German fintech company NAGA Group AG revealed today it plans to cross-list its shares on the US market and published its latest trading update.
NAGA reported that its sales for the first five months of the year reached €20 million. The numbers reached 90% increase compared to the same period in 2020, when it was €10.1 million.
The trading volumes of the company surpassed €100 million and reached a monthly record of €24 billion traded in May, registering a 167% YoY increase. The platform reported over 155,000 new accounts joined until May 2021, more than the 122,000 registered for the entire 2020.
It is exciting to see that compared to the same period in 2019, where revenue stood at EUR 0.9 million, we are now able to report a growth in revenue by more man twenty times. We will remain focused on growing our brand authority further and increase user base. Together with our new product launches such as NAGA Pay, our expanded crypto offering and improved platform experience, we are on track to hit the projections for 2021 becoming based on revenue, one of the strongest FinTech companies in Germany.
As the demand for the shares of the Hamburg-based company soars in Europe, NAGA also announced that its shares are now cross-traded publicly on the OTCQX Venture Market, making them available to North American investors.
NAGA noted that the cross-listing will not have an impact on existing shares and it will not issue new shares, either. The company said it does not have SEC reporting obligations.
Bilski added:
We are truly excited to see The NAGA Group AG on the US Markets enhancing our visibility in North America. We expect increased liquidity and new investors participating to trade NAGA shares.
NAGA recently announced it is expanding its services across Europe and UK with a new payments arm, NAGA Pay. The new platform will be run alongside VISA and in collaboration with Contis – NAGA’s new program and is expected to launch in Q3 2021.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
