Cash sweep

Moomoo's Parent Company Futu Holdings Reports US$303.8 M and US$1.281 B in Revenues for Q4 and for Full Year 2023

Retrieved on: 
Thursday, March 14, 2024
Online, Futu, IP Australia, Candlestick, Apple, Growth, Muumuu, Best, Securities Commission Malaysia, Cash sweep, DAU, Fintech, Shithead (card game), Cboe Global Markets, Yoy, Investment, AUM, Quarter, Patent, Bursa Malaysia, CBOE

For the year ended December 31, 2023, the Company recorded US$1.281 billion in revenues and US$585.1 million in non-GAAP adjusted net income, representing a YoY increase of 31.4% and 45.9%, respectively.

Key Points: 
  • For the year ended December 31, 2023, the Company recorded US$1.281 billion in revenues and US$585.1 million in non-GAAP adjusted net income, representing a YoY increase of 31.4% and 45.9%, respectively.
  • During the full year 2023, the Company had acquired more than 220,000 new paying clients, including over 59,000 newly added in the fourth quarter, a growth of 41.0% compared to that of Q4 2022.
  • Meanwhile, the paying client retention rate remained strong at 98%, with the total client assets achieving US$62.164 billion, up 16.3% YoY.
  • (Based on Data.ai's comparison of stock trading apps on Apple and Google app stores as of December 31, 2023).

Moomoo's Cash Sweep Program Offers A Highly Competitive 5.1% APY; Increases Cash Management Efficiency

Retrieved on: 
Monday, November 27, 2023
Cash sweep, PALO, Federal Deposit Insurance Corporation, Friends: Conditions Apply, ETF, Risk, Nate Palmer, Index, FDIC, Muumuu, Marginal rate of substitution, APY, Insured Cash Sweep, Security (finance), Bank

The highly competitive 5.1% APY currently offers one of the highest yields for uninvested cash in the entire brokerage industry.

Key Points: 
  • The highly competitive 5.1% APY currently offers one of the highest yields for uninvested cash in the entire brokerage industry.
  • The Cash Sweep program does not impact the purchasing power of brokerage accounts because the swept funds in the program bank accounts are still part of a customer's securities account.
  • With just several taps on a screen, new moomoo clients can activate the Cash Sweep feature and earn interest on their uninvested cash.
  • Notably, moomoo's Cash Sweep program has no cap on the interest-bearing principal and no minimum balance requirements for the accounts.