Moomoo’s parent Futu Holdings reports robust growth and global expansion in 2023

Futu Holdings Ltd., the parent company of the innovative online brokerage and wealth management platform moomoo, has announced a strong financial performance for the fourth quarter of 2023. The company’s unaudited earnings report revealed revenues of US$303.8 million, marking a 4.1% increase year-over-year, and a non-GAAP adjusted net income of US$121.7 million.

For the fiscal year ending December 31, 2023, Futu’s revenues soared to US$1.281 billion, with non-GAAP adjusted net income reaching US$585.1 million, representing year-over-year increases of 31.4% and 45.9%, respectively. The company’s digital brokerage and investment brand, moomoo, along with its sister brands, have seen a significant uptick in global users, reaching 21.64 million, and 1.71 million paying clients, up 10.5% and 15.0% compared to the previous year.

The company’s client retention rate remained impressively high at 98%, with total client assets climbing to US$62.164 billion, a 16.3% increase year-over-year. Early 2024 has already shown promising signs, with net increases in paying client acquisitions and assets under management (AUM) surpassing those of the fourth quarter of 2023, buoyed by equity market rallies.

A notable milestone was achieved with the launch of Futu Malaysia Sdn. Bhd. (Moomoo MY), which began trading services in February 2024, quickly attracting over 30,000 new clients within its first week. This expansion is part of Futu’s strategic move into Southeast Asia, further solidifying its global presence.

Moomoo Singapore (Moomoo SG) has also made headlines by achieving profitability for the first time on a quarterly basis and showing robust growth in the high-net-worth segment. The platform’s success in Singapore is evidenced by its top rankings in accumulated downloads and daily active users among stock trading apps, according to Data.ai.

In the US, moomoo has responded to the surging demand for option trading by partnering with CBOE Global Markets to offer index options products. Additionally, Moomoo US has enhanced its Cash Sweep program, offering an attractive annual percentage yield for eligible clients.

The company’s technological advancements and product offerings have not gone unnoticed, as moomoo was awarded the Best Day Trading Software at the 2023 Global FinTech Awards by Benzinga. In Australia, moomoo was recognized as the Online Broker Rising Star by Money magazine, reflecting its commitment to providing innovative trading tools and global market access to investors.

Moomoo’s impact extends beyond financial services, as it actively participates in community initiatives such as the SGX Cares Bull Charge Charity Run and financial literacy programs in Singapore.

As moomoo continues to expand its global footprint, its brand and technology have rapidly gained traction in new markets like Malaysia, where it leads in app downloads, and Canada, where user registration surged by 258% quarter-over-quarter. In Japan, moomoo introduced US stock trading services, contributing to a record-breaking number of daily active users.

The company’s educational platform, Moo Learn, has also seen a substantial increase in users, highlighting moomoo’s dedication to providing an immersive learning experience for investors worldwide.

In summary, Futu Holdings Ltd. and its moomoo brand have demonstrated remarkable growth and expansion throughout 2023, setting a strong foundation for continued success in the years to come.

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