NAGA Group reports 63% revenue growth in Q1 2022, obtains Estonian crypto license

NAGA Group revealed on Friday its financial results for the first quarter of 2022, seeing €18 million of revenue. This was a 63% increase compared to the same period the previous year.

The neo brokerage reported EBITDA of €5 million, up from Q1 2021’s €3 million.

Benjamin Bilski, who is heading NAGA Group as CEO, said:

Benjamin Bilski, Naga Group

Benjamin Bilski
Source: LinkedIn

We are happy to see a dynamic start into 2022 and NAGA continuing steady towards its targets. The unfortunate escalation in Ukraine has indeed affected client appetite during Q1 but started to recover by the end of March.

The Germany-headquartered broker, focused on social trading posted record numbers for 2021 with total revenue of €55.3 million and record EBITDA that reached €12.8 million.

NAGA Group

Reporting on separate business verticals

NAGA announced that it is now planning to report its financial results separately – from its neo brokerage, crypto trading, and payments platform, starting in the second quarter.

Bilski commented:

All our platforms are by now live and have a clear monetization model in place. Now it’s all about scaling  marketing  activities and operations in each vertical.

Bilski noted that the move will allow the company to showcase the growth of its ventures, especially NAGAX.

Estonian crypto license

Additionally, NAGA is also focused on expanding geographically, and specifically with its new crypto business. NAGAX, the company’s crypto exchange brand launched last month, has gained a Estonian crypto license in the end of March.

The company noted that two more crypto asset service provider licenses are in the works and expected for Q2 2022. NAGA further revealed that it is exploring strategic acquisitions in Europe and Southeast Asia to accelerate its expansion plans.

Bilski added:

There is no doubt that the future lies with fully licensed and compliant companies in our very dynamic and fact paced world. This is expected to be an important growth enabler in all three verticals we operate in. Hence, we see licensing and expanding our regulatory map as a core priority.


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