The NAGA GROUP, a leading provider of the All-in-One Financial Super App, NAGA, has reported stellar preliminary unaudited financial results for the fiscal year 2023, showcasing a remarkable turnaround in challenging market conditions.

NAGA Surpasses Milestones with 132,000 New Accounts and 9.2 Million Trades

NAGA delivered robust performance, generating over EUR 45.5 million in revenue, despite 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 in the preceding year.

The company demonstrated an impressive growth trajectory in user engagement and activity levels throughout 2023. With over 132,000 new account openings and more than 9.2 million trades executed, NAGA surpassed its 2022 levels. Notably, copy trades reached 4.8 million, up from 3.5 million, and the volume traded soared to EUR 143 billion, an increase from EUR 137 billion in the previous year.

Active users at the end of 2023 surpassed 21,000, reflecting a steady upward trend from 18,700 in 2022. This growth in unique user metrics is attributed to higher average activity, deposit size, and lifetime value, highlighting the effectiveness of NAGA's strategic initiatives.

NAGA's CEO, Michael Milonas commented: “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. Especially in the light of our recently announced Merger, NAGA will play a crucial role to deliver strong results in the upcoming year paired with Capex.com fast growing user and revenue base creating a new, exciting equity story for the Group.”

NAGA and Capex.com Combine Forces

Earlier, Finance Magnates reported that NAGA Group announced a merger agreement with Capex.com, an online trading platform. Capex.com's CEO, Octavian Patrascu, will become the new CEO of NAGA through a non-cash capital increase and a personal cash injection of $9 million.

The merger aims 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.