NAGA Group, which provides a social trading platform for financial markets via naga.com, has reported record revenues of $29 million for the first half of 2021. This includes unaudited revenues of $15 million for Q2 of 2021.
This is an increase of 85% over the revenue in the first half of 2020 which was only $15.7 million and the company says that this almost equals the revenue for the entire year of 2020 which was only $30 million. There has been a significant increase in all their trading numbers with copy trading being the chief among them and have contributed a great deal to the overall revenue. On a year on year basis, the number of copy trades have shown a jump of over 360% with the total number of copy trades for the first half of this year coming in at 2.8 million and again, this has been greater than the total number of copy trades made over entire 2020.
“2021 was fantastic for us and we keep on accelerating our growth. We are entering growth levels that 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”, commented CEO Benjamin Bilski on the record numbers.
Traded volume has shown an increase of 160% over the same period last year with the traded volume for H1 of 2021 coming in at over $155 billion. The company says that it would be working towards adding more features and upgrading the platform in the coming months with some additional features like a dashboard with audience analytics also being planned.
“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”, adds Bilski.
Naga Pay is an additional product of the company and it hopes that this new product would be able to generate a lot of interest once it’s launched. Crypto-wallets are also in the pipeline and with crypto and digital payments expected to grow exponentially in the coming months, it should be a big opportunity for the company to build on the growth.