The Hamburg-based FinTech NAGA recently published impressive quarterly figures. However, there is also criticism of the company.
The German FinTech The NAGA Group AG (NAGA) sets several company records in the current quarter. The experts from Hamburg see the increase in trading activities with crypto currencies as the main reason for the positive figures. This is how founder and CEO Benjamin Bilski explains in the press release:
We see … that our multi-asset offer in combination with social trading creates a balanced distribution of the sources of income across all asset classes. We see the largest proportional increase in revenues from trading activities in cryptocurrencies, and we expect this trend to continue
Benjamin Bilski, press release
Trading in cryptocurrencies in particular recorded significant growth. According to FinTech, around 15 percent of the total annual turnover for 2021 was generated by digital currencies. In the comparison period a year ago, this is a growth of over 600 percent.
Controversial history of NAGA
FinTech has appeared in the media quite often in the past – but not always with positive news, to the disappointment of the founders. So did the online magazine Capital 2018 aware of unclear personnel positions and balance sheet reports in the company. They also hypothesized that the 50 million revenue the company had previously earned through a token sale had gone to a dodgy destination. Capital explained at the time that the money was in large part not going to the hamburgers Naga AG, but to the NAGA Society in Belize (Latin America). Likewise, Benjamin Bilski often appeared on his Instagram account while spending (strikingly high) salaries in Dubai or Montenegro.
Or a successful company after all
On the other hand, Bilski was listed in the “Forbes 30 Under 30” 2015 in the field of technologies. Forbes outlines the most successful founders: from business and industry. Published in August NAGA its strategic partnership with the Sevilla FC football club, of which the company is now the main sponsor. In September 2021, the company announced that it had entered into partnerships with Christian Angermayer, Peter Thiel and Igor Lychagov. Thus, the company brought in investments amounting to 27 million US dollars.
According to the latest press release, the company, which was founded in 2015, is the twelfth record quarter in a row. The total turnover of the FinTech would now be over 42 million euros. So far (as has often been the case in the past) these figures are unaudited, preliminary group figures. Nevertheless shows the CEO is very satisfied on his social media channels.