financemagnates.com
Hamburg-based social trading platform, NAGA AG (XETRA: N4G) has set yet another quarterly record with its financials, generating around $21 million in revenue for the third quarter of 2021.
The revenue of the trading services company has jumped by 157 percent compared to the figures reported in the same quarter of the previous year, while the rise was 38 percent from revenue of Q2 2021. The company has reported growth in its quarterly figures for eleven last consecutive quarters.
“We are extremely pleased with our Q3 numbers, which are a result of our effective growth strategy,” said NAGA founder and CEO, Benjamin Bilski.
The company also reported a preliminary unaudited record EBITDA of $5.2 million, which is 125 percent higher than the Q3 2020 number.
“At the beginning of the second quarter, we scaled our marketing efforts considerably. Our marketing spends per new client is recouped within only 4.5 months, becoming highly profitable thereafter. Consequently, we will further accelerate our marketing activities in the next quarters to maintain the current momentum going into 2022. We feel well equipped to continue our growth trajectory, especially with the successful capital increase priced in September. In addition, we will accelerate our geographic expansion.”
Crypto Demand Rises
NAGA’s offerings include social trading with instruments of several asset classes. It also expanded its services by launching a payments platform last quarter.
The official announcement further detailed that demand for cryptocurrencies remanded strong throughout the year as 15 percent of the total sales was attributed to digital currencies. The German company generated a total of $48 million in revenue so far in 2021.
“We also see that our multi-asset class offering combined with social trading creates a balanced distribution of revenue streams across asset classes. We are seeing the biggest proportional increase out of our trading activities in cryptocurrencies, and we expect this trend to continue,” Bilski added.