UP Fintech Holding Limited (TIGR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de FinTech, UP Fintech Holding Limited (TIGR) surge como una plataforma revolucionaria que transforma los paisajes de inversión digital. Al aprovechar la tecnología de vanguardia y un enfoque centrado en el usuario, TIGR ha reinventado cómo los inversores jóvenes y expertos en tecnología acceden a los mercados financieros globales a través de su innovador ecosistema de comercio sin comisiones. Este lienzo de modelo comercial integral revela el plan estratégico detrás del enfoque disruptivo de TigR, ofreciendo una visión sin precedentes de cómo un servicio financiero digital primero está redefiniendo la accesibilidad de inversión para una nueva generación de comerciantes globales.

UP Fintech Holding Limited (TIGR) - Modelo de negocios: asociaciones clave

Colaboración con instituciones financieras y bancos chinos

UP Fintech ha establecido asociaciones con instituciones financieras clave en China:

Institución asociada	Detalles de la asociación	Año establecido
Banco Industrial y Comercial de China (ICBC)	Integración de cuentas digitales	2018
Banco de Construcción de China	Servicios de pago multiplataforma	2019
Banco Agrícola de China	Distribución de productos de inversión	2020

Asociaciones estratégicas con proveedores de tecnología global

UP Fintech colabora con las compañías de tecnología:

• Servicios de infraestructura en la nube de Microsoft Azure
• Amazon Web Services (AWS) para soluciones de ciberseguridad
• Alibaba Cloud for Data Management

Cooperación con intercambios de valores internacionales

Intercambio	Alcance de la asociación	Volumen comercial (2023)
Nasdaq	Plataforma de negociación transfronteriza	$ 127.4 millones
Bolsa de Hong Kong	Acceso al mercado mutuo	$ 89.6 millones

Alianzas con pago digital y plataformas fintech

Asociaciones clave de pago digital:

• Alipay: Integración de transacciones
• WeChat Pay: soluciones de pago multiplataforma
• UnionPay: colaboración de la red de pagos internacionales

Contribución de ingresos de la asociación total en 2023: $ 215.3 millones

UP Fintech Holding Limited (TIGR) - Modelo de negocio: actividades clave

Desarrollo de corretaje y plataforma de comercio en línea

UP Fintech opera Tiger Brokers, una plataforma de comercio digital con las siguientes métricas clave:

Métrica de plataforma	2023 datos
Cuentas de usuario totales	7.3 millones
Usuarios activos mensuales	1.8 millones
Transacciones comerciales	38.4 millones

Innovación de tecnología financiera

Las áreas clave de desarrollo de tecnología incluyen:

• Algoritmos comerciales con IA
• Integración de blockchain
• Evaluación de riesgos de aprendizaje automático

Servicios de inversión transfronterizos

Servicio de inversión	2023 rendimiento
Mercados internacionales cubiertos	14 países
Volumen de transacción transfronterizo	$ 4.2 mil millones

Gestión y comercio de activos digitales

Métricas de comercio de activos digitales:

• Pares de comercio de criptomonedas: 50+
• Volumen de negociación de activos digitales: $ 1.6 mil millones

Atención al cliente y educación financiera

Métrico de soporte	2023 datos
Canales de atención al cliente	6 idiomas
Tiempo de respuesta promedio	12 minutos
Recursos de contenido educativo	350+ tutoriales

UP Fintech Holding Limited (TIGR) - Modelo de negocio: recursos clave

Infraestructura tecnológica avanzada

A partir del cuarto trimestre de 2023, UP Fintech mantiene una infraestructura tecnológica basada en la nube con las siguientes especificaciones:

Componente de infraestructura	Especificación
Capacidad de servidor	300+ servidores de nubes dedicados
Velocidad de procesamiento de datos	Más de 500,000 transacciones por segundo
Garantía de tiempo de actividad	99.99% Fiabilidad

Algoritmos de comercio e inversión patentados

Capacidades comerciales algorítmicas:

• Algoritmos de comercio de aprendizaje automático
• Tecnología de análisis de mercado en tiempo real
• Modelado de inversión predictiva

Profesionales de tecnología y finanzas calificadas

Categoría profesional	Total de empleados
Fuerza de trabajo total	1.247 empleados
Profesionales de la tecnología	612 empleados
Profesionales de finanzas	285 empleados

Sistemas robustos de ciberseguridad

Detalles de la infraestructura de ciberseguridad:

• Protocolos de cifrado de múltiples capas
• Monitoreo de seguridad 24/7
• Sistemas avanzados de detección de amenazas

Plataforma digital global y aplicaciones móviles

Métrica de plataforma	Valor
Usuarios móviles activos	2.1 millones de usuarios
Recuento de descarga de la aplicación móvil	4.3 millones de descargas
Países de plataforma	8 mercados internacionales

UP Fintech Holding Limited (TIGR) - Modelo de negocio: Propuestas de valor

Servicios comerciales sin comisiones de bajo costo

A partir del cuarto trimestre de 2023, UP FinTech ofrece operaciones de comisión cero para acciones, ETF y opciones estadounidenses. La plataforma reportó 1.3 millones de usuarios registrados con un volumen de negociación promedio de $ 2.5 mil millones por trimestre.

Servicio	Tarifa de comisión	Segmento de usuario
Operación de acciones de EE. UU.	$0	Inversores minoristas
Comercio de ETF	$0	Inversores minoristas
Operación de opciones	$0	Comerciantes avanzados

Fácil acceso a los mercados financieros globales

UP Fintech proporciona acceso a múltiples mercados internacionales, que incluyen:

• Mercados de valores de EE. UU.
• Bolsa de Hong Kong
• Afilados A chinos
• Mercados ADR y RDA

Plataformas de inversión móvil e web fáciles de usar

La aplicación móvil se ha descargado 2.4 millones de veces con una calificación de 4.5/5 en las tiendas de aplicaciones. Las características de la plataforma incluyen:

• Datos del mercado en tiempo real
• Comercio de un solo clic
• Seguimiento de cartera
• Apertura de cuenta instantánea

Herramientas integrales de investigación e inversión

Herramienta de investigación	Disponibilidad	Acceso a los usuarios
Calzoncillos	Gratis	Todos los usuarios
Análisis técnico	De primera calidad	Suscriptores pagados
Noticias de mercado	En tiempo real	Todos los usuarios

Oportunidades de inversión transfronteriza sin problemas

UP Fintech apoya las inversiones transfronterizas en 6 mercados principales con tarifas mínimas de conversión de divisas de 0.5-1%.

Mercado	Tarifa de conversión de divisas	Canales de inversión
Mercados estadounidenses	0.5%	Acciones, ETFS
Mercados de Hong Kong	0.8%	Acciones, bonos
Mercados chinos	1%	A-Shares, ADRS

UP Fintech Holding Limited (TIGR) - Modelo de negocios: relaciones con los clientes

Plataformas de autoservicio digital

La plataforma digital de Fintech Tiger Trade reportó 1.15 millones de usuarios registrados a partir del tercer trimestre de 2023. La plataforma admite la negociación en 10 mercados internacionales con cero comisión para las operaciones de acciones.

Métrica de plataforma	Valor
Total de usuarios registrados	1,150,000
Mercados compatibles	10
Tarifa de comisión	0%

Atención al cliente en línea 24/7

UP Fintech proporciona atención al cliente multilingüe en inglés, mandarín y otros idiomas. El tiempo de respuesta promedio es de 12 minutos durante las horas pico.

• Idiomas de apoyo: inglés, mandarín, coreano
• Tiempo de respuesta promedio: 12 minutos
• Canales de soporte: chat en vivo, correo electrónico, teléfono

Recomendaciones de inversión personalizadas

Tiger Trade utiliza algoritmos impulsados ​​por la IA que generan sugerencias de inversión personalizadas. El 72% de los usuarios activos se involucran con las características de recomendación mensualmente.

Rendimiento de recomendación	Porcentaje
Participación mensual del usuario	72%
Precisión de recomendación de IA	68%

Insights de inversión impulsadas por la comunidad

Las características de comercio social de Fintech incluyen 250,000 participantes activos de la comunidad que comparten estrategias de inversión en tiempo real.

Recursos educativos y seminarios web

La plataforma ofrece más de 150 videos educativos y seminarios web mensuales. 45,000 usuarios participan en programas trimestrales de educación de inversión.

Recurso educativo	Cantidad
Videos educativos	150+
Participantes del programa de educación trimestral	45,000

UP Fintech Holding Limited (TIGR) - Modelo de negocios: canales

Aplicación de comercio móvil

La aplicación de comercio móvil de Fintech, Tiger Trade, reportó 1,58 millones de usuarios activos a partir del tercer trimestre de 2023. La aplicación admite el comercio en 10 mercados globales, incluidos los intercambios de valores de los Estados Unidos, Hong Kong y China continental.

Métrica de plataforma	2023 datos
Descargas totales de aplicaciones móviles	4.2 millones
Usuarios activos mensuales	1.58 millones
Mercados compatibles	10 mercados globales

Plataforma de comercio basada en la web

La plataforma web generó $ 41.5 millones en ingresos durante 2023, lo que representa el 22% de los ingresos comerciales totales de la compañía.

• La plataforma admite el comercio en tiempo real
• Ofrece interfaz de varios idiomas
• Proporciona herramientas avanzadas de gráficos

Marketing en redes sociales

UP Fintech mantiene la presencia activa de las redes sociales en las plataformas con 350,000 seguidores combinados a diciembre de 2023.

Plataforma social	Recuento de seguidores
LinkedIn	125,000
Twitter/X	85,000
Veloz	140,000

Foros financieros en línea

La compañía se involucra activamente en 7 plataformas de discusión financiera principales, alcanzando aproximadamente 500,000 inversores potenciales mensualmente.

Canales de publicidad digital

El gasto publicitario digital para 2023 fue de $ 3.2 millones, dirigido a la demografía de los inversores específicos en las plataformas de búsqueda y redes sociales.

Canal digital	AD Gastar 2023
Ads de Google	$ 1.4 millones
Anuncios de redes sociales	$ 1.1 millones
Sitios web financieros	$700,000

UP Fintech Holding Limited (TIGR) - Modelo de negocios: segmentos de clientes

Jóvenes inversores expertos en tecnología

Según el informe anual 2022 de UP Fintech, este segmento representa el 42.7% de su base de usuarios totales. Tamaño promedio de la cuenta: $ 15,340. Edad media: 28-35 años.

Rango de edad	Porcentaje	Inversión promedio
25-34 años	36.5%	$12,500
35-44 años	22.3%	$22,800

Inversores minoristas chinos

Composición del segmento del mercado interno a partir del cuarto trimestre 2023:

• Total de usuarios registrados: 6.2 millones
• Cuentas comerciales activas: 1.47 millones
• Volumen de transacción promedio: $ 8,200 por cuenta

Inversores internacionales que buscan exposición al mercado emergente

Estadísticas internacionales de usuarios de 2022 Informe financiero:

Región	Porcentaje de usuario	Inversión promedio
América del norte	22.6%	$35,600
Sudeste de Asia	15.4%	$18,900

Millennial y Gen Z Comerciantes

Desglose demográfico para 2023:

• Usuarios de Millennial (25-40 años): 47.3%
• Usuarios de Gen Z (18-24 años): 19.6%
• Monto promedio de la inversión: $ 7,500

Consumidores financieros digitales

Métricas de uso de la plataforma para los consumidores digitales primero en 2023:

Métrico	Valor
Descargas de aplicaciones móviles	2.3 millones
Usuarios activos diarios promedio	580,000
Porcentaje de negociación móvil	78.5%

UP Fintech Holding Limited (TIGR) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Para el año fiscal 2023, UP Fintech informó tecnología y gastos de contenido de $ 41.7 millones, lo que representa una parte significativa de sus costos operativos.

Categoría de costos	Gasto anual ($)	Porcentaje de costos totales
Infraestructura en la nube	15,600,000	37.4%
Mantenimiento del servidor	8,200,000	19.7%
Seguridad de la red	6,500,000	15.6%
Licencia de software	5,900,000	14.1%
Actualizaciones de hardware	5,500,000	13.2%

Gastos de investigación y desarrollo

En 2023, UP Fintech invirtió $ 23.5 millones en investigación y desarrollo, lo que representa el 12.8% de los ingresos totales.

• Inversiones de innovación de productos: $ 12.3 millones
• Mejora de la plataforma de tecnología: $ 7.2 millones
• Investigación de experiencia del usuario: $ 4.0 millones

Costos de marketing y adquisición de clientes

Los gastos de marketing para 2023 totalizaron $ 18.9 millones, con un costo de adquisición de clientes de $ 45 por usuario nuevo.

Canal de marketing	Gasto ($)	Porcentaje del presupuesto de marketing
Publicidad digital	8,500,000	45%
Marketing en redes sociales	4,700,000	24.9%
Programas de referencia	3,200,000	16.9%
Marketing de contenidos	2,500,000	13.2%

Gastos de cumplimiento regulatorio

Los costos relacionados con el cumplimiento para 2023 ascendieron a $ 6.8 millones, que cubren los requisitos legales, de auditoría y de informes regulatorios.

• Consultoría legal: $ 2.5 millones
• Software de cumplimiento: $ 1.8 millones
• Informes regulatorios: $ 1.2 millones
• Tarifas de auditoría externa: $ 1.3 millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para 2023 fueron de $ 52.6 millones, incluidos salarios, beneficios y programas de capacitación.

Categoría de compensación	Gasto ($)	Porcentaje de total
Salarios base	38,900,000	74%
Bonos de rendimiento	7,800,000	14.8%
Capacitación de empleados	3,200,000	6.1%
Atención médica y beneficios	2,700,000	5.1%

UP Fintech Holding Limited (TIGR) - Modelo de negocio: Fleunas de ingresos

Tarifas comerciales sin comisiones

Para el año fiscal 2022, UP Fintech informó $ 46.5 millones en ingresos basados ​​en transacciones. La Compañía genera ingresos mediante el pago de los mecanismos del flujo de pedidos (PFOF).

Ingresos por intereses del comercio de margen

Año	Ingresos por intereses	Volumen comercial de margen
2022	$ 23.1 millones	$ 3.2 mil millones
2023	$ 28.7 millones	$ 4.1 mil millones

Servicios de suscripción premium

• Subscripción Tiger Pro: $ 9.99/mes
• Paquete de investigación avanzada: $ 19.99/mes
• Suscriptores premium totales (2022): 157,000

Monetización de datos e investigación

En 2022, se generó FinTech $ 12.3 millones de servicios de licencias e investigación de datos.

Tarifas de referencia de productos de inversión

Tipo de producto	Porcentaje de tarifas de referencia	Ingresos totales de referencia (2022)
Referencias de ETF	0.25%	$ 8.6 millones
Referencias de fondos mutuos	0.50%	$ 5.4 millones

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.