Social trading company the NAGA Group has released its 2021 Q2 financial results and with them announced record figures in a number of metrics. This is the 11th quarter in a row where NAGA has posted record growth in terms of revenue. It gives figures for the first six months of 2021 in total, which means that several important comparisons can be made.
During Q2 of 2021, the NAGA group posted revenue of $15 million. When compared to the $6.3 million posted in Q2 of 2020, this is a more than 100% growth rate. It has also posted revenue of $29 million for the first six months of 2021. This is an increase on the first six months of 2020, which brought in $15.7 million. The $29 million for the first half of 2021 also compares favourably to the total revenue for 2020, which sat at $30 million.
If 2021 follows a similar trading pattern to 2020, this puts NAGA on course for total revenues of around $55 million. However, due to the unusual trading carried out during 2020, it is possible that 2021 will see a different pattern play out.
NAGA offers copy trading as its primary focus to customers. It saw this aspect of its business grow significantly when compared to 2020 figures. During the first half of 2020, NAGA saw 0.6 million copy trades carried out compared to the second half, which sat at 1.1 million. This gave a total of 1.7 million copy trades for the entirety of 2020. During the first six months of 2021, NAGA has seen 2.8 million copy trades carried out. These trades make up more than 50% of the 4.8 million total transactions carried out on the NAGA platform.
NAGA has also seen growth in the total traded volume across its platform. During the first half of 2021, there was $155 billion. This is more than twice the 2020 volume for the first six months, $59 billion, and sits above the $143 billion that was traded across the whole of 2020.
Benjamin Bilski, the CEO of NAGA, commented:
2021 was fantastic for us and we keep on accelerating our growth. We are entering growth levels which will soon elevate our brand and platform to global success.
NAGA Group AG recently announced a new payments arm, NAGA Pay. The new platform runs alongside VISA and in collaboration with Contis – NAGA’s new program that offers its users the means to link up and gain access to any funds held first-hand in their brokerage and payment wallets.
