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NAGA Discusses Possible Merger with Unnamed 'Multi-Country' Broker

by Solomon Oladipupo
  • The possible merger is expected to be completed by Q4 2023.
  • The Group recently secured a Seychelles license.
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NAGA Group, a Germany-based fintech company that operates a regulated neo-broker, neo-banking app and a cryptocurrency platform, disclosed on Thursday that it is working towards signing “a potential strategic transaction with a multi-country brokerage firm.”

The transaction could 'potentially' emerge as a merger of the German fintech with the unnamed broker, the company said, adding that it expects the deal to be completed by the fourth quarter of the year. However, NAGA in a statement, noted that the potential deal is subject to due diligence, customary conditions precedent and regulatory approval.

“Naga will maintain its current listing status following the consummation of any such transaction,” the company said in the statement on Thursday.

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NAGA Drives Business Expansion

The announcement of the potential deal follows strategic business expansion moves at NAGA over recent months. In early 2022, the company said it was exploring strategic acquisitions in Europe and Southeast Asia to accelerate its expansion plans.

In mid-October 2022, the German fintech secured a Seychelles license to strengthen its banking and payment business. The development came six months after the company gained a crypto services provider license in Estonia.

In March 2022, the firm launched NAGAX, a cryptocurrency exchange , thereby expanding the company that had started out as a copy-trading service provider. Additionally, the group is planning to launch a crypto trading platform in Brazil as NAGAX recently signed a letter of intent with Guide Investimentos, a Brazilian digital asset management company owned by FOSUN, to establish a joint venture in the Latin American country.

Recently, the company disclosed its plans to re-establish its presence in the UK in 2023. It described the UK as its “best market to date and also the largest CFD market in the world.” In November, the company hired Eurotrader’s Matthew Kent, a UK-based capital market professional, as its Director of Institutional Sales.

Meanwhile, despite the bear market in 2022, NAGA reported a 51% growth in its H1 2022 revenue with consolidated revenue reaching €35 million, which is up from €23.2 million in the prior period last year.

NAGA Group, a Germany-based fintech company that operates a regulated neo-broker, neo-banking app and a cryptocurrency platform, disclosed on Thursday that it is working towards signing “a potential strategic transaction with a multi-country brokerage firm.”

The transaction could 'potentially' emerge as a merger of the German fintech with the unnamed broker, the company said, adding that it expects the deal to be completed by the fourth quarter of the year. However, NAGA in a statement, noted that the potential deal is subject to due diligence, customary conditions precedent and regulatory approval.

“Naga will maintain its current listing status following the consummation of any such transaction,” the company said in the statement on Thursday.

Watch this webinar on starting a brokerage firm hosted by Finance Magnates.

NAGA Drives Business Expansion

The announcement of the potential deal follows strategic business expansion moves at NAGA over recent months. In early 2022, the company said it was exploring strategic acquisitions in Europe and Southeast Asia to accelerate its expansion plans.

In mid-October 2022, the German fintech secured a Seychelles license to strengthen its banking and payment business. The development came six months after the company gained a crypto services provider license in Estonia.

In March 2022, the firm launched NAGAX, a cryptocurrency exchange , thereby expanding the company that had started out as a copy-trading service provider. Additionally, the group is planning to launch a crypto trading platform in Brazil as NAGAX recently signed a letter of intent with Guide Investimentos, a Brazilian digital asset management company owned by FOSUN, to establish a joint venture in the Latin American country.

Recently, the company disclosed its plans to re-establish its presence in the UK in 2023. It described the UK as its “best market to date and also the largest CFD market in the world.” In November, the company hired Eurotrader’s Matthew Kent, a UK-based capital market professional, as its Director of Institutional Sales.

Meanwhile, despite the bear market in 2022, NAGA reported a 51% growth in its H1 2022 revenue with consolidated revenue reaching €35 million, which is up from €23.2 million in the prior period last year.

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