FX week in review: NAGA record revenues, TradeZero SPAC, ETX replaces CMO
What drove NAGA Group’s record revenue and profit figures in Q3?
At what valuation is US online broker TradeZero going public, via a SPAC merger?
Who’s in, and who’s out, as CMO of FCA regulated CFDs broker ETX Capital?
Which online trading platform raised $298 million, at a $3 billion valuation?
Answers to these questions and a whole lot more appeared first or exclusively this week at FNG. Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
Exclusive: Nandik Barbhaiya out as CMO of ETX Capital. FNG Exclusive… FNG has learned that Nandik Barbhaiya has left his position as CMO of London based, FCA regulated CFDs broker ETX Capital. Nandik Barbhaiya was one of the very first outside hires made a year ago by ETX, as was also exclusively reported at the time by FNG, following the company’s acquisition by Switzerland based fintech investor Guru Capital SA. However we understand that the senior management and ownership group was not pleased with the progress made so far under Mr. Barbhaiya’s direction, and has opted to make a change. ETX has replaced Mr. Barbhaiya as CMO with Claudio Bedino, one of the co-founders at Oval who also served as Oval’s COO and CMO.
TradeZero aims for public listing through SPAC merger. TradeZero Holding Corp and Dune Acquisition Corporation (NASDAQ:DUNEU), a special purpose acquisition company, announced that they have entered into a definitive agreement for their business combination, which would result in TradeZero becoming a publicly listed company. The combined company will be called TradeZero Global Inc. upon the closing of the business combination and is expected to be listed on the New York Stock Exchange under a new ticker symbol, “TRAD”. TradeZero was founded in 2015 by a team that leveraged decades of collective operating and trading experience to build a next-generation trading platform tailored to the needs of the ever-growing community of sophisticated traders.
NAGA Group posts record Revenue of $21M and EBITDA of $5.2M in Q3-2021. Social trading focused online broker NAGA Group AG (ETR:N4G) has released unaudited preliminary group figures for the 3rd quarter of 2021, indicating a record quarter for the company. NAGA Group, which is based in Hamburg, Germany but operates the NAGA.com website from Cyprus under a CySEC license, reported that NAGA revenue increased by 157% YoY and 38% QoQ to around USD $21 million, compared to USD $8 million in Q3 2020 and its previous record USD $15 million in Q2 2021. The strong growth is underlined by a preliminary unaudited record EBITDA of USD $5.2 million, a growth of 125% compared to Q3 2020 (USD 2.3 million).
TradingView raises $298M at $3B valuation, led by Tiger Global. Popular retail charting platform and social network for traders and investors TradingView has announced a new $298 million investment round, led by Tiger Global. The financing takes the company, which has paying customers in over 180 countries worldwide, to a $3 billion valuation. This was the second major investment for Tiger Global this year in an online trading platform. Tiger led a $40 million investment round raised by Australia based neobroker Stake in May 2021. TradingView has become increasingly popular with Retail FX and CFD brokers as an add-on to traditional MT4/MT5 platforms. Brokers who have integrated TradingView to their offering include Tickmill, easyMarkets, Capital.com, and Saxo Bank.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: FX Back Office hires ex BridgerPay exec Tatiana Indge as CFO.
❑ Sally Francis-Cole, Stephen Best join LSEG’s global FX business team.
❑ GlobalBlock UK appoints Rodney Prescott as CTO.
❑ Copper.co names Philip Hammond as Senior Adviser.
❑ Barclays appoints Angela Liu as Country CEO, China.