UP Fintech Holding Limited (NASDAQ: TIGR) an online brokerage firm that wants to service global investors, reports that a consortium of institutional investors has subscribed to purchase convertible notes in an aggregate principal amount of USD $90 million through a private placement. The convertible notes to be issued will mature in 2026 unless previously converted.
In February, UP announced that a group of investors led by an affiliate of Xiaomi Corporation had subscribed to purchase convertible notes in an aggregate principal amount of US$65 million through a private placement.
UP reported Q4 earnings last month including $47.2 million in revenue and non-GAAP net income of $10.3 million said to be nearly 30 times the non-GAAP net income in the same quarter last year. Additionally, UP reported 44,000 new funded accounts in the quarter nearly quadruple the number from the same period last year. Total funded accounts reached 259,000 by the end of 2020 more than double that of 2019.
The total account balances were reported at $16 billion more than triple that of the fourth quarter of 2019 and 46.2% higher than the third quarter of 2020. Overall, for 2020, total revenue was $138 million more than double versus 2019. UP said they were profitable for the first time on a yearly basis.
Based in China, UP Fintech operates as Tiger Brokers with subsidiaries and offices in the U.S., Australia, Singapore, and New Zealand that possess a range of licenses that span brokerage, investment banking, and asset managements, and more.
