NAGA Discusses Possible Merger with Unnamed 'Multi-Country' Broker

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NAGA Discusses Possible Merger with Unnamed 'Multi-Country' Broker

<p>NAGA Group, a Germany-based fintech company that operates a regulated
neo-broker, neo-banking app and a cryptocurrency platform, disclosed on
Thursday that it is working towards signing "a potential strategic transaction
with a multi-country brokerage firm." </p><p>The transaction could  'potentially' emerge as a <a href="https://www.financemagnates.com/terms/m/merger/" class="terms__main-term" id="7631c19b-b9f3-43ee-a0cf-d4f8094270bc" target="_blank">merger</a> of the
German fintech with the unnamed broker, the company said, adding that it
expects the deal to be completed by the fourth quarter of the year. However, NAGA in a statement, noted that the
potential deal is subject to due diligence, customary conditions precedent and
regulatory approval. </p><p>"Naga will maintain its current listing status following the
consummation of any such transaction," the company said in the statement on Thursday.</p><p>Watch this webinar on starting a brokerage firm hosted by Finance Magnates.</p><p>NAGA Drives Business Expansion </p><p>The announcement of the potential deal follows strategic business
expansion moves at NAGA over recent months. In early 2022, the company said it was exploring strategic acquisitions in Europe and Southeast Asia to
accelerate its expansion plans.</p><p>In mid-October 2022, the German fintech <a href="https://www.financemagnates.com/forex/naga-gains-seychelles-license-to-accelerate-global-presence/" target="_blank" rel="follow">secured a Seychelles license</a> to strengthen its
banking and payment business. The development came six months after the company
gained a crypto services provider <a href="https://www.financemagnates.com/forex/brokers/naga-sees-63-revenue-jump-in-q1-2022-gains-estonia-license/" target="_blank" rel="follow">license in Estonia</a>. </p><p>In March 2022, the
firm <a href="https://www.financemagnates.com/forex/brokers/naga-to-launch-crypto-exchange-in-march-january-revenue-hits-record/" target="_blank" rel="follow">launched NAGAX</a>, a cryptocurrency
<a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__secondary-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6" target="_blank">exchange</a>, thereby expanding the company that had started out as a copy-trading service
provider. Additionally, the group is planning to launch a crypto trading platform in
Brazil as NAGAX recently signed a letter of intent with Guide Investimentos, a
Brazilian digital asset management company owned by FOSUN, to establish a joint
venture in the Latin American country.</p><p>Recently, the company  disclosed its plans <a href="https://www.financemagnates.com/forex/naga-group-posts-51-revenue-rise-in-h1-2022-will-re-enter-uk/" target="_blank" rel="follow">to re-establish its presence</a> in the UK in 2023.
It described the UK as its "best market to date and also the largest CFD market
in the world." In November, the company <a href="https://www.financemagnates.com/executives/naga-hires-eurotraders-matthew-kent-as-institutional-sales-director/" target="_blank" rel="follow">hired Eurotrader's Matthew Kent</a>, a UK-based capital
market professional, as its Director of Institutional Sales.</p><p>Meanwhile, despite the bear market in 2022, NAGA reported <a href="https://www.financemagnates.com/forex/naga-group-posts-51-revenue-rise-in-h1-2022-will-re-enter-uk/" target="_blank" rel="follow">a 51% growth</a> in its H1 2022 revenue with consolidated revenue reaching €35 million, which is up from €23.2 million in the prior period last year.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.

Source: NAGA Discusses Possible Merger with Unnamed 'Multi-Country' Broker