NAGA Group, a Germany-based broker focusing on social trading, announced the preliminary financial results for 2021, which exceeded its revenue guidance for the full financial year.
Looking at the figures, NAGA Group reported significant user growth and more than doubled profits, but Q4 metrics took a blow.
The group’s consolidated revenue was reported at €55.3 million compared to €24.4 million the previous year. The strong growth was underlined by a record EBITDA of €12.8 million, which is also almost a doubling compared to 2020’s figure of €6.6 million.
NAGA, which offers investment in stocks and crypto via its mobile app, reports that its trading platform onboarded over 277,000 new accounts in 2021, a 128% increase compared to last year.
In terms of its trading volumes, the company reported a record €250 billion, up 107 percent from €121 billion in 2020. In addition, NAGA disclosed that its platform handled more than 10 million real-money transactions in 2021, an increase of 60% compared to 6.3 million a year earlier.
The publicly traded fintech attributed the bulk of its solid performance to the copy-trading activity. In particular, NAGA saw over 4.8 million trades copied via its Auto Copy tool, that is almost tripling relative to the 1.7 million trades copied in 2020.
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Launch of NAGAX in Q1 2022
“The investments in growth and the continuous acceleration of our marketing activities have paid off. Additionally, we have launched great products such as NAGA Pay, improved our platform and welcomed strategic investors to our cap table. 2022 will be another eventful year. We expect to be among the fastest growing neo-brokers, by gaining further market share in existing markets but also by expanding into new markets, while also increasingly focusing on the crypto and DeFi space,” said NAGA Group AG’s CEO and founder, Benjamin Bilski.
Meanwhile, NAGA announced the launch of a brand-new social trading platform focused on cryptocurrencies. Dubbed NAGAX, the platform is set to launch in the first quarter of this year. It will consist of a futures and derivatives exchange, crypto wallet, an inbuilt NFT platform, a staking platform, Web3 social trading experience, and a spot exchange with around 700 tradable assets.
“A financial influencer, for example, who offers premium content such as trading signals or technical analysis, posts the content and can directly set a price and availability. The post is automatically converted to an NFT. Any user who has access to an Ethereum-based wallet can unlock the content immediately. Each content is thus tokenized and can even be traded as an NFT itself. And of course, NAGAX will offer traders the opportunity to copy influencers’ crypto trades for more than 700 assets via the social feed,” added Bilski.
Read More: NAGA Group reports strong revenue, user growth ahead of further expansion – FinanceFeeds