NAGA Reports Solid Q3 2020 Revenue, Launching Digital Bank
- The fintech group is entering new markets as well.
German social trading-focused brokerage, NAGA Group (Xetra Xetra Xetra is an international securities trading venue, operated by the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse). An overwhelming majority of turnover on German exchanges goes through Xetra, making it one of the most important venues in the local market.Xetra operates as the reference market for exchange trading in German shares and exchange-traded funds (ETFs). The price fixing on Xetra is conducted via defined and transparent rules. Despite its importance to the German market, Xetra Xetra is an international securities trading venue, operated by the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse). An overwhelming majority of turnover on German exchanges goes through Xetra, making it one of the most important venues in the local market.Xetra operates as the reference market for exchange trading in German shares and exchange-traded funds (ETFs). The price fixing on Xetra is conducted via defined and transparent rules. Despite its importance to the German market, Xetra Read this Term: N4G) announced on Monday its financials for the third quarter of 2020, showing record sales and trading volume.
The reported figures show that the broker’s sales figures jumped 506 percent year-on-year to 7.1 million euros last quarter from 1.17 million euros in Q3 2019. This resulted in an EBITDA of 1.9 million euros.
Apart from sales, the trading volume of the broker additionally jumped to over 33 billion euros for the period, a quarter-on-quarter jump of 22 percent. Year-on-year, that is more significant as the volumes in Q3 last year was only 13 million.
NAGA highlighted that the trading volumes were boosted by the 40,000 new accounts opened with it last quarter.
“We are happy with Q3,” Benjamin Bilski, CEO of NAGA, said. “Especially in light of the seasonality and the lower client activity during summer, we once again have shown that our growth strategy pays off and is sustainable.”
“...we have delivered a very solid EBITDA ratio despite increased expenses in growth. Given the growth in our active user base, we managed also to improve our platform experience and internal processes significantly to ensure further Scalability Scalability Scalability is a term that describes the constraints of a network via hash rates to meet increased demand. In the context of Bitcoin, scalability reflects the issue in which a limited rate can process transactions adequately.Blocks within the Bitcoin blockchain are limited in both size and frequency. The overall transaction processing capacity of the network is dictated by the average block creation time of 10 minutes as well as a block size limit of 1 megabyte. Consequently, this leads to pain Scalability is a term that describes the constraints of a network via hash rates to meet increased demand. In the context of Bitcoin, scalability reflects the issue in which a limited rate can process transactions adequately.Blocks within the Bitcoin blockchain are limited in both size and frequency. The overall transaction processing capacity of the network is dictated by the average block creation time of 10 minutes as well as a block size limit of 1 megabyte. Consequently, this leads to pain Read this Term.”
Entering the Digital Banking Arena
Apart from its existing brokerage business, NAGA is further entering the hyped digital banking industry. The group revealed that it will launch its challenger bank called NAGA PAY, on November 15.
The platform has started pre-registration of customers and already saw ‘thousands’ of potential users, the company detailed.
As Finance Magnates reported, NAGA made a few key appointments recently and is expanding beyond its regular markets. It has already established local entities in Australia and South Africa and is now seeking regulatory approvals in those markets.
"The major rationale after Q1 was to enlarge our customer base, invest in our brand exposure and set up the company for scalability," Bilski added. "NAGA has its best cash-flow situation, highest average monthly volumes and the highest number of active users (as per September 2020) since inception. For the next quarters we need to invest into brand exposure, marketing and grow our team to offer a world-class trading experience by ensuring operational stability."
German social trading-focused brokerage, NAGA Group (Xetra Xetra Xetra is an international securities trading venue, operated by the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse). An overwhelming majority of turnover on German exchanges goes through Xetra, making it one of the most important venues in the local market.Xetra operates as the reference market for exchange trading in German shares and exchange-traded funds (ETFs). The price fixing on Xetra is conducted via defined and transparent rules. Despite its importance to the German market, Xetra Xetra is an international securities trading venue, operated by the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse). An overwhelming majority of turnover on German exchanges goes through Xetra, making it one of the most important venues in the local market.Xetra operates as the reference market for exchange trading in German shares and exchange-traded funds (ETFs). The price fixing on Xetra is conducted via defined and transparent rules. Despite its importance to the German market, Xetra Read this Term: N4G) announced on Monday its financials for the third quarter of 2020, showing record sales and trading volume.
The reported figures show that the broker’s sales figures jumped 506 percent year-on-year to 7.1 million euros last quarter from 1.17 million euros in Q3 2019. This resulted in an EBITDA of 1.9 million euros.
Apart from sales, the trading volume of the broker additionally jumped to over 33 billion euros for the period, a quarter-on-quarter jump of 22 percent. Year-on-year, that is more significant as the volumes in Q3 last year was only 13 million.
NAGA highlighted that the trading volumes were boosted by the 40,000 new accounts opened with it last quarter.
“We are happy with Q3,” Benjamin Bilski, CEO of NAGA, said. “Especially in light of the seasonality and the lower client activity during summer, we once again have shown that our growth strategy pays off and is sustainable.”
“...we have delivered a very solid EBITDA ratio despite increased expenses in growth. Given the growth in our active user base, we managed also to improve our platform experience and internal processes significantly to ensure further Scalability Scalability Scalability is a term that describes the constraints of a network via hash rates to meet increased demand. In the context of Bitcoin, scalability reflects the issue in which a limited rate can process transactions adequately.Blocks within the Bitcoin blockchain are limited in both size and frequency. The overall transaction processing capacity of the network is dictated by the average block creation time of 10 minutes as well as a block size limit of 1 megabyte. Consequently, this leads to pain Scalability is a term that describes the constraints of a network via hash rates to meet increased demand. In the context of Bitcoin, scalability reflects the issue in which a limited rate can process transactions adequately.Blocks within the Bitcoin blockchain are limited in both size and frequency. The overall transaction processing capacity of the network is dictated by the average block creation time of 10 minutes as well as a block size limit of 1 megabyte. Consequently, this leads to pain Read this Term.”
Entering the Digital Banking Arena
Apart from its existing brokerage business, NAGA is further entering the hyped digital banking industry. The group revealed that it will launch its challenger bank called NAGA PAY, on November 15.
The platform has started pre-registration of customers and already saw ‘thousands’ of potential users, the company detailed.
As Finance Magnates reported, NAGA made a few key appointments recently and is expanding beyond its regular markets. It has already established local entities in Australia and South Africa and is now seeking regulatory approvals in those markets.
"The major rationale after Q1 was to enlarge our customer base, invest in our brand exposure and set up the company for scalability," Bilski added. "NAGA has its best cash-flow situation, highest average monthly volumes and the highest number of active users (as per September 2020) since inception. For the next quarters we need to invest into brand exposure, marketing and grow our team to offer a world-class trading experience by ensuring operational stability."