Hamburg, Germany based social trading focused broker NAGA Group has released preliminary unaudited figures for the second quarter and first half of 2021, indicating continued growth although at a slower pace than in the previous year.
NAGA Group, which operates the NAGA.com website under a Cyprus CySEC CIF license, said that it brought in revenues of more than USD $15 million in Q2 – up 12% from Q1’s $13.7 million and more than double last year with Q2 2020 at $6.3 million. Total group sales for the first half year 2021 amounted to $29 million, which is a +85% increase to the $15.7 million of the first half year in 2020 and almost the entire revenue of 2020 at $30 million.
NAGA said that its unique social-investing concept is one of the major growth drivers, with its core functionality auto-copy trading. Copied trades grew by 366% to 2.8 million in HY21 (HY20: 0.6 million), which also surpassed the entire number of copied trades of 2020 (1.7 million) by 64%. Overall transactions in HY21 jumped by 78% to 4.8 million (HY20: 2.7 million).
Traded volume has also seen significant growth of more than 160% compared to the same period last year. In 2021 over $155 billion were traded over the NAGA.com platform (versus HY20: USD 59 billion) – that translates to monthly trading volume of about $25 billion at NAGA.com. During the first half year, NAGA has already seen more traded volume than the entire year of 2020 (USD 143 billion).
“2021 was fantastic for us and we keep on accelerating our growth. We are entering growth levels which will soon elevate our brand and platform to global success. It’s all a question of marketing, brand awareness and ensuring that our systems scale. We understand our profitability ratios better and our cohort’s user growth is healthy”, commented CEO Benjamin Bilski on the record numbers.
“Given the current valuations of peers from the payment space we believe that NAGA Pay will be an absolute growth catalyst for the Group and strengthens our growth speed. We are extremely excited to get started and expect a lot of interest. We have 100,000 cards being delivered for the launch day”, adds Bilski.
The company also announced that after a COVID-19 related delay, the audited 2020 consolidated financial statements will be published on July 26th.