UP Fintech Holding Limited (TIGR): Business Model Canvas [Dec-2025 Updated]

Honestly, looking at the numbers for UP Fintech Holding Limited, it's clear this platform isn't just surviving in the tough global brokerage space; it's thriving. You see that Q3 2025 revenue hit US$175.2 million, driven heavily by interest income from margin financing-that's US$73.2 million right there-while managing client assets totaling US$61.0 billion. As someone who's mapped these models for years, I can tell you the real story isn't just the top line; it's how they connect their global access to corporate services and AI tools. Dive below to see the full nine-block breakdown of how UP Fintech Holding Limited actually makes its money and where the next big risk or opportunity lies.

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

You're looking at the backbone of UP Fintech Holding Limited (TIGR)'s global reach, which is all about who they work with to make trades happen and services possible. These relationships are critical because UP Fintech Holding Limited operates across multiple markets and needs reliable third parties for execution, custody, and compliance.

The firm's proprietary infrastructure is designed to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues, and importantly, multiple clearinghouses. This technological foundation relies on established external relationships to function smoothly.

Here's a breakdown of the key partnership categories and the concrete data we have as of late 2025:

• Clearing and execution brokers for global markets
• Investment banks for IPO underwriting and distribution
• Corporate clients for Employee Stock Ownership Plan (ESOP) services
• Local financial institutions for linking accounts (e.g., Singapore CPFIA/SRS)
• Data and AI providers for TigerAI and TradingFront AI tools

The Employee Stock Ownership Plan (ESOP) segment clearly shows the value of these corporate partnerships. As of September 30, 2025, UP Fintech Holding Limited served a total of 709 ESOP clients. That number grew by 46 new clients just in the third quarter of 2025. This indicates a strong, growing relationship pipeline with corporations needing these services.

In the investment banking space, which is a key part of their Other Revenues stream, UP Fintech Holding Limited demonstrated active partnership execution in Q3 2025. They underwrote 5 U.S. IPOs in the quarter, serving as the sole bookrunner for all of them, including deals for "Yimutian. Inc." and "Linkhome". Also, in Hong Kong, they participated in 5 IPOs and acted as underwriter for the "Boss Zhipin" public follow-on offering during the same period.

Partnerships with local financial institutions are essential for regional penetration. In Singapore, UP Fintech Holding Limited became the first digital broker to support linking the CPFIA (Central Provident Fund Investment Scheme) and SRS (Supplementary Retirement Scheme) accounts directly with their Cash Boost Account in Q3 2025. This deep integration is a significant local partnership achievement.

The technology partnerships fuel their advanced tools. The intelligent investment research assistant, TigerAI, saw its user base grow nearly fivefold year-over-year, and the number of conversations increased by tenfold in Q3 2025. Furthermore, they launched the innovative TradingFront AI function, which relies on data feeds to give advisers instant analytical insights.

Here's a summary of the partnership-related metrics we can quantify:

Partnership Category	Key Metric/Activity (As of Q3 2025)	Value/Amount
Corporate Clients (ESOP)	Total ESOP Clients Served (as of Sep 30, 2025)	709
Corporate Clients (ESOP)	New ESOP Clients Added in Q3 2025	46
Investment Banking (U.S. IPOs)	Number of U.S. IPOs Underwritten in Q3 2025	5
Investment Banking (HK IPOs)	Number of HK IPOs Participated In Q3 2025	5
Local Financial Institutions (Singapore)	Integration of CPFIA/SRS with Cash Boost Account	Achieved in Q3 2025
Data & AI Tools (TigerAI)	Year-over-Year Growth in User Base (Q3 2025)	Nearly fivefold
Data & AI Tools (TigerAI)	Year-over-Year Growth in Conversations (Q3 2025)	Tenfold

The ability to support trades across multiple clearinghouses is a direct result of the foundational relationships with clearing and execution brokers. While specific names aren't public in the latest filings, the infrastructure supports this complexity. Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine driving UP Fintech Holding Limited's growth as of late 2025, based on their Q3 2025 performance. These are the main things the company has to do day-in and day-out to make money and grow its client base.

Multi-market brokerage and trading platform development

The primary activity is keeping the Tiger Trade platform technically superior and functional across multiple global markets. This involves continuous product upgrades to support diverse asset classes and trading behaviors. For instance, in Q3 2025, the platform saw its total trading volume climb to US$209.4 billion, which was a 28.5% increase year-over-year. Also, the intelligent investment research assistant, TigerAI, saw its user base grow nearly fivefold YoY. The company also enhanced its crypto features, which is a key part of platform development in certain regions like New Zealand, where crypto trading launched in September 2025.

Here are some key operational metrics tied to platform activity in Q3 2025:

Metric	Value (Q3 2025)	Year-over-Year Change
Total Trading Volume	US$209.4 billion	28.5% increase
Total Client Assets	US$61.0 billion	49.7% increase
Commission Revenue	US$72.9 million	76.9% increase

Global user acquisition and marketing, especially in APAC (Singapore, Hong Kong)

A major activity is acquiring new, high-quality clients, with a heavy focus on the APAC region, specifically Singapore and Hong Kong. The company added 31,500 new funded accounts in Q3 2025, bringing the total funded clients to 1.22 million, an 18.5% year-over-year increase. Marketing expenses for this push were US$12.9 million this quarter, up 57% year-over-year. The strategy is clearly working in Hong Kong, which accounted for over 30% of quarterly new funded users for the first time.

You should watch the quality metrics coming out of these regions:

• Average net asset inflow for newly acquired funded clients across the group exceeded US$32,000.
• Average net asset inflow for new clients in Singapore reached approximately US$62,000.
• Average net asset inflow for new clients in Hong Kong was around US$30,000.
• Customer Acquisition Cost (CAC) in Singapore rose to over $400 in 2025.

Investment banking and corporate finance services

UP Fintech Holding Limited actively engages in capital markets activities to diversify revenue away from pure transaction commissions. In Q3 2025, the firm underwrote 5 Hong Kong IPOs and 1 Hong Kong public follow-on offering, including Geek Plus and Boss Zhipin. The subscription business related to these offerings saw the number of subscribers increase by 39.3% quarter-over-quarter, with the subscription amount surging by 121.5%. Revenue from investment banking and Employee Stock Ownership Plan (ESOP) services was US$26.3 million in Q3, a 110% quarter-over-quarter jump.

The ESOP business is also a key activity:

• Added 46 new ESOP clients in the third quarter.
• Total ESOP clients served reached 709 as of September 30, 2025.
• This represents a 19% year-over-year increase for the ESOP client base.

Regulatory compliance and securing new operating licenses

Maintaining and expanding the global regulatory footprint is a non-negotiable activity for a cross-border broker. This involves securing new licenses and ensuring all existing licensed entities remain compliant. While the prompt mentions holding 81 licenses globally, the latest verifiable figure found in recent reports was 59 licenses and qualifications across global markets as of 2022. All licensed entities achieved profitability in Q3 2025.

Wealth management product development (e.g., Tiger Vault)

Developing and growing wealth management products is critical for securing sticky client assets and increasing fee-related revenue. The overall wealth management segment saw Assets Under Custody (AUC) soar 123.1% year-over-year in Q3 2025, with the number of Wealth clients rising 50.5%. The flagship product, Tiger Vault, showed particular strength in Hong Kong.

Tiger Vault metrics for Q3 2025:

Metric	Value (Hong Kong)	Year-over-Year Change
AUC Growth	N/A	339% increase
Client Numbers Growth	N/A	105% increase

The interest-related income, which includes contributions from products like Tiger Vault, rose 49.7% year-over-year to US$76 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets that power UP Fintech Holding Limited's global brokerage machine as of late 2025. These aren't just line items; they are the engines driving that impressive growth you've seen in the recent reports.

The foundation is definitely the Proprietary trading technology platform (Tiger Trade). This isn't just a website; it's a multi-asset, multi-market ecosystem. For instance, in Q3 2025, daily average revenue trades (DARTs) on the platform climbed 71.5% year-over-year, showing how sticky and active the user base is on this tech stack. The platform keeps evolving, too; Q3 saw enhancements like a dedicated crypto section and the Super Disclosure feature, letting users see deeper trade history.

The sheer scale of investor capital managed is a massive resource. As of the end of Q3 2025, UP Fintech Holding Limited reported Total client assets of US$61.0 billion. That's a significant anchor of trust and operational scale. To put that in perspective, that balance grew 49.7% year-over-year.

Liquidity and balance sheet strength are also critical resources, especially in a regulated industry. As of September 30, 2025, the firm held Cash and cash equivalents of US$580.7 million. That provides a solid buffer for operations and potential strategic moves.

The regulatory footprint is a hard-to-replicate asset. UP Fintech Holding Limited maintains the necessary permissions to operate across key global financial hubs. This includes established regulatory licenses across major global markets, specifically the US, SG, HK, AU, NZ. This multi-jurisdictional compliance allows them to serve their global investor base without being tethered to a single regulatory regime.

Finally, the intellectual capital driving platform superiority is a key resource. This is the Specialized R&D and engineering talent for AI and platform innovation. You see the output of this talent in the adoption metrics. The intelligent investment research assistant, TigerAI, saw its user base grow nearly fivefold year-over-year in Q3 2025, with the number of conversations increasing tenfold. Also, they launched the innovative TradingFront AI function for their wealth management advisors, which is a direct result of this specialized R&D focus.

Here's a quick look at the scale of the platform's technology adoption and financial backing:

Resource Metric	Value as of Q3 2025 (Sep 30, 2025)
Total Client Assets	US$61.0 billion
Cash and Cash Equivalents	US$580.7 million
TigerAI User Base Growth (YoY)	Nearly fivefold increase
TigerAI Conversations Growth (YoY)	Tenfold increase
Daily Average Revenue Trades (DARTs) Growth (YoY)	71.5%

The firm's ability to integrate new features quickly, like launching crypto trading in New Zealand during Q3, speaks directly to the agility of this resource pool. If onboarding takes 14+ days, churn risk rises, but their platform efficiency seems to mitigate that for now.

You can also see the breadth of their licensed presence summarized here:

• Operating subsidiaries in the US (US Tiger Securities, Inc.).
• Strong presence and leadership in Singapore.
• Active market with significant growth in Hong Kong.
• Established operations in Australia.
• Active growth acceleration in New Zealand.

Finance: draft 13-week cash view by Friday.

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.