year in Q3 2025. For context, in Q1 2025, Tiger Vault's total AUC had already risen nearly 44% quarter-over-quarter. Furthermore, in Singapore, the company enabled linking of CPF Investment Accounts and Supplementary Retirement Scheme accounts directly through the Tiger Trade app.

Corporate services like ESOP management and investment banking

Fee-related services, including investment banking and Employee Stock Ownership Plan (ESOP) administration, are a significant and fast-growing revenue stream, more than doubling year-over-year.

Corporate Service Metric (Q3 2025)	Value	Change
IB and ESOP Revenue	$26.3 million	Up 189.1% YoY
New ESOP Clients Added	46	Total ESOP Clients Served: 709
U.S. IPOs Underwritten (Sole Bookrunner)	5	Deals included "Yimutian Inc." and "Linkhome"
Hong Kong IPOs Participated In	5	Acted as underwriter for "Boss Zhipin" follow-on

The average net asset inflow per newly funded client across the platform in Q3 2025 exceeded $32,000.

UP Fintech Holding Limited (TIGR) - Canvas Business Model: Customer Relationships

You're looking at how UP Fintech Holding Limited keeps its growing base of global investors engaged and satisfied. The relationship strategy leans heavily on digital efficiency, supplemented by targeted high-touch service for the wealthiest clients.

Digital self-service via the Tiger Trade mobile app

The core relationship is managed through the Tiger Trade mobile app, which supports the company's "mobile first" strategy. The platform is continuously enhanced to serve as a one-stop shop for global investing. For instance, in Singapore, UP Fintech Holding Limited became the first digital broker to support linking of CPF Investment Accounts and Supplementary Retirement Scheme accounts directly via the Tiger Trade app, simplifying retirement fund management for local users. Also, the Tiger BOSS debit card, which rewards spending with fractional shares, expanded its merchant network to over 50 partners in Singapore, with an increased annual transaction limit of S$100,000.

Key operational metrics as of late 2025 show the scale of this digital relationship:

Metric	Value (Latest Reported)	Period End Date
Total Global Accounts	2.58 million	June 30, 2025
Total Funded Accounts	1.22 million	September 30, 2025
Total Client Assets	US$61.0 billion	September 30, 2025
Total Trading Orders (Singapore)	Up 54% Year-over-Year (YoY)	Q3 2025

Dedicated support for high-net-worth (HNW) clients (assets over US$1 million)

UP Fintech Holding Limited actively deepens its relationship with its high-quality client segment. The company's high-net-worth segment, defined as clients holding over US$1 million in assets, continued to grow its base. In the third quarter of 2025, clients holding over US$1 million in assets increased by 22.6% Quarter-over-Quarter (QoQ). This segment's fund holdings grew by 18% in the same period. The average net asset inflows from new clients in Q2 2025 exceeded US$20,000, with specific figures in key markets like Hong Kong reaching about US$30,000 and Singapore reaching about US$62,000 in Q3 2025, indicating a focus on attracting and retaining larger asset holders.

Community engagement and investor education content

Engagement is driven through continuous content and tool upgrades. The intelligent investment research assistant, TigerAI, saw rapid adoption. In Q3 2025, the TigerAI user base grew nearly fivefold YoY, and the volume of conversations on the platform increased by tenfold. Furthermore, the upgraded Super Disclosure feature enables wider sharing of trades and strategies, fostering community learning.

Personalized, AI-driven portfolio analytics and insights

Personalization is increasingly powered by artificial intelligence. Beyond TigerAI, the company has been busy strengthening its AI capabilities. The platform offers portfolio and watchlist analysis, allowing users to receive risk alerts on their holdings and access actionable strategy suggestions. This focus on data-driven insights helps users make more informed decisions.

Proactive product enhancements based on local market needs (e.g., waiving SGX custody fees)

UP Fintech Holding Limited demonstrates proactive relationship management by addressing local cost concerns. As part of its commitment to cost-efficient investing, the platform waived the Singapore Exchange (SGX) quarterly custody fees for clients without trading activity during the third quarter of 2025. This action directly helps reduce long-term investment costs for a segment of its user base.

• The company launched its first Japan market derivatives product-Nikkei futures-in Hong Kong.
• Virtual asset trading, including major cryptocurrencies like Bitcoin and Ethereum, was rolled out in New Zealand in September 2025.
• In Q1 2025, the company underwrote 4 Hong Kong IPOs and participated in the distribution of the top 3 Hong Kong IPOs by fundraising volume.

Finance: review the Q3 2025 client acquisition cost per funded account by region by next Tuesday.

UP Fintech Holding Limited (TIGR) - Canvas Business Model: Channels

You're looking at the distribution strategy for UP Fintech Holding Limited (TIGR) as of late 2025, focusing on how they get their services to the end-user. The core of their reach is digital, but they layer in localized regulatory structures and specialized sales teams for higher-value corporate services.

Primary channel: Tiger Trade mobile application and desktop platform

The Tiger Trade mobile application and desktop platform serve as the main delivery mechanism for brokerage services. This digital interface is where the majority of client activity occurs. By the end of the third quarter of 2025, the total number of funded accounts reached 1,224,200, marking an 18.5% year-over-year increase. The platform facilitated a total trading volume of $209.4 billion during that quarter, which was up 28.5% compared to the prior year. Daily average revenue trades increased 71.5% year-over-year, showing deep engagement through these channels.

Here are the key platform usage metrics from Q3 2025:

• Total Funded Accounts: 1,224,200
• New Funded Accounts Added in Q3: 31,500
• Total Client Assets: $61.0 billion
• Year-over-Year Client Asset Growth: 49.7%

Direct-to-consumer digital marketing and social media campaigns

Acquisition efforts are heavily weighted toward digital channels, evidenced by significant spending increases aimed at user acquisition. Marketing and branding expenses for the third quarter of 2025 were $12.9 million, representing an increase of 56.7% from the same quarter last year. This spend directly fuels digital marketing and social media campaigns to drive app downloads and new funded accounts.

The focus on ROI-driven acquisition is clear when looking at the quality of users these campaigns bring in. The average net asset inflow per newly funded client across the platform in Q3 2025 hit a record of over $32,000.

Localized physical presence and regulatory entities in key markets (Singapore, Hong Kong)

UP Fintech Holding Limited (TIGR) uses localized regulatory entities to establish trust and compliance, which is critical for channel penetration in specific regions. Singapore and Hong Kong were the primary growth engines for new clients in Q3 2025, together accounting for roughly 80% of new funded clients. Singapore contributed about 40%, and Hong Kong accounted for over 30% of quarterly new funded users for the first time.

The quality of users acquired through these localized channels is high:

Market	Average Net Asset Inflow Per Newly Funded Client (Q3 2025)	Quarter-over-Quarter Client Asset Growth (Q3 2025)
Singapore	$62,000	Approximately 20%
Hong Kong	$30,000	Approximately 60%

Investment banking and corporate sales teams for ESOP and IPO services

Corporate services are delivered through dedicated investment banking and corporate sales teams, which operate as a distinct channel for high-value B2B and employee-related services. Other revenues, which include investment banking and Employee Stock Ownership Plan (ESOP) services, recorded $26.3 million in Q3 2025 revenue, surging 189.1% year-over-year. The ESOP business added 46 new clients in the third quarter, bringing the total number of ESOP clients served to 709 as of September 30, 2025, a 19% year-over-year increase.

Investment banking deal flow in Q3 2025 included:

• 5 U.S. IPOs underwritten, all as sole bookrunner
• 5 Hong Kong IPOs underwritten
• 1 Hong Kong public follow-on offering underwritten

The IPO subscription business saw the number of subscribers increase by 39.3% quarter-over-quarter and the subscription amount surged by 121.5%.

Strategic content partnerships (e.g., Kuaishou livestreaming)

While specific financial data tied directly to a partnership like Kuaishou livestreaming isn't explicitly broken out, the growth in the overall 'Other Revenues' segment shows the impact of these broader content and product distribution strategies. This segment, which includes investment banking and corporate services, reached $26.3 million in Q3 2025. Furthermore, the platform enhanced crypto market features and AI-powered research through TigerAI, whose user base nearly quintupled. Finance: draft 13-week cash view by Friday.

UP Fintech Holding Limited (TIGR) - Canvas Business Model: Customer Segments

You're mapping out the client base for UP Fintech Holding Limited (TIGR) as of late 2025, and the focus is clearly on high-quality, geographically diverse retail and emerging institutional clients. The platform serves a broad spectrum, but the recent numbers show a strong pull toward higher-value users in key Asian markets.

The core segment remains Global retail investors seeking cross-border trading access. By the end of the third quarter of 2025, the total number of customers with deposits stood at 1,224,200, representing an 18.5% increase compared to the same quarter last year. This growth was supported by a record average net asset inflow of over US$32,000 per newly funded client in Q3 2025.

The platform is successfully attracting and retaining High-net-worth individuals (HNW). The segment of clients holding over US$1 million in assets showed significant growth, increasing by 22.6% quarter-over-quarter in Q3 2025, with their fund holdings up 18%. While the general new client inflow was over US$32,000, the quality focus is evident in the growth of this specific high-value cohort.

There is a developing segment of Corporate clients needing ESOP and investment banking services. In the ESOP business, UP Fintech Holding Limited added 46 new clients during the third quarter, bringing the total number of ESOP clients served to 709 as of September 30, 2025. Furthermore, the company supported digital asset companies in U.S. listings and underwrote multiple Hong Kong IPOs, showing an expansion into investment banking support.

Active traders focused on derivatives (options, futures) and US equities are a key driver of trading activity. In Q3 2025, options and futures contracts traded jumped 68% year-over-year, reaching 25.6 million contracts. US stock volumes specifically increased 71% year-over-year, while options volumes saw a 106% increase.

The most concentrated growth is seen among Localized investors in Singapore, Hong Kong, Australia, and New Zealand. Singapore and Hong Kong were the primary contributors to new funded clients in Q3 2025, each accounting for roughly 40% of the 31,500 new customers added that quarter. The quality of these localized new clients is high, with Singapore new clients averaging an inflow of US$62,000 and Hong Kong new clients averaging US$30,000.

Here's a quick look at the regional performance metrics from Q3 2025:

Region	New Client Avg. Net Inflow (Q3 2025)	Client Assets QoQ Growth (Q3 2025)	Key Trading Metric YoY Growth
Singapore	US$62,000	Approx. 20%	US Stock Volumes: 71%
Hong Kong	US$30,000	Approx. 60%	Singapore Stock Trading: 74% QoQ
Australia	Not specified	Not specified	Net Inflows: 118.8%
New Zealand	Not specified	Not specified	Net Inflows: 173% YoY

The platform is defintely succeeding by focusing acquisition efforts where the immediate return on investment is strongest, particularly in Singapore and Hong Kong, which drove over 60% of the net asset inflow in the quarter.

• Global retail investors seeking cross-border trading access.
• High-net-worth individuals (HNW) with clients holding over US$1 million up 22.6% QoQ in Q3 2025.
• Corporate clients needing ESOP services, serving 709 clients as of September 30, 2025.
• Active traders focused on derivatives (options, futures) and US equities.
• Localized investors in Singapore and Hong Kong, contributing about 40% each to new funded clients.

Finance: draft 13-week cash view by Friday.

UP Fintech Holding Limited (TIGR) - Canvas Business Model: Cost Structure

You're looking at the expenses driving the growth engine at UP Fintech Holding Limited as of late 2025. The cost structure reflects heavy investment in personnel and market expansion, which is key to their global strategy.

Employee compensation and benefits expense was a major component, hitting US$47.2 million in Q3 2025. That's a significant jump, up 64.1% year-over-year, driven by adding headcount to support overseas growth and bolster Research and Development efforts.

Marketing and user acquisition costs are clearly scaling up to capture new markets. Marketing expenses for the quarter were $12.9 million, which is an increase of 57% year-over-year as the company aggressively beefed up user acquisition, especially in the Singapore and Hong Kong markets. Honestly, the rising Customer Acquisition Cost (CAC) is something to watch; for instance, the CAC in Singapore rose to over $400 in Q3.

Financing costs are directly tied to their lending business. The Interest expense on margin financing and securities lending was US$21.9 million in Q3 2025. This expense increased by about 40% year-over-year, which tracks right alongside the increase in interest income generated from those same margin and securities lending activities.

Core operational overhead includes transaction processing and compliance. Execution, clearing, and regulatory compliance expenses totaled US$4.5 million for the quarter, up 27.3% from the prior year, naturally following the increase in commission and trading volume.

General and administrative expenses also saw material growth. This category, which includes professional service fees, reached $10.3 million in Q3 2025, representing a 49% year-over-year increase, largely due to needing more professional services to manage global operations.

Here's a quick look at the main operating cost buckets for Q3 2025:

Cost Component	Q3 2025 Amount (US$)	YoY Change
Employee Compensation and Benefits	47.2 million	+64.1%
Marketing and Branding Expenses	12.9 million	+56.7%
Interest Expense	21.9 million	+39.8%
Execution and Clearing Expenses	4.5 million	+27.3%
General and Administrative Expenses	10.3 million	+48.6%
Communication and Market Data Expense	11.8 million	+21.3%

Other notable fixed and variable costs contributing to the total operating expenses of $89.4 million (up 50.7% YoY) include:

• Occupancy, depreciation and amortization expense: $2.8 million.
• Communication and market data expense: $11.8 million.
• The total operating costs were $89.4 million, a 50.7% increase from the same quarter last year.

Finance: review the Q4 budget to model the impact of a sustained 57% marketing spend growth rate on operating margin by end of year.

UP Fintech Holding Limited (TIGR) - Canvas Business Model: Revenue Streams

You're looking at how UP Fintech Holding Limited, the operator behind Tiger Brokers, converts its platform usage and client assets into hard revenue as of late 2025. The revenue streams are clearly diversifying, moving beyond just transaction fees to capture more value from client assets and specialized services. Honestly, the growth in these streams is what's driving their record profitability this past quarter.

The core of the revenue engine is still transaction-based, but the interest income component is catching up fast, which tells you clients are holding more assets on the platform and using margin services more actively. Here's the quick math on the major components from the third quarter of 2025:

Revenue Component	Q3 2025 Amount (US$)	Year-over-Year Change Mentioned
Commission Income from Trading	72.9 million	Increased 76.9%
Interest Income (Margin/Securities Lending)	73.2 million	Increased 52.7%
Other Revenues (IB/ESOP)	26.3 million	Increased 189.1%
Financing Service Fees	2.76 million	Decreased 1.5%

Total revenue for the third quarter of 2025 hit a record of US$175.2 million, which was a 73.3% increase year-over-year. It's clear that both commission and interest income are setting new record highs sequentially and year-over-year.

Commission income from trading was reported at US$72.9 million in Q3 2025. This surge, up 76.9% from the prior year, is directly tied to increased trading volume, which climbed 28.5% year-over-year to US$209.4 billion in the quarter. The platform's daily average revenue trades (DARTs) also reflected this activity, rising 71.5% year-over-year.

Interest income from margin financing and securities lending contributed US$73.2 million in Q3 2025. This stream is growing because of the increase in margin financing and securities lending balances, which reached US$5.7 billion, up 27.5% year-over-year. This shows that clients are not just trading more, but they are also utilizing the platform's credit and lending services more heavily.

Other revenues, which bundle investment banking and Employee Stock Ownership Plan (ESOP) services, were US$26.3 million in Q3 2025. This segment saw explosive growth, up 189.1% year-over-year. The investment banking arm led underwriting on five IPOs, and the ESOP business added 46 new clients, bringing the total served to 709 as of September 30, 2025.

Financing service fees were US$2.76 million for the quarter. To be fair, this was a slight dip, down 1.5% from the same quarter last year, mainly attributed to decreased interest rates impacting those specific fees.

Wealth management and asset management fees represent a key area of future-proofing the revenue base. The growth here is phenomenal, showing a successful push for higher-quality, sticky assets. For instance, Tiger Vault AUC (Assets Under Custody) soared 123.1% year-over-year. This aligns with total client assets hitting a record US$61.0 billion, a 49.7% increase year-over-year.

You can see the diversification efforts in action through these service growth metrics:

• Wealth clients rose 50.5% year-over-year.
• Total assets across all 'Tiger Vault' markets increased over 156% year-over-year.
• The high-net-worth segment grew, with clients holding over US$1 million in assets up 22.6% quarter-over-quarter.
• The intelligent investment research assistant, TigerAI, saw its user base grow nearly fivefold year-over-year.

Finance: draft 13-week cash view by Friday.