Germany-based NAGA Group reports positive performance in early 2023

The global economy has been struggling more and more as months passed, but the current situation is seemingly not affecting everyone in the same way. One of the best examples of this is NAGA Group — a fintech company from Germany, which operates as a regulated neo-broker, neo-banking application, and even a cryptocurrency platform.

The company recently shared its YTD trading report, revealing that it saw a highly profitable several weeks in early 2023. In fact, the update suggests that the Group managed to generate nearly €6 million in revenue YTD. At the same time, the cost of operating has been around €4.5 million during the same period, leaving the company with €1.5 million in profits over the past six or so weeks.

The report is quite interesting, given the fact that the majority of fintech firms around the world have been struggling, to the point where some have even filed for bankruptcy. Meanwhile, NAGA managed to secure profits even after it reduced its cost base by 65% at the start of the year, compared to the costs seen during the same period of 2022.

Furthermore, the company also said that it managed to maintain its customer growth 15% above the levels recorded during the same period last year. In other words, NAGA Group is somehow thriving when all other companies in the sector are struggling to stay afloat in the current state of the financial industry.

NAGA Group’s performance in early 2023 looks extremely promising

However, NAGA Group has not yet released its annual report for the fiscal year 2022. The company does offer some data on its website, including key numbers that show that the firm generated approximately €52 million in revenue last year. With that being the case, it would appear that its revenue has dropped by around 6% from the figures seen in the fiscal year 2021 when its revenue sat at €55.3 million.

It is also known that the firm consolidated revenue of €35 million in the first half of 2022, while the second half of the year brought in only €17 million.

NAGA Group’s report also shared that its monthly trading activity and its three-month active user base are currently at an all-time high. The firm added that copy-trading has been one of its strongest aspects, representing over 55% of all trades that were made so far in 2023.

The customer deposit bonus has also seen a significant surge in 2023, going up by 50% compared to the same period in 2022. The company also saw an impressive 75% increase in new client deposits on average. NAGA Group explained that it is continuing to see improvements in its marketing efficiency by developing additional business intelligence and automation technology and by preparing the expansion into Latin American and Southeast Asian regions.