The NAGA Group announces challenger bank project NAGA Pay. NAGA China and NAGA Pro are launched, supported by strong April figures.
The challenger bank project NAGA PAY starts in Q4 2020
Trading influencer tool NAGA Pro launched
Strong April with sales of € 2.2 million and a net profit of around € 0.6 million
First trades in the China project
HAMBURG, GERMANY--(Business Wire / Korea Newswire) May 21, 2020 -- The NAGA Group continues its high growth rate and announces new projects.
With NAGA Pay, NAGA will be launching its own challenger bank app, which for the first time combines mobile banking, trading, social trading and cryptocurrency trading.
“NAGA Pay is an ambitious project with great growth potential. In recent years we have gained a lot of experience in building a real-time trading platform with a clear monetization model across a wide range of asset classes. Our trading app and our cryptocurrency platform have processed millions of transactions. In parallel, our NAGA Card programme, which offers our customers a prepaid Mastercard and a European IBAN account, has shown very promising growth rates. We have also followed the projects in the multi-billion NEO-Banking / Challenger-Bank segment very closely and have created all the prerequisites to become part of this segment. Hence, we have decided to combine all our expertise in NAGA Pay and are currently developing a super app for mobile banking and investing. The entry into the payment vertical underlines the FinTech character of our company and will offer us new customer acquisition and growth opportunities without losing our focus on the core business”, says Benjamin Bilski, founder and CEO of The NAGA Group AG.
NAGA Pay will be launched around the beginning of Q4 2020 as a separate native iOS- and Android app. The app combines the offer of a prepaid credit card, a European IBAN bank account with limits of up to € 200,000 per year and complete banking functions such as SEPA transfers. In addition to real-time money transfers and money management, NAGA customers can trade over 400 stocks from 9 global stock exchanges free of charge, as well as copy other top traders with one click. The offer is completed with the integration of the NAGA Wallet and NAGAX, so that customers can buy and sell physical cryptocurrencies with NAGA Pay and make blockchain-based deposits and withdrawals.
For more information and to register to the NAGA Pay waiting list https://www.naga.com/pay has been launched today.
Furthermore, NAGA is delighted to announce the launch of NAGA Pro. NAGA Pro is aimed specifically at users who already run their own financial trading community, are pursuing a career as a professional trader or want to build a business model in the trading space. NAGA-Pro offers its users a monthly base remuneration and a lucrative performance package if certain criteria are met, thereby creating a unique “digital influencer” model.
“NAGA Pro is a real growth catalyst for us. Due to the high level of investment in our own trading platform and our cooperation with 600,000 users and 1,500 partners, we understand the needs of users as well as professional traders, trainers and operators in the wider trading and investing world. We see this as a slight adjustment in our business model and positioning. Instead of plunging into the very expensive and ”innovation-free“ marketing battle for retail customers, we want to use our technology offer in a focused manner by helping entrepreneurs and businesses accelerate their growth and ultimately to grow together with us. In a nutshell, NAGA Pro is a tool for traders, professionals, and for all those with business models focused around trading who bring their community and followers with them or build up a community within NAGA. Thereby we will differentiate ourselves from the competition and expand our marketing and sales focus accordingly”, commented Bilski.
The NAGA Pro model is already successfully practiced at NAGA. With pilot projects in Asia and Poland that started at the beginning of the year, over 30% of the total turnover can be attributed to the NAGA Pro pilots.
“Our unique selling point as the most innovative and user-friendly platform on the market is underpinned by NAGA Pro. The proof of concept has been delivered. We therefore see ourselves in the highly encouraging situation of being able to offer a ”Platform-as-a-Service“ or, as our NAGA Pro users say so nicely - ”The Uber model for investing“ - which is aimed at the operator and not only at the end user”, adds Benjamin Bilski.
Further information on NAGA Pro can be found on the dedicated website naga.com/pro.
Finally, the company reports the preliminary results of April and the start of the project in China.
In April, NAGA achieved a strong revenue result of around € 2.2 million and a preliminary net profit of around € 0.6 million and therefore continued the strong growth and earnings momentum built in Q1 (Q1: revenues € 7.0 million, net profit €2.1m). In addition, a new record number of registrations was recorded in April, which can be seen as the foundation for further growth. NAGA is also delighted to report that the first transactions of the NAGA China project were processed during May, with management expecting further growth in the course of Q3 and especially Q4.
“We are fully dedicated to growth, we want to keep the momentum high and continue to show how much potential there is in NAGA's unique platform and our business model. Another focus of the next few months will be the optimization of acquisition costs, sustainable growth and, above all, the addition of new personnel, as we have just posted around 30 new vacancies,” concludes Benjamin Bilski.
NAGA is an innovative ﬁntech company that has developed a socially enhanced ﬁnancial system that creates a uniﬁed and seamless experience across personal ﬁnance and investing. Its proprietary platform offers a range of products ranging from trading, investing, and cryptocurrencies to a physical Mastercard and social investing features such as a Feed, a Messenger and Auto-Copy. NAGA is a synergistic all-in-one solution that's accessible and inclusive, and that provides a better way to trade, invest, connect, earn, acquire and pay, across both ﬁat and crypto.
Company: The NAGA Group AG
Hohe Bleichen 12
Indices: Scale 30
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange
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The NAGA Group AG
+49 (0)40 5247 79153
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