Few online brokerages have ridden the post-rate-cut rebound as aggressively—or successfully—as UP Fintech (Tiger Brokers). The company just filed its unaudited Q3 2025 results, and the numbers read like a victory lap: record revenue, record profit, record client assets, and some of the strongest regional performance the digital brokerage industry has seen this year.

In a market where global brokers are scrambling to reengage retail activity, UP Fintech didn’t just recover—it surged. Revenue jumped 73.3% YoY to US$175.2 million, while non-GAAP net income hit US$57 million, more than tripling YoY. Client assets swelled nearly 50% YoY to US$61 billion, powered by unusually high inflows per new client.

This is one of the clearest signs that UP Fintech is attracting more affluent, globally mobile clients—the kind traditional brokerages fight fiercely to retain.

A Brokerage Riding the Rebound—While Outpacing It

Many brokers have benefited from the global trading revival in 2025. But UP Fintech’s growth runs hotter than the pack, particularly in markets where digital-first brokers are still battling for dominant share.

1.22 million funded accounts (+18.5% YoY) and a hefty US$209.4 billion quarterly trading volume (+28.5% YoY) signal a robust retail cohort that’s not just back—they’re transacting heavily.

CEO Wu Tianhua frames it as the payoff of a strategic shift toward higher-quality clients: more assets per user, deeper engagement, and stronger multi-market diversification. According to Wu, Q3 saw average inflows of US$62,000 per new client in Singapore and US$30,000 in Hong Kong—astonishing benchmarks for retail investor quality in APAC.

This positions Tiger as a rare hybrid player: part Robinhood, part Saxo Markets, with a splash of IBKR ambition.

Singapore: Still the Crown Jewel

UP Fintech’s most mature market continues to validate its model. Singapore is arguably the world’s most competitive digital brokerage battleground, yet Tiger holds a multi-year lead in momentum.

Seven straight quarters of trading-account growth and double/triple-digit volume increases across asset classes show the engine is running hot:

• US stock volume: +71% YoY
• Options: +106% YoY
• Singapore equities: +74% QoQ / +31% YoY

But the real strategic coup is Tiger becoming Singapore’s first digital broker to link CPFIA and SRS retirement accounts to a cash management product (Cash Boost). Few fintechs ever get this privilege—much less before larger incumbents—making this one of UP Fintech’s most defensible moats in the region.

Throw in waived SGX custody fees and the Tiger BOSS debit card expanding into Samsung Pay and major e-wallets, and the platform feels increasingly like a one-stop financial operating system for retail users.

Hong Kong: A Breakout Quarter

Hong Kong has been a tough market for upstart brokers—but not this quarter for Tiger.

Q3 was, in one word, explosive:

• New accounts: +60.3% QoQ
• Trading volume: 3× YoY
• Total orders: +190% YoY
• HK stocks and options: +66% and +88% QoQ, respectively

The momentum isn’t only in traditional assets. Crypto activity surged as well:

• Crypto orders: +58.1% QoQ
• Crypto trading volume: +80.9% QoQ

UP Fintech also launched its first Japan-market derivatives product (Nikkei futures), signaling a broader APAC multi-asset strategy aimed squarely at IBKR, Futu, and mooted regional entrants from traditional banks.

“Tigr Vault,” its cash-like money-market product, gained further traction with 76% QoQ growth in HKD fund orders and 81.3% growth in volume—evidence that Hong Kong investors are actively rebalancing toward yield-bearing products again.

United States: A Quiet but Strategic Climb

Tiger’s US presence is smaller, but Q3 performance suggests it’s becoming a meaningful piece of the global puzzle.

• AUC on TradeUP up 52.4% QoQ
• Overall revenue +36% YoY
• US stock and options volume up 73% and 45.8% QoQ

Its US investment banking arm delivered a standout quarter:
IPO income jumped 316.9% QoQ, including lead-underwriter roles on five US IPOs (like Linkhome and DarkIris). This is the kind of fee pool traditionally dominated by boutique Wall Street firms—not global retail brokers.

If Tiger continues blending retail distribution with underwriting capabilities, it will resemble a modern, digitally native version of Charles Schwab’s original integrated model.

Australia & New Zealand: Momentum Markets

Tiger’s Oceania markets displayed the type of velocity usually associated with early-stage market entries:

Australia

• New funded accounts: +46.6% YoY
• Net inflows: +118.8% YoY
• Trading volume: +111.5% YoY
• Revenue: 2× YoY
• Winner: Finder 2025 “Casual Share Trading Platform” Award

New Zealand
Even stronger acceleration:

• Net inflows: +173% YoY
• Trading volume: +169% QoQ
• US stock orders: +104% YoY / +114% QoQ

The launch of crypto trading (BTC, ETH, and more) reinforces Tiger’s push to become a pan-regional gateway to global markets.

TigerAI and the Rise of Intelligent Brokerage Tools

If Q3 had a thematic through-line, it was intelligence—Tiger’s AI-powered research tools saw massive adoption:

• TigerAI user base: 5× YoY
• AI conversations: 10× YoY

The company upgraded multiple AI “agent-style” functions, including deeper stock analysis, better Q&A accuracy, and improved idea generation.

The broader platform also added:

• Options backtesting
• Synchronized charting tools
• Crypto macro data + holding-company metrics
• Enhanced after-hours trading, where US stock DARTs nearly doubled YoY

With competitors like Futu, moomoo, and eToro leaning into automation and AI-driven insights, Tiger’s investment in AI is a competitive necessity. But its pace suggests it aims to be among the most AI-forward brokers outside the US.

Wealth Management: The Next Competitive Frontier

Wealth AUC surged 123.1% YoY, driven by Tiger Vault, structured notes, and a fast-expanding high-net-worth customer base.

Highlights:

• Tiger Vault AUC: +156% YoY
• Hong Kong Tiger Vault AUC: +339% YoY
• Structured note volume: +59.9% QoQ
• HNW clients (>US$1M assets): +22.6% QoQ

Tiger also upgraded its Hong Kong Type 9 license for virtual-asset investment management—a move that signals its intention to compete more directly with sophisticated multi-asset wealth platforms.

Institutional Offerings: Quietly Becoming an Enterprise Powerhouse

The company’s institutional arm—often overshadowed by the retail business—continued growing:

TradingFront (TAMP)

• AUC: +17% QoQ
• Accounts: double-digit growth
• New “TradingFront AI” for advisor insights
• “Adviser Turbo” for real-time sales tracking

ESOP Services (UponeShare)

• 46 new enterprise clients (total: 709)
• Revenue for first three quarters: +50% YoY

Tiger Enterprise Account

• +17 new corporate clients, including major Chinese industrial names
• Total: 504 enterprise clients

By layering AI tooling, enterprise workflow systems, multi-quoter engines, and global execution, Tiger’s enterprise arm increasingly resembles a nimble competitor to firms like DriveWealth, Interactive Brokers’ clearing network, and regional ESOP providers.

Investment Banking: A Rising Contender

UP Fintech booked US$26.3M in IB + ESOP revenue, a massive 110% QoQ / 189% YoY jump.

The company participated in:

• 6 Hong Kong IPOs & follow-ons
• 10 US IPOs & financing deals
• 5 deals as sole US bookrunner

Notable transactions:

• BOSS Zhipin Hong Kong follow-on (rare in recent years)
• Geek+ IPO (international tranche oversubscribed 30×)
• Yimutian (largest fundraising among US-listed Chinese companies in Q3)
• Solana Company PIPE (US$500M) as co-placement agent

For a company known primarily for retail trading, this level of IB involvement is striking—and hints at a strategic bid to own the entire retail-to-capital-markets pipeline.

The Big Picture: UP Fintech Is Now a Multi-Market, Multi-Asset Powerhouse

The Q3 report shows a broker evolving beyond its early identity. Tiger now looks like:

• A top digital brokerage in Singapore
• A fast-rising challenger in Hong Kong
• A returning growth story in the US
• A momentum player in Australia & New Zealand
• A serious AI and product innovation shop
• A meaningful player in wealth management
• An emerging contender in investment banking and corporate services

Few brokerage platforms outside the US have this type of geographic and product reach, and even fewer have grown as fast in 2025.

The competitive implication?
Tiger is positioning itself as the leading non-bank, cross-border investment platform across APAC and beyond. Rival fintechs—especially Futu (moomoo), eToro, and regional digital banks—will need to respond.

For investors and fintech watchers, Q3 suggests Tiger is not only back from 2023–24’s regulatory and macro headwinds—it’s accelerating into what could be its strongest run yet.