NAGA Reports Profitable Beginnings Through 2023 Due to Strong Copy Trading Activity

NAGA has indicated that year-to-date the company generated group Revenues of close to €6 million (which we assume covers the first six weeks of 2023), while expenses were kept at around €4.5 million, after a couple of analysis revealed that NAGA Revenues fell by 43% to €20 million for the last six months of 2022, closing out a money-losing year (note that NAGA has not yet released its official FY2022 results).

Following a restructure in the summer of 2022, NAGA reduced its cost base by more than 65% compared to the beginning of 2022 in 2023, while maintaining new customer growth 15% above 2022 levels.

NAGA, which manages the CySEC-licensed nagamarkets.com and the offshore naga.com, said that Active Users on a three-month basis are at an all-time high, as is monthly trading volume. Copy trading accounts for 55% of all transactions, while customer deposits in 2023 are up 50% over the same time in 2022, and average deposits per new client are up 75%.

Surprisingly, the trade report made no mention of or provided an update on NAGA's previous claim that it was in talks with a “multi-country brokerage firm.”

The organization said that it is continuing to increase its marketing efficiency by building further automation and business intelligence technologies, as well as planning to expand into Southeast Asia and Latin America via its recently incorporated offshore Seychelles corporation NAGA Capital.

“We are pleased to see that our restructuring efforts are materializing,” says Benjamin Bilski, CEO and founder of NAGA Group AG, assessing the successes achieved at the beginning of the year. “We kept new user growth up whilst cutting overall operating expenses significantly. Our acquisition cost per user has improved by over 75% and the value per user went up by another 13% year over year. We keep improving the current operation and preparing ourselves for more global business from the emerging markets, which we see as a significant profit driver in 2023.”

About NAGA

NAGA is a forward-thinking fintech firm that integrates personal financial transactions and investments via its social trading platform. The company's own platform provides a variety of goods, including stock trading, investments, and cryptocurrencies, as well as a real VISA card. Furthermore, the site enables transactions with other traders, relevant information in the feed, and auto-copy features for successful users' trades. NAGA is a synergistic comprehensive solution that is simple to use and all-inclusive. It gives a stronger platform for trading, investing, networking, earning, and paying. This is true for both cash and cryptocurrency items.

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