NAGA Group AG (ETR:N4G), operator of social trading focused neo-brokerage NAGA.com, crypto platform NAGAX and neo-banking app NAGA Pay, has released a Trading Update indicating that the company saw record monthly profits during the month of April 2022.

The company attributed its results to more efficient user acquisition funnels through increased brand awareness. Already, NAGA has seen more brokerage sales in year-to-date 2022 than in the entire first half of 2021.

In April, NAGA said that preliminary brokerage revenue amounted to EUR 7 million, while preliminary EBITDA stood at EUR 3.6 million. By comparison, for the Q1-2022 three-month period NAGA reported record revenue of EUR 18 million, with EBITDA of EUR 5 million.

To date, more than 2.7 million transactions have been generated on NAGA while the active customer base and sign-ups continue to grow strongly.

Benjamin Bilski, founder and CEO of NAGA, evaluates the excellent first third of the year:

“Already in the first four months of the current year 2022 we managed to exceed the revenue of the first half of 2021. At the start of the second quarter, we saw a solid comeback in trading activity. Our focus remains on increasing our growth activities to counteract any negative market trends. We are in line with our projections. Our confidence in the company is stronger than ever in these challenging times.”

NAGA added that it sees a significant improvement in customer satisfaction, team structure and product innovation. The branding initiatives work well. With the increasing level of awareness and brand power, NAGA said it is on the road to significantly strengthen its position in all three verticals it operates in.

“This year we are experiencing very challenging market conditions and profitability in particular is an important factor that investors are looking for in 2022. At NAGA this is absolutely the case – we have generated positive cash flow as we have continued to successfully grow our business,” concludes Bilski.

NAGA’s native cryptocurrency platform NAGAX has launched its NFT marketplace NAGAX NFT, which features an on blockchain called NXNFT and allows creators to mint items at no cost as well as secondary trading without blockchain fees.

Despite the current cooldown in the crypto market, NAGA said it is very confident that the next wave of adoption is around the corner. NFT plays a crucial role in educating people to join the crypto ecosystem. NAGA’s NFT platform, which is integrated in its crypto currency exchange and wallet, targets talented creators from the art and music industry to join us and tokenize their work to be minted on NXNFT. Additionally, NAGA looks forward to the release of the staking and derivatives feature in May to start marketing and growing the user base from June onwards.

NAGAX NFT has additionally announced a $100,000 creator fund which aims to support digital creators in launching their first NFT collections.

NAGA is an innovative fintech company that seamlessly connects personal finance transactions and investments through its social trading platform. The company’s proprietary platform offers a range of products from stock trading, investments and cryptocurrencies to a physical VISA card. Additionally, the platform allows for exchanges with other traders, provides relevant information in the feed, and autocopy features for successful members’ trades. NAGA is a synergistic total solution that is easily accessible and inclusive. It provides an improved foundation to trade, invest, network, earn and pay. This applies to both fiat and crypto products.