The NAGA GROUP, a prominent provider of the All-in-One Financial Super App, NAGA, has unveiled its impressive preliminary unaudited financial results for the fiscal year 2023, showcasing a remarkable resurgence despite challenging market conditions.
In the world of Forex trading, where stable and fast cross-border connections are essential for high-demand scenarios, NAGA has partnered with Alibaba Cloud to offer dedicated cloud solutions that ensure secure and global operations for Forex traders.
NAGA’s financial performance for 2023 was robust, with total revenue exceeding EUR 45.5 million, although it marked a slight decrease from the previous fiscal year’s EUR 57 million.
The standout achievement was the company’s highest-ever EBITDA of EUR 7 million, a significant improvement from the negative EUR 13.7 million recorded in the preceding year.
Throughout 2023, NAGA demonstrated an impressive growth trajectory in user engagement and activity levels.
The company witnessed over 132,000 new account openings and executed more than 9.2 million trades, surpassing the levels of 2022.
Notably, copy trades reached 4.8 million, up from 3.5 million, and the total traded volume soared to EUR 143 billion, an increase from EUR 137 billion in the previous year.
At the end of 2023, NAGA boasted more than 21,000 active users, reflecting a steady upward trend from 18,700 in 2022.
This growth in unique user metrics can be attributed to higher average activity, deposit size, and lifetime value, underlining the effectiveness of NAGA’s strategic initiatives.
Michael Milonas, NAGA’s CEO, expressed his satisfaction with the company’s performance, saying, “We are delighted that our disciplined approach and continuous efforts to make NAGA profitable yielded such strong results.
We have seen an improved quality of customers, as well as improved platform stability and strong user metrics which make us confident for the following months.”
Additionally, NAGA announced its merger with Capex.com, an online trading platform. Octavian Patrascu, Capex.com’s CEO, will become the new CEO of NAGA as part of this merger.
The goal is to create a profitable fintech entity with over 1.5 million users and a projected $250 million in revenue over the next three years.
The joint company anticipates generating close to $90 million in revenue in 2023, with immediate cost synergies exceeding $10 million annually.
The merger is expected to be completed in Q2 2024, subject to customary approval. This merger sets the stage for an exciting new chapter in the Group’s equity story.