UP Fintech Holding Limited (TIGR): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la fintech, UP Fintech Holding Limited (TIGR) émerge comme une plate-forme révolutionnaire transformant des paysages d'investissement numériques. En tirant parti de la technologie de pointe et d'une approche centrée sur l'utilisateur, TIGR a repensé à quel point les jeunes investisseurs avertis ont accès à des marchés financiers mondiaux grâce à son écosystème commercial innovant sans commission. Cette toile complète du modèle commercial révèle le plan stratégique derrière l'approche perturbatrice de TIGR, offrant un aperçu sans précédent de la façon dont un service financier numérique d'abord redéfinit l'accessibilité des investissements pour une nouvelle génération de commerçants mondiaux.

UP Fintech Holding Limited (TIGR) - Modèle d'entreprise: partenariats clés

Collaboration avec les institutions financières chinoises et les banques

Up Fintech a établi des partenariats avec des institutions financières clés en Chine:

Institution partenaire	Détails du partenariat	Année établie
Banque industrielle et commerciale de Chine (ICBC)	Intégration du compte numérique	2018
Banque de construction chinoise	Services de paiement multiplateforme	2019
Banque agricole de Chine	Distribution de produits d'investissement	2020

Partenariats stratégiques avec les fournisseurs de technologies mondiales

Up Fintech collabore avec les entreprises technologiques:

• Services d'infrastructure cloud Microsoft Azure
• Amazon Web Services (AWS) pour les solutions de cybersécurité
• Cloud Alibaba pour la gestion des données

Coopération avec les échanges internationaux de valeurs mobilières

Échange	Portée du partenariat	Volume de trading (2023)
Nasdaq	Plateforme de trading transfrontalière	127,4 millions de dollars
Bourse de Hong Kong	Accès du marché mutuel	89,6 millions de dollars

Alliances avec des plateformes de paiement numérique et fintech

Partenariats clés de paiement numérique:

• Alipay: Intégration des transactions
• WeChat Pay: Solutions de paiement multiplateforme
• UnionPay: Collaboration du réseau de paiement international

Contribution totale des revenus des partenariats en 2023: 215,3 millions de dollars

Up Fintech Holding Limited (TIGR) - Modèle d'entreprise: Activités clés

Développement de plateforme de courtage et de trading en ligne

Up Fintech exploite Tiger Brokers, une plate-forme de trading numérique avec les mesures clés suivantes:

Métrique de la plate-forme	2023 données
Comptes d'utilisateurs totaux	7,3 millions
Utilisateurs actifs mensuels	1,8 million
Transactions commerciales	38,4 millions

Innovation technologique financière

Les principaux domaines de développement de la technologie comprennent:

• Algorithmes commerciaux alimentés par AI
• Intégration de la blockchain
• Évaluation des risques d'apprentissage automatique

Services d'investissement transfrontaliers

Service d'investissement	Performance de 2023
Marchés internationaux couverts	14 pays
Volume de transaction transfrontalière	4,2 milliards de dollars

Gestion et trading des actifs numériques

Métriques de trading d'actifs numériques:

• Paires de trading de crypto-monnaie: 50+
• Volume de trading d'actifs numériques: 1,6 milliard de dollars

Support client et éducation financière

Métrique de soutien	2023 données
Canaux de support client	6 langues
Temps de réponse moyen	12 minutes
Ressources de contenu éducatif	350+ tutoriels

Up Fintech Holding Limited (TIGR) - Modèle d'entreprise: Ressources clés

Infrastructure technologique avancée

Depuis le quatrième trimestre 2023, UP Fintech maintient une infrastructure technologique basée sur le cloud avec les spécifications suivantes:

Composant d'infrastructure	Spécification
Capacité du serveur	300+ serveurs cloud dédiés
Vitesse de traitement des données	Plus de 500 000 transactions par seconde
Garantie de disponibilité	Fiabilité de 99,99%

Algorithmes de négociation et d'investissement propriétaires

Capacités de trading algorithmique:

• Algorithmes commerciaux à moteur d'apprentissage
• Technologie d'analyse du marché en temps réel
• Modélisation prédictive des investissements

Professionnels de technologie et de financement qualifiés

Catégorie professionnelle	Total des employés
Total de main-d'œuvre	1 247 employés
Professionnels de la technologie	612 employés
Professionnels de la finance	285 employés

Systèmes de cybersécurité robustes

Détails des infrastructures de cybersécurité:

• Protocoles de chiffrement multicouches
• Surveillance de la sécurité 24/7
• Systèmes de détection de menaces avancées

Plate-forme numérique mondiale et applications mobiles

Métrique de la plate-forme	Valeur
Utilisateurs mobiles actifs	2,1 millions d'utilisateurs
Compte de téléchargement d'application mobile	4,3 millions de téléchargements
Plateforme Pays	8 marchés internationaux

UP Fintech Holding Limited (TIGR) - Modèle d'entreprise: propositions de valeur

Services commerciaux à faible coût et sans commission

Depuis le quatrième trimestre 2023, UP Fintech propose des échanges zéro pour les actions américaines, les ETF et les options. La plate-forme a déclaré 1,3 million d'utilisateurs enregistrés avec un volume de négociation moyen de 2,5 milliards de dollars par trimestre.

Service	Taux de commission	Segment d'utilisateur
Trading d'actions américaines	$0	Investisseurs de détail
Trading ETF	$0	Investisseurs de détail
Trading d'options	$0	Commerçants avancés

Accès facile aux marchés financiers mondiaux

Up Fintech donne accès à plusieurs marchés internationaux, notamment:

• Marchés boursiers américains
• Bourse de Hong Kong
• A-shares chinois
• Marchés ADR et GDR

Plateformes d'investissement mobile et Web conviviale

L'application mobile a été téléchargée 2,4 millions de fois avec une cote de 4,5 / 5 sur les magasins d'applications. Les fonctionnalités de la plate-forme comprennent:

• Données de marché en temps réel
• Trading en un clic
• Suivi du portefeuille
• Ouverture de compte instantané

Outils de recherche et d'investissement complètes

Outil de recherche	Disponibilité	Accès aux utilisateurs
Screeters	Gratuit	Tous les utilisateurs
Analyse technique	Prime	Abonnés payés
Actualités du marché	En temps réel	Tous les utilisateurs

Opportunités d'investissement transfrontalières sans couture

UP Fintech soutient les investissements transfrontaliers sur 6 marchés majeurs avec un minimum de frais de conversion de devises de 0,5 à 1%.

Marché	Frais de conversion de devises	Canaux d'investissement
Marchés américains	0.5%	Stocks, ETF
Marchés de Hong Kong	0.8%	Actions, obligations
Marchés chinois	1%	A-Shares, ADRS

UP Fintech Holding Limited (TIGR) - Modèle d'entreprise: relations avec les clients

Plates-formes de libre-service numériques

La plate-forme numérique de FinTech Tiger Triger a déclaré 1,15 million d'utilisateurs enregistrés au troisième trimestre 2023. La plate-forme prend en charge les échanges sur 10 marchés internationaux avec une commission zéro pour les transactions d'actions.

Métrique de la plate-forme	Valeur
Total des utilisateurs enregistrés	1,150,000
Marchés pris en charge	10
Taux de commission	0%

Support client 24/7 en ligne

Up Fintech fournit un support client multilingue à travers l'anglais, le mandarin et d'autres langues. Le temps de réponse moyen est de 12 minutes pendant les heures de pointe.

• Langues de soutien: anglais, mandarin, coréen
• Temps de réponse moyen: 12 minutes
• Channeaux de support: chat en direct, e-mail, téléphone

Recommandations d'investissement personnalisées

Tiger Trade utilise des algorithmes axés sur l'IA générant des suggestions d'investissement personnalisées. 72% des utilisateurs actifs s'engagent avec les fonctionnalités de recommandation mensuellement.

Performance de recommandation	Pourcentage
Engagement mensuel des utilisateurs	72%
Précision des recommandations de l'IA	68%

Investissements d'investissement axés sur la communauté

Les fonctionnalités de négociation sociale de FinTech comprennent 250 000 participants à la communauté active partageant des stratégies d'investissement en temps réel.

Ressources éducatives et webinaires

La plate-forme propose plus de 150 vidéos éducatives et des webinaires mensuels. 45 000 utilisateurs participent à des programmes trimestriels d'éducation aux investissements.

Ressource éducative	Quantité
Vidéos éducatives	150+
Participants du programme d'éducation trimestrielle	45,000

Up Fintech Holding Limited (TIGR) - Modèle d'entreprise: canaux

Application de trading mobile

L'application de trading mobile de FinTech, Tiger Trade, a rapporté 1,58 million d'utilisateurs actifs au troisième trimestre 2023. L'application prend en charge les échanges sur 10 marchés mondiaux, notamment les bourses des États-Unis, de Hong Kong et de Chine continentale.

Métrique de la plate-forme	2023 données
Téléchargements totaux d'applications mobiles	4,2 millions
Utilisateurs actifs mensuels	1,58 million
Marchés pris en charge	10 marchés mondiaux

Plateforme de trading basée sur le Web

La plate-forme Web a généré 41,5 millions de dollars de revenus en 2023, ce qui représente 22% des revenus de négociation totale de la société.

• La plate-forme prend en charge le trading en temps réel
• Offre une interface multicangue
• Fournit des outils de cartographie avancés

Marketing des médias sociaux

Up Fintech maintient une présence active sur les réseaux sociaux sur toutes les plateformes avec 350 000 abonnés combinés en décembre 2023.

Plate-forme sociale	Nombre de suiveurs
Liendin	125,000
Twitter / x	85,000
Wechat	140,000

Forums financiers en ligne

La société s'engage activement sur 7 principales plateformes de discussion financière, atteignant environ 500 000 investisseurs potentiels par mois.

Canaux publicitaires numériques

Les dépenses publicitaires numériques pour 2023 étaient de 3,2 millions de dollars, ciblant des données démographiques spécifiques sur les investisseurs sur les plateformes de recherche et de médias sociaux.

Canal numérique	Annonce de l'annonce 2023
Publicités Google	1,4 million de dollars
Publicités sur les réseaux sociaux	1,1 million de dollars
Sites Web financiers	$700,000

UP Fintech Holding Limited (TIGR) - Modèle d'entreprise: segments de clientèle

Jeunes investisseurs technophiles

Selon le rapport annuel de l'UP Fintech 2022, ce segment représente 42,7% de sa base d'utilisateurs totaux. Taille moyenne du compte: 15 340 $. Âge médian: 28-35 ans.

Tranche d'âge	Pourcentage	Investissement moyen
25-34 ans	36.5%	$12,500
35 à 44 ans	22.3%	$22,800

Investisseurs de détail chinois

Composition du segment du marché intérieur au quatrième trimestre 2023:

• Total des utilisateurs enregistrés: 6,2 millions
• Comptes commerciaux actifs: 1,47 million
• Volume de transaction moyen: 8 200 $ par compte

Les investisseurs internationaux recherchent une exposition aux marchés émergents

Statistiques des utilisateurs internationaux à partir du rapport financier de 2022:

Région	Pourcentage d'utilisateur	Investissement moyen
Amérique du Nord	22.6%	$35,600
Asie du Sud-Est	15.4%	$18,900

Traders du millénaire et de la génération Z

Déchange démographique pour 2023:

• Utilisateurs du millénaire (25-40 ans): 47,3%
• Utilisateurs de la génération Z (18-24 ans): 19,6%
• Montant d'investissement médian: 7 500 $

Consommations financières au numérique d'abord

Métriques d'utilisation de la plate-forme pour les consommateurs numériques d'abord en 2023:

Métrique	Valeur
Téléchargements d'applications mobiles	2,3 millions
Utilisateurs actifs quotidiens moyens	580,000
Pourcentage de trading mobile	78.5%

Up Fintech Holding Limited (TIGR) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Pour l'exercice 2023, UP Fintech a déclaré des frais de technologie et de contenu de 41,7 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Catégorie de coûts	Dépenses annuelles ($)	Pourcentage des coûts totaux
Infrastructure cloud	15,600,000	37.4%
Maintenance du serveur	8,200,000	19.7%
Sécurité du réseau	6,500,000	15.6%
Licence de logiciel	5,900,000	14.1%
Mises à niveau matériel	5,500,000	13.2%

Frais de recherche et de développement

En 2023, Up Fintech a investi 23,5 millions de dollars dans la recherche et le développement, ce qui représente 12,8% des revenus totaux.

• Investissements sur l'innovation des produits: 12,3 millions de dollars
• Amélioration de la plate-forme technologique: 7,2 millions de dollars
• Recherche d'expérience utilisateur: 4,0 millions de dollars

Coûts de marketing et d'acquisition des clients

Les dépenses de marketing pour 2023 ont totalisé 18,9 millions de dollars, avec un coût d'acquisition de client de 45 $ par nouvel utilisateur.

Canal de marketing	Dépenses ($)	Pourcentage du budget marketing
Publicité numérique	8,500,000	45%
Marketing des médias sociaux	4,700,000	24.9%
Programmes de référence	3,200,000	16.9%
Marketing de contenu	2,500,000	13.2%

Frais de conformité réglementaire

Les coûts liés à la conformité pour 2023 s'élevaient à 6,8 millions de dollars, couvrant les exigences juridiques, d'audit et de déclaration réglementaire.

• Conseil juridique: 2,5 millions de dollars
• Logiciel de conformité: 1,8 million de dollars
• Représentation réglementaire: 1,2 million de dollars
• Frais d'audit externe: 1,3 million de dollars

Compensation et formation des employés

Les dépenses totales liées aux employés pour 2023 étaient de 52,6 millions de dollars, y compris les salaires, les avantages sociaux et les programmes de formation.

Catégorie de compensation	Dépenses ($)	Pourcentage du total
Salaires de base	38,900,000	74%
Bonus de performance	7,800,000	14.8%
Formation des employés	3,200,000	6.1%
Soins de santé et avantages sociaux	2,700,000	5.1%

UP Fintech Holding Limited (TIGR) - Modèle d'entreprise: Strots de revenus

Frais de négociation sans commission

Pour l'exercice 2022, Up FinTech a rapporté 46,5 millions de dollars dans les revenus basés sur les transactions. La Société génère des revenus par le paiement des mécanismes de flux de commandes (PFOF).

Revenu des intérêts du trading des marges

Année	Revenu d'intérêt	Volume de trading de marge
2022	23,1 millions de dollars	3,2 milliards de dollars
2023	28,7 millions de dollars	4,1 milliards de dollars

Services d'abonnement premium

• Abonnement Tiger Pro: 9,99 $ / mois
• Forfait de recherche avancé: 19,99 $ / mois
• Abonds à la prime totale (2022): 157,000

Données et monétisation de la recherche

En 2022, la fintech UP a généré 12,3 millions de dollars à partir des services de licence de données et de recherche.

Frais de référence des produits d'investissement

Type de produit	Pourcentage de frais de référence	Revenus de référence totaux (2022)
Renvoyages ETF	0.25%	8,6 millions de dollars
Références de fonds communs de placement	0.50%	5,4 millions de dollars

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.