Hamburg-based NAGA (XETRA: N4G), a social trading platform, announced on Tuesday that it has generated a preliminary revenue of $15 million in the second quarter of 2021, which is a jump of 135 percent from the $6.3 million reported in Q2 of 2020.
The unaudited figures have marked another record-breaking quarter for the Germany-listed company as it has continued to report a surge in its business for several quarters now. The latest figures even surpass the record the company set in Q1 with $13.7 million in revenue.
NAGA further elaborated that the total group sales for the first half of the year amounted to $29 million, a year-over-year increase of 85 percent.
“2021 was fantastic for us, and we keep on accelerating our growth,” NAGA CEO, Benjamin Bilski, said.
“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.”
NAGA operates as a brokerage firm but is known for its social trading platform. It highlighted that copied trades grew by 366 percent to 2.8 million in the first half of 2021, while the overall transactions jumped by 78 percent to 4.8 million. Interestingly, the total copied trades in 2020 remained at 1.7 million.
Additionally, the total trading volume on the platform came in at $155 billion in the first half of the year. This figure was at $59 billion in H1 of 2020 and $143 billion for the entire last year.
Meanwhile, NAGA is expanding its global footprint and offering services beyond the usual brokerage business. The company has partnered with Visa for its upcoming payments service, which is scheduled to be launched in Q3 of 2021.
“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,” Bilski added.
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