UP Fintech Holding Limited (TIGR): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da Fintech, a UP Fintech Holding Limited (TIGR) surge como uma plataforma revolucionária que transforma paisagens de investimento digital. Ao alavancar a tecnologia de ponta e uma abordagem centrada no usuário, a TIGR reimaginou como os investidores jovens e conhecedores de tecnologia acessam os mercados financeiros globais por meio de seu inovador ecossistema comercial sem comissão. Esse modelo abrangente de negócios Canvas revela o projeto estratégico por trás da abordagem disruptiva da TIGR, oferecendo um vislumbre sem precedentes sobre como um serviço financeiro primeiro digital está redefinindo a acessibilidade do investimento para uma nova geração de comerciantes globais.

UP Fintech Holding Limited (TIGR) - Modelo de negócios: Parcerias -chave

Colaboração com instituições financeiras e bancos chineses

A UP Fintech estabeleceu parcerias com as principais instituições financeiras na China:

Instituição parceira	Detalhes da parceria	Ano estabelecido
Banco Industrial e Comercial da China (ICBC)	Integração da conta digital	2018
Banco de Construção da China	Serviços de pagamento entre plataformas	2019
Banco Agrícola da China	Distribuição de produtos de investimento	2020

Parcerias estratégicas com provedores de tecnologia global

A UP Fintech colabora com empresas de tecnologia:

• Serviços de infraestrutura em nuvem do Microsoft Azure
• Amazon Web Services (AWS) para soluções de segurança cibernética
• Alibaba Cloud para gerenciamento de dados

Cooperação com trocas internacionais de valores mobiliários

Intercâmbio	Escopo da parceria	Volume de negociação (2023)
NASDAQ	Plataforma de negociação transfronteiriça	US $ 127,4 milhões
Bolsa de Valores de Hong Kong	Acesso ao mercado mútuo	US $ 89,6 milhões

Alianças com pagamento digital e plataformas de fintech

Principais parcerias de pagamento digital:

• Alipay: Integração da transação
• WeChat Pay: soluções de pagamento de plataforma cruzada
• UnionPay: Colaboração Internacional de Rede de Pagamentos

Contribuição total da receita da parceria em 2023: US $ 215,3 milhões

UP Fintech Holding Limited (TIGR) - Modelo de negócios: Atividades -chave

Desenvolvimento de corretagem on -line e plataforma de negociação

A UP Fintech opera os corretores do Tiger, uma plataforma de negociação digital com as seguintes métricas principais:

Métrica da plataforma	2023 dados
Contas de usuário total	7,3 milhões
Usuários ativos mensais	1,8 milhão
Transações de negociação	38,4 milhões

Inovação em tecnologia financeira

As principais áreas de desenvolvimento de tecnologia incluem:

• Algoritmos de negociação movidos a IA
• Integração de blockchain
• Avaliação de risco de aprendizado de máquina

Serviços de investimento transfronteiriço

Serviço de investimento	2023 desempenho
Mercados internacionais cobertos	14 países
Volume de transação transfronteiriça	US $ 4,2 bilhões

Gerenciamento de ativos digitais e negociação

Métricas de negociação de ativos digitais:

• Pares de negociação de criptomoedas: 50+
• Volume de negociação de ativos digitais: US $ 1,6 bilhão

Suporte ao cliente e educação financeira

Métrica de suporte	2023 dados
Canais de suporte ao cliente	6 idiomas
Tempo médio de resposta	12 minutos
Recursos de conteúdo educacional	350+ tutoriais

UP Fintech Holding Limited (TIGR) - Modelo de negócios: Recursos -chave

Infraestrutura tecnológica avançada

A partir do quarto trimestre 2023, a UP Fintech mantém uma infraestrutura tecnológica baseada em nuvem com as seguintes especificações:

Componente de infraestrutura	Especificação
Capacidade do servidor	Mais de 300 servidores em nuvem dedicados
Velocidade de processamento de dados	Mais de 500.000 transações por segundo
Garantia de tempo de atividade	99,99% de confiabilidade

Algoritmos de negociação e investimento proprietários

Recursos de negociação algorítmica:

• Algoritmos de negociação movidos a aprendizagem de máquina
• Tecnologia de análise de mercado em tempo real
• Modelagem de investimentos preditivos

Profissionais de tecnologia e finanças qualificados

Categoria profissional	Total de funcionários
Força de trabalho total	1.247 funcionários
Profissionais de tecnologia	612 funcionários
Profissionais de Finanças	285 funcionários

Sistemas robustos de segurança cibernética

Detalhes da infraestrutura de segurança cibernética:

• Protocolos de criptografia de várias camadas
• Monitoramento de segurança 24/7
• Sistemas avançados de detecção de ameaças

Plataforma digital global e aplicativos móveis

Métrica da plataforma	Valor
Usuários móveis ativos	2,1 milhões de usuários
Contagem de download de aplicativos móveis	4,3 milhões de downloads
Países da plataforma	8 mercados internacionais

UP Fintech Holding Limited (TIGR) - Modelo de negócios: proposições de valor

Serviços comerciais sem comissão e de baixo custo

A partir do quarto trimestre 2023, a UP Fintech oferece negociação de comissão zero para ações, ETFs e opções dos EUA. A plataforma registrou 1,3 milhão de usuários registrados com um volume de negociação média de US $ 2,5 bilhões por trimestre.

Serviço	Taxa de comissão	Segmento de usuário
Negociação de ações dos EUA	$0	Investidores de varejo
Negociação de ETF	$0	Investidores de varejo
Negociação de opções	$0	Comerciantes avançados

Fácil acesso aos mercados financeiros globais

A UP Fintech fornece acesso a vários mercados internacionais, incluindo:

• Mercados de ações dos EUA
• Bolsa de Valores de Hong Kong
• Shares A chineses
• Mercados de ADR e RDA

Plataformas de investimento móvel e web amigáveis

O aplicativo móvel foi baixado 2,4 milhões de vezes com uma classificação de 4,5/5 em lojas de aplicativos. Os recursos da plataforma incluem:

• Dados de mercado em tempo real
• Negociação com um clique
• Rastreamento de portfólio
• Abertura da conta instantânea

Ferramentas abrangentes de pesquisa e investimento

Ferramenta de pesquisa	Disponibilidade	Acesso ao usuário
Exibidores de ações	Livre	Todos os usuários
Análise técnica	Premium	Assinantes pagos
Notícias de mercado	Em tempo real	Todos os usuários

Oportunidades de investimento transfronteiriço e transfronteiriço

A UP Fintech suporta investimentos transfronteiriços em 6 principais mercados com taxas mínimas de conversão em moeda de 0,5-1%.

Mercado	Taxa de conversão de moeda	Canais de investimento
Mercados dos EUA	0.5%	Ações, ETFs
Mercados de Hong Kong	0.8%	Ações, títulos
Mercados chineses	1%	A-shares, ADRS

UP Fintech Holding Limited (TIGR) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de autoatendimento digital

A plataforma digital da UP Fintech, Tiger Trade, registrou 1,15 milhão de usuários registrados a partir do terceiro trimestre de 2023. A plataforma suporta negociações em 10 mercados internacionais com comissão zero para negociações de ações.

Métrica da plataforma	Valor
Total de usuários registrados	1,150,000
Mercados suportados	10
Taxa de comissão	0%

Suporte ao cliente on -line 24 horas por dia, 7 dias por semana

A UP Fintech fornece suporte multilíngue de clientes em inglês, mandarim e outros idiomas. O tempo médio de resposta é de 12 minutos durante o horário de pico.

• Idiomas de suporte: inglês, mandarim, coreano
• Tempo médio de resposta: 12 minutos
• Canais de suporte: bate -papo ao vivo, e -mail, telefone

Recomendações de investimento personalizadas

O Tiger Trade usa algoritmos orientados para IA gerando sugestões de investimento personalizadas. 72% dos usuários ativos se envolvem com os recursos de recomendação mensalmente.

Desempenho de recomendação	Percentagem
Engajamento mensal do usuário	72%
Precisão da recomendação da IA	68%

Insights de investimento orientados pela comunidade

Os recursos de negociação social da UP Fintech incluem 250.000 participantes da comunidade ativa que compartilham estratégias de investimento em tempo real.

Recursos educacionais e webinars

A plataforma oferece mais de 150 vídeos educacionais e webinars mensais. 45.000 usuários participam de programas trimestrais de educação em investimentos.

Recurso educacional	Quantidade
Vídeos educacionais	150+
Participantes do Programa de Educação Trimestral	45,000

UP Fintech Holding Limited (TIGR) - Modelo de Negócios: Canais

Aplicativo de negociação móvel

O aplicativo de negociação móvel da UP Fintech, Tiger Trade, reportou 1,58 milhão de usuários ativos a partir do terceiro trimestre de 2023. O aplicativo suporta negociações em 10 mercados globais, incluindo os Estados Unidos, Hong Kong e as bolsas de valores da China continental.

Métrica da plataforma	2023 dados
Downloads de aplicativos móveis totais	4,2 milhões
Usuários ativos mensais	1,58 milhão
Mercados suportados	10 mercados globais

Plataforma de negociação baseada na Web

A plataforma da Web gerou US $ 41,5 milhões em receita durante 2023, representando 22% da receita comercial total da empresa.

• A plataforma suporta negociação em tempo real
• Oferece interface multi-linguagem
• Fornece ferramentas avançadas de gráficos

Marketing de mídia social

A UP Fintech mantém a presença ativa das mídias sociais em plataformas com 350.000 seguidores combinados em dezembro de 2023.

Plataforma social	Contagem de seguidores
LinkedIn	125,000
Twitter/x	85,000
WeChat	140,000

Fóruns financeiros online

A empresa se envolve ativamente em 7 principais plataformas de discussão financeira, atingindo aproximadamente 500.000 investidores em potencial mensalmente.

Canais de publicidade digital

As despesas com publicidade digital para 2023 foram de US $ 3,2 milhões, visando dados demográficos específicos dos investidores nas plataformas de pesquisa e mídia social.

Canal digital	Anúncio gasto 2023
Google anúncios	US $ 1,4 milhão
Anúncios de mídia social	US $ 1,1 milhão
Sites financeiros	$700,000

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

Investidores jovens e conhecedores de tecnologia

De acordo com o relatório anual de 2022 da UP Fintech, este segmento representa 42,7% de sua base de usuários total. Tamanho médio da conta: US $ 15.340. Idade média: 28-35 anos.

Faixa etária	Percentagem	Investimento médio
25-34 anos	36.5%	$12,500
35-44 anos	22.3%	$22,800

Investidores de varejo chinês

Composição do segmento de mercado doméstico a partir do quarto trimestre 2023:

• Total de usuários registrados: 6,2 milhões
• Contas de negociação ativa: 1,47 milhão
• Volume médio de transação: US $ 8.200 por conta

Investidores internacionais que buscam exposição emergente no mercado

Estatísticas internacionais de usuários de 2022 Relatório Financeiro:

Região	Porcentagem do usuário	Investimento médio
América do Norte	22.6%	$35,600
Sudeste Asiático	15.4%	$18,900

Comerciantes milenares e genes z

Aparelhamento demográfico para 2023:

• Usuários Millennial (25-40 anos): 47,3%
• Usuários da geração Z (18-24 anos): 19,6%
• Valor mediano de investimento: US $ 7.500

Consumidores financeiros em primeiro lugar digital

Métricas de uso da plataforma para consumidores digitais em 2023:

Métrica	Valor
Downloads de aplicativos móveis	2,3 milhões
Usuários ativos diários médios	580,000
Porcentagem de negociação móvel	78.5%

UP Fintech Holding Limited (TIGR) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Para o ano fiscal de 2023, a UP Fintech registrou despesas de tecnologia e conteúdo de US $ 41,7 milhões, representando uma parcela significativa de seus custos operacionais.

Categoria de custo	Despesa anual ($)	Porcentagem de custos totais
Infraestrutura em nuvem	15,600,000	37.4%
Manutenção do servidor	8,200,000	19.7%
Segurança de rede	6,500,000	15.6%
Licenciamento de software	5,900,000	14.1%
Atualizações de hardware	5,500,000	13.2%

Despesas de pesquisa e desenvolvimento

Em 2023, a UP Fintech investiu US $ 23,5 milhões em pesquisa e desenvolvimento, representando 12,8% da receita total.

• Investimentos de inovação de produtos: US $ 12,3 milhões
• Aprimoramento da plataforma de tecnologia: US $ 7,2 milhões
• Pesquisa de experiência do usuário: US $ 4,0 milhões

Custos de marketing e aquisição de clientes

As despesas de marketing de 2023 totalizaram US $ 18,9 milhões, com um custo de aquisição de clientes de US $ 45 por novo usuário.

Canal de marketing	Despesa ($)	Porcentagem de orçamento de marketing
Publicidade digital	8,500,000	45%
Marketing de mídia social	4,700,000	24.9%
Programas de referência	3,200,000	16.9%
Marketing de conteúdo	2,500,000	13.2%

Despesas de conformidade regulatória

Os custos relacionados à conformidade para 2023 totalizaram US $ 6,8 milhões, cobrindo os requisitos de relatórios legais, de auditoria e regulatórios.

• Consultoria legal: US $ 2,5 milhões
• Software de conformidade: US $ 1,8 milhão
• Relatórios regulatórios: US $ 1,2 milhão
• Taxas de auditoria externa: US $ 1,3 milhão

Compensação e treinamento de funcionários

As despesas totais relacionadas aos funcionários em 2023 foram de US $ 52,6 milhões, incluindo salários, benefícios e programas de treinamento.

Categoria de compensação	Despesa ($)	Porcentagem de total
Salários da base	38,900,000	74%
Bônus de desempenho	7,800,000	14.8%
Treinamento de funcionários	3,200,000	6.1%
Saúde e benefícios	2,700,000	5.1%

UP Fintech Holding Limited (TIGR) - Modelo de negócios: fluxos de receita

Taxas de negociação sem comissão

Para o ano fiscal de 2022, a UP Fintech relatou US $ 46,5 milhões nas receitas baseadas em transações. A empresa gera renda através do pagamento para mecanismos de fluxo de pedidos (PFOF).

Receita de juros do comércio de margem

Ano	Receita de juros	Volume de negociação de margem
2022	US $ 23,1 milhões	US $ 3,2 bilhões
2023	US $ 28,7 milhões	US $ 4,1 bilhões

Serviços de assinatura premium

• Assinatura do Tiger Pro: US $ 9,99/mês
• Pacote de pesquisa avançada: US $ 19,99/mês
• Assinantes totais premium (2022): 157,000

Monetização de dados e pesquisa

Em 2022, a UP Fintech gerou US $ 12,3 milhões De serviços de licenciamento e pesquisa de dados.

Taxas de referência de produtos de investimento

Tipo de produto	Porcentagem de taxa de referência	Receita total de referência (2022)
ETF referências	0.25%	US $ 8,6 milhões
Referências de fundos mútuos	0.50%	US $ 5,4 milhões

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.