NAGA Group is in active merger talks with a multi-country broker
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German-based fintech, NAGA, is in active discussions about a merger with a multi-country brokerage platform. NAGA Group has referred to the move as a “strategic transaction,” but it has failed to disclose the details of the company it plans to work with.
NAGA Group is in active merger discussions
NAGA has positioned itself as a key player in the financial sector. The fintech company operates a neo-banking app and a regulated neo-broker. It has diversified its operations into the crypto industry through a cryptocurrency platform.
The company has said that it expects the merger to be completed in Q4 2023. NAGA has added that the deal will “potentially” involve a merger between a fintech company in Germany and an unnamed brokerage platform.
The statement issued by NAGA further notes that it would conduct due diligence before the deal is closed. Additionally, the transaction is subject to regulatory approval and has to meet the customary conditions precedent. Moreover, NAGA will still maintain the current listing status if the deal is completed.
Merger talks come amid active expansion plans
The discussions of a possible merger between NAGA and a multi-country broker come when the company is actively pursuing global expansion. Over the past year, NAGA has made several moves to expand its market reach and achieve strategic growth.
In early 2022, NAGA revealed its expansion plans in Europe and Southeast Asia. The company said it was exploring acquisitions in these regions to support growth. In October 2022, NAGA expanded its operations in Seychelles after obtaining a license in the country. The license enabled the bank to strengthen its banking and payment division.
NAGA is also expanding its crypto business. Last year, NAGA secured a license as a crypto service provider in Estonia. The license came after the firm unveiled the NAGAX exchange in March 2022.
NAGA Group is also planning to launch a crypto exchange in Brazil. To achieve this, NAGA has signed a letter of intent with Guide Investimentos to create a joint venture in Brazil that will support its digital asset business.
The company is also cementing its presence in the United Kingdom, which it deems to be the best market. It plans to grow its UK operations in 2023. The company appointed Mathew Kent as the Director of Institutional Sales to achieve this. Kent is a capital market professional in the UK, and he has previously worked with Eurotrader.
NAGA also reported healthy growth numbers during the first half of 2022. During the period, the company had a 51% growth in revenue. The consolidated revenue increased from 23.3 million euros to 35 million euros.
