UP Fintech, known commercially as Tiger Brokers, is an online brokerage platform that lets retail investors trade global equities, options, futures, and other instruments across major markets — including the NYSE, Nasdaq, and Hong Kong Stock Exchange — through a single account and mobile app called Tiger Trade. Tiger's primary customers are Chinese-speaking investors living in and outside mainland China, and the platform's core differentiator is its cross-market, multi-asset experience in one integrated account. As of end-2025, Tiger had approximately 1.25 million funded accounts and roughly $60.8B in total client assets. Tiger earns revenue primarily through two streams: commissions (charged per trade, driven by trading volume and take rate) and interest income (earned on margin loans, securities lending, and client cash). Tiger has built its own self-clearing capability through its TradeUP Securities subsidiary, now self-clearing over 90% of U.S. cash equity and options trades, which reduces commissions paid to third parties and improves margins. Beyond brokerage, Tiger operates an institutional and corporate services business — including ESOP administration, IPO underwriting, and investor relations — and a growing wealth management segment covering money market funds, mutual funds, structured notes, and discretionary portfolio management. A key dynamic in Tiger's model is the flywheel between its corporate and retail businesses: ESOP clients are pre-IPO companies whose employees become natural brokerage customers, and IPO activity attracts additional retail users. Tiger is expanding geographically, with Hong Kong as a key growth market, and is building out crypto trading and AI-powered investment tools to deepen engagement and increase revenue per user.