NAGA Group, the German-based fintech company that operates the neo-broker, NAGA, made it public today (Monday) it had successfully closed the $8.2 million convertible bond financed round which started in April. On top of that, the publicly-listed firm (XETR: N4G) has promoted its Co-Executive Director, Michael Milonas, to the role of the Group's Chief Executive Officer (CEO).

Milonas to Control NAGA Group

According to the regulatory filing made by NAGA on Monday, the current CEO, Benjamin Bilski, will serve as Chief Information Officer (CIO). The company has also hired Sam Chaney as its new Chief Commercial Officer (CCO), whose role is to build brand awareness and growth in emerging markets.

As explained in the press release, the decision to make personnel changes is due to growing revenues and the company entering a new growth phase. According to NAGA, Milonas has been one of the main people responsible for the company's strategic development.

"With his vast abundance of experience Michael Milonas builds, expands and manages NAGA's global network of crucial and valuable partnerships," NAGA commented.

While technology and products steered the company's strategy in its early years, NAGA's growth phase is now propelled by strategic partnerships. Benjamin Bilski, who boasts an unparalleled track record in big data analytics management, leads this shift, integral for increased rule and AI-driven automation as the company scales up. Bilski will continue to carry out his current activities but from the position of CIO.

Sam Chaney Joins NAGA as New CCO

As mentioned earlier, NAGA has successfully onboarded Sam Chaney, a recognized authority in his area, for the newly established position of CCO.

"We are delighted to announce the appointment of Sam Chaney as the new CCO for NAGA," Milonas commented. "With a wealth of experience in the industry, Sam Chaney will be a valuable addition to the team."

Chaney brings over two decades of financial services industry experience, with a keen understanding of the FX/CFD markets. He has previously held pivotal roles in popular brokering brands.

"I am extremely excited to be joining NAGA and being part of such an innovative and forward-thinking team," Chaney expressed. "The company's vision to provide customers with a unique, user-friendly trading and investing experience, in combination with its commitment to product development, makes it a compelling work environment."

As the new CCO, Chaney will drive NAGA's global commercial strategy. He will focus on marketing , sales and business development strategies.

NAGA Completes Financing Round

Alongside Sam Chaney's induction, NAGA announces the successful close of an $8.2 million convertible bond financing round with an existing NAGA investor. The financial round was first introduced a few months ago, in April 2023.

"This strategic move further solidifies ambitious growth plans and confirms the shareholder's faith in the company's trajectory," NAGA concluded.

NAGA's funding plans came three months after the Hamburg-based fintech firm said it was discussing a possible merger with an unnamed 'multi-country brokerage firm'. Despite initial profitability reports for the early weeks of 2023, NAGA saw a year-over-year dip of 36% in its revenue by the close of the first quarter in March, plummeting to EUR 11.6 million. Nevertheless, the company managed to amass total trades worth EUR 37 billion during this timeframe.