NAGA Group Records 69% Revenue Increase to $70B in Q1 2021
German-based fintech company NAGA Group announced its preliminary and unaudited results for the first quarter of the year. The company reports a 69% increase in total sales which jumped to $13.7 million from $8.1 million in 12 months.
The total trading volume rose by 155% to over $70 billion, compared to $27 million in Q1 2020. The number of accounts also increased by 480% to 93,000 from 16,000 in Q1 2020. This brought the total number of registered accounts to over 1 million for the first time in the company’s history.
NAGA’s Growth Due to Competitive Advantage
Transactions growth in the company’s unique auto-copy tool (NAGA-Autocopy) marked another highlight in the report. The platform recorded over 1.4 million in copied trades from the tool, which represent over 475% increase. In Q1 2020, only about 270,000 trades were copied from the auto-copy function.
Overall, NAGA said in the announcement that it is happy with Q1 results, and especially with the growth metrics. Since restructuring in 2019, NAGA has recorded continuous growth in 9 consecutive quarters. The Q1 2021 growth metrics also represent the company’s highest performance since its inception.
“We are clearly expanding our competitive advantage underlining our FinTech and user-experience focused character.” said NAGA’s founder CEO Benjamin Bilski.
Bilski added that compared to traditional brokerage channels, NAGA’s-Autocopy drives 150% more in user activity. This has in turn dramatically improved the company’s conversion rates, while reducing the acquisition cost metrics and improving churn metrics.
NAGA Group Expanding To North America
NAGA employs innovative fintech to seamlessly connect personal transactions and investments through its social trading platform. In addition to investments the company also offers stock trading and cryptocurrency products to a physical Mastercard.
NAGA has also filed an application to allow cross-trading in the US market. The move looks to gain access to a broader investor base and enhancing visibility in North America.
“Cross-trading on OTC Markets represents an important development for the company.”
The expansion is part of the firm’s increased revenue and geographical coverage goals. In addition to the US, NAGA is also planning to open offices in Asia and Australia.
“The company plans to open a new local office in Vietnam and actively prepares the entry into the Australian Market.”
In related NAGA news, the company recently secured a $30 million financing from US Fund Yorkville Advisors, as demand soars. The company has promised to announce exciting products in subsequent quarters to further strengthen its position in the neo-broker industry.
“We are on track to hit our annual targets. We will continue to scale marketing and further optimize our acquisition funnels.”
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