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- NAGA Posts Solid Growth in October, November Transactions
NAGA Posts Solid Growth in October, November Transactions
Its newly launched neo banking app brought over 6,000 users in the first three weeks.
NAGA Group (XETRA: N4G), the popular German social trading platform, saw heavy demand for its services in October and November with 1.3 million in monetary transactions combined. The trading volume in the period surpassed €25 billion, almost beating the 2020 third quarter’s record of €33 billion.
Both the months witnessed a healthy growth in market demand as the number of transactions in October came in at 645,000, while in November, it jumped to 680,000.
The company is now optimistic that the Q4 transactional number will dwarf Q3’s record 1.5 million transactions.
“We are fully on track to achieve our annual targets,” NAGA CEO, Benjamin Bilski stated. “We are pleased that our investments in Marketing & Sales are bearing fruits and that we can continue to expand and improve our customer base, customer activity, and the entire platform. NAGA has found a growth formula that enables it to grow in a precise way, fully, digitally and on a global level.”
Massive Demand for Neobanking
The demand surged when the Group is aggressively expanding services in other areas too and recently launched a digital banking application called NAGA PAY, which offers an IBAN account, a Mastercard and a crypto wallet.
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In the first 21 days of its launch, the neo banking app onboarded more than 6,000 users with over €2.5 million in transactions volume.
Additionally, NAGA has plans to add stock trading features within the neo banking application.
The growth of the Group has prompted the Hauck & Aufhäuser Research analysts to track its shares with a buy recommendation.
“The FinTech market is growing rapidly, and the NAGA GROUP has all the characteristics to grow with it,” Bilski added. “…we want to increase the transparency of our company and deal more intensively with investor relations… point[ing] out the future opportunities of the NAGA GROUP to other private and institutional investors on a wider scale.”