NAGA Group, a Germany-based fintech company that operates as a regulated neo-broker, neo-banking app and cryptocurrency platform, shared its year-to-date trading updates on Thursday, reporting a profitable start in the year 2023.
According to the update, the Group generated revenue of close to €6 million while its expenses stood at about €4.5 million during the first few weeks of 2023, suggesting that the online broker has made a profit of about €1.5 million year-to-date (YTD). The profit comes even as NAGA said it reduced its cost base at the beginning of the year by over 65% compared to the start of 2022. In addition, the social trading focused firm said it had maintained its new customer growth 15% above the levels it recorded in 2022.
Meanwhile, while NAGA Group is yet to release its annual report for the fiscal year 2022, key numbers on the company’s group website show that the firm generated an estimated revenue of €52 million in 2022. Therefore, the company's revenue dipped 6% year-over-year from the €55.3 million generated in the fiscal year 2021.
Furthermore, since NAGA Group reported consolidated revenue of €35 million during the first half of 2022, and the company’s revenue came in at about €17 million in the last six months of the same year.
Copy Trading Dominates All Trades on NAGA
In the new trading update, NAGA said its monthly trading activity and three-month active users base “are at all-time high.” Additionally, the fintech company said copy trading represents more than half (55%) of all trades made YTD.
Moreover, the company said its customer deposit YTD surged by half (50%) compared to the same period last year. During this period, the company’s average deposits per new client shot up by 75%.
“The group continues to improve its marketing efficiency by developing further automation and business intelligence technology as well as preparing the expansion into the Southeast-Asian and Latin American region with its newly established regulated entity NAGA Capital,” NAGA Group explained.
Meanwhile, NAGA Group recently disclosed that it was working towards signing “a potential strategic transaction with a multi-country brokerage firm.” The company expects to complete the deal by the fourth quarter of this year.
