NAGA Group, a provider of leading all-in-one financial super app NAGA, has released preliminary unaudited financial results for FY2023, delivering an excellent turnaround in a challenging market environment.。

NAGA Added 13.20,000 accounts and 9.2 million transactions

NAGA's results were strong, generating more than €45.5 million in revenue, albeit down slightly from €57 million in the previous fiscal year.。The most outstanding achievement was that the company's earnings before interest, tax, depreciation and amortisation (EBITDA) reached an all-time high of €7 million, a significant improvement over the previous financial year's -13.7 million.。

Throughout 2023, the company's user engagement and activity have shown an impressive growth trajectory.。NAGA opened more than 132,000 new accounts and executed more than 9.2 million transactions, surpassing the 2022 level.。Notably, replication transactions increased from 3.5 million to 4.8 million, and the volume of transactions increased to €143 billion from €137 billion in the previous year.。

By the end of 2023, there were more than 21,000 active users, a steady upward trend from 18,700 in 2022.。The growth in unique user metrics was attributed to higher average activity, deposit size and lifetime value, highlighting the effectiveness of NAGA's strategic initiatives。

Michael Milonas, CEO of NAGA, commented: "Our rigorous approach and continuous efforts have yielded such fruitful results - improved customer quality, enhanced platform stability and strong user metrics - giving us confidence in the coming months.。Especially in the context of our recent merger announcement, NAGA will play a key role, with Capex.Com's fast-growing user and revenue base are matched by strong results in the coming year, creating a new and exciting equity story for the group。"

NAGA and Capex.Com strong alliance

Earlier it was reported that NAGA Group announced a partnership with online trading platform Capex..com reached a merger agreement。Capex.Octavian Patrascu, CEO of com, will become NAGA's new CEO through a non-cash capital increase and a $9 million personal cash injection.。

The purpose of the merger is to create a profitable fintech entity with more than 1.5 million users in the next three years and an expected 2.$500 million in revenue。The combined company is expected to generate nearly $90 million in revenue in 2023, with annual direct cost synergies of more than $10 million.。The merger is expected to close in the second quarter of 2024, subject to customary approvals。