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 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).

NAGA added that trading in cryptocurrencies is growing particularly strongly. Around 15% of total sales in 2021 can be attributed to digital currencies, which represents a growth of over 600% compared to the same period in 2020.

Benjamin Bilski, founder and CEO, commenting on the trading update:

“We are extremely pleased with our Q3 numbers, which are a result of our effective growth strategy. At the beginning of the second quarter we scaled our marketing efforts considerably. Our marketing spend per new client is recouped within only 4.5 months, becoming highly profitable thereafter. Consequently, we will further accelerate our marketing activities in the next quarters to maintain the current momentum going into 2022. We feel well equipped to continue our growth trajectory, especially with the successful capital increase priced in September. In addition, we will accelerate our geographic expansion.”

“We also see that our multi-asset class offering combined with social trading creates a balanced distribution of revenue streams across asset classes. We are seeing the biggest proportional increase out of our trading activities in cryptocurrencies, and we expect this trend to continue.”

Following the investment by Christian Angermayer’s Apeiron Investment Group with its Elevate3 strategy operating in partnership with Peter Thiel’s Founders Fund and by Exness founder Igor Lychagov, the NAGA Board of Directors plans to expand the growth strategy and significantly accelerate marketing spend. In addition to direct marketing, branding and geographical expansion, especially strategic partnerships will come into focus to strengthen market position in the upcoming years. (We’d note that NAGA became front-of-shirt sponsor for Sevilla FC during Q3).