FNG Exclusive Interview… Last month we reported (exclusively, of course) that majority shareholder and CEO Octavian Patrascu had completed a total makeover of NAGA Group’s management C-Suite, with a new COO, CTO, CSO, and CFO among other changes – with most of those positions filled by executives from outside the company (from TRADE.com, Finalto, Oval Money, DraftKings, Swissquote…).

How did all these changes come about?

How are things going at NAGA now almost a full year following the NAGA-CAPEX.com merger?

What is NAGA’s approach to the prop trading space?

Here is what Octavian had to say about these topics, and lots more.

FNG: Hi Octavian, and thanks for joining us today. We recently reported about what can only be described as an entire management overhaul at NAGA, with a new COO, CTO, CSO, CFO… among other changes, with most of the positions filled by executives from outside the company. Can you let us know a little more about how you went about deciding (and implementing) all of these changes?

Octavian: Every growth phase needs the right toolkit.

After the merger, our ambitions—and complexity—increased, so we sought leaders who had already scaled global fintechs. Most were people I’d worked with or benchmarked in past M&A talks, so the cultural fit was clear. The brief was simple: bring fresh expertise, keep what already works, and build a team that challenges me as much as I challenge them.

FNG: It has now been almost a full year since NAGA and CAPEX.com merged to form the new NAGA. How has the merger gone so far? Are there some things that didn’t go exactly “as planned”? What have you learned from the entire process?

Octavian: We structured the turnaround in three phases:

Phase 1 – Integration: closed the CAPEX merger, secured shareholder and regulatory approvals, and introduced unified processes.

Phase 2 – Stabilisation: executed the post-merger integration plan, focused on under-performing units, and built a solid operational base.

Phase 3 – Scalability (current): refocus on growth levers—product innovation, marketing scale-up, and selective M&A. We are now firmly in Phase 3 and on track to deliver the “new” NAGA: leaner, tech-driven, and growth-ready.

We’re 70 % there, but speed of execution still varies by team. My main lesson: focus beats ambition. You can’t fix operations, ship new products, and re-brand all at once without stretching people. We’ve tightened priorities and we think it is going to pay off in the future.

FNG: As we look back over the past year, one theme that pops out is the growing advent of retail prop trading. How does NAGA view the prop-trading phenomenon?

Octavian: We respect the prop boom, but our roadmap is clear: build an “Everything-Money” platform regulated for the long haul. Prop accounts can create great engagement, yet they also add operational and regulatory weight. For now we’d rather serve traders with transparent margin products and invest the R&D budget in our core super-app.

FNG: One of the changes we’ve made note of at NAGA is the move toward being a “SuperApp” merging social trading, investing in stocks, crypto, and neobanking. How has the move been received by clients?

Octavian: Early signals are strong.

Super-app users log in 27 % more often than single-product users and their average balance is higher. People like a clean front-end with everything under one roof. We’ll keep polishing before we migrate all traffic, but the usage data tells us we could be  on the right path.

FNG: NAGA is now a publicly traded company with a $200 million (≈ €175 million) valuation. What do you see as the path to becoming a billion-dollar company?

Octavian: Three levers:

1) double-down on the super-app so each user brings more lifetime value;

2) expand in high-growth regions where we already hold presence;

3) keep EBITDA scaling faster than revenue.

If we execute those quietly and consistently, the market cap will follow.

FNG: What else can we expect to hear from NAGA in the near future?

Octavian: Steady delivery, not fireworks: phased super-app roll-outs, further cost automation, and selected partnerships that widen our reach without diluting focus. When we announce something, it will already be in users’ hands.