Ben Bilski, the Founder of NAGA who recently gave up his role as the Chief Executive Officer to become the company's Chief Information Officer, said he wants to help the German fintech company to “innovate further and shape it from a product and platform perspective alongside its growth path.” Bilski stated this today (Monday) through a LinkedIn post announcing his new role.
Bilski on NAGA’s ‘Platform Vision’
Bilski founded NAGA in 2015. The company operates as a regulated neo-broker, neo-banking app and cryptocurrency platform offering users access to trading opportunities in stocks, FX and cryptocurrencies. NAGA is also a popular social trading platform.
In the LinkedIn post, Bilski described the process of creating NAGA, taking the company public and building out its platforms as a ‘lifetime learning experience’.
“Hence, I am going back to my roots and providing my skills to extend our platform vision,” Bilski wrote. “The vision has been and remains to build an all-in-one platform that serves the needs of the customers of tomorrow.”
He added: “User behaviour and demands are rapidly changing. The new generation is becoming more solvent and gains purchasing and spending power year over year. Everything goes digital and ultimately platforms that are by their DNA inclusive and offer all in one go will win the race.”
Last month, NAGA’s regulatory filing showed that Bilski has decided to step down from his role as the CEO. Additionally, the company disclosed that it has appointed Michael Milonas, its Co-Executive Director, to take over the company’s leadership as Group CEO. In addition, NAGA hired Sam Chaney as its new Chief Commercial Officer.
NAGA Plans for Next Phase
During the first quarter of the year, NAGA’s revenue declined 36% year-over-year to EUR 11.6 million despite reporting a profitable start to the year. However, the company last month secured $8.2 million in convertible bonds from a funding round.
In a letter to the company’s stakeholders published on Monday, Milonas said that the company has increased its market share despite “aggressive competition as well as a tightening regulatory framework.”
“We are not as bold as saying that everything that happened in the past 3 years has been perfect but at least our decisions have been ours and we have owned them,” the new Group CEO wrote in the letter.
He stated: “We feel that we understand the users of the future and all that drives them. There are more people and there is more wealth on this planet right now than ever before and they all want the same thing: a community, social, mobile, tech, access to financial opportunity, payments at their fingertips, share with each other and learn from each other. NAGA brings this future here, today.”
On top of that, Milonas noted that NAGA in 2023 and beyond “will continue to focus on strategic investments to meet the expanding market opportunity.”
“Our goal is to move quickly to solidify and extend our current position whilst we pursue serious acquisition opportunities and welcome them to our family, to our unique ecosystem and technology,” Milonas explained.
CNMV's new warning; recurring payments by Praxis; read today's news nuggets.
