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NAGA Group Secures $30 Million Financing as Demand Soars

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NAGA Group AG, a German social trading-focused FX and CFDs broker, announced on Tuesday that it has signed an agreement with US Fund Yorkville Advisors for securing capital financing of up to $30 million over the next three years.

The broker will issue convertible notes to receive the proceeds. The funding will be done in tranches and NAGA confirmed to Finance Magnates that it will withdraw an initial €8 million immediately.

“We are excited about the deal with Yorkville and are setting the course for NAGA to scale even faster,” said NAGA CEO, Benjamin Bilski.

“The financing gives us the power and the flexibility to allow the company to be taken to the next level. NAGA is a growth case in a very large and rapidly growing market. This decade will definitely be the breakthrough period for FinTechs.”

The publicly listed broker revealed that it passed the milestone of 1 million monthly transactions with a total trading volume of €20 billion in February. These numbers were achieved with the addition of 37,000 new trading accounts last month.

NAGA is known for offering its flagship copy trading services, but it has expanded its services aggressively over the years. It launched digital payments services last November and is eying international expansions with regulatory approvals in Australia and South Africa.

In addition, the German broker elaborated that the demand for its copy trading services in February jumped by 75 percent month-on-month and new registrations increased by 45 percent.

“The user growth, and particularly the activity and engagement ratios make us feel very confident,” Bilski added. “Evidently the concept of social media combined with trading at NAGA works very well.”

“There is a clear shift in user behavior towards platforms like NAGA, which combines stocks, cryptocurrencies, and community, and it will be our core advantage over competition, especially in the area of customer acquisition. We will further increase our investment into marketing & sales especially in the light of the new financing and the fact that our growth yields return.”

Origin: naga.com

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