In 2023, NAGA GROUP, known for its comprehensive financial application NAGA, reported impressive unaudited financial figures for the year, indicating a significant recovery in a challenging economic environment.

The company achieved more than EUR 45.5 million in revenue, though this was a decrease from the prior year's EUR 57 million. However, a notable success was the record-high EBITDA of EUR 7 million, a substantial improvement compared to the previous year's negative EUR 13.7 million.

Throughout 2023, NAGA experienced a surge in user engagement and transaction volume. The platform saw the addition of over 132,000 new accounts and executed in excess of 9.2 million trades, surpassing its performance in 2022. The number of copy trades rose to 4.8 million from 3.5 million, and the total trading volume increased to EUR 143 billion from EUR 137 billion in the previous year.

By the end of 2023, active users exceeded 21,000, up from 18,700 in 2022. This increase in unique users is linked to higher average activity, deposit size, and lifetime value, underscoring the success of NAGA's strategic efforts.

NAGA's CEO, Michael Milonas, expressed satisfaction with the company's performance, noting improved customer quality, platform stability, and strong user metrics. He anticipates continued success, particularly following the merger with Capex.com, which is expected to further bolster the company's performance.

Regarding the merger, Finance Magnates earlier reported that NAGA Group had agreed to merge with Capex.com, an online trading platform. Octavian Patrascu, CEO of Capex.com, is set to become NAGA's new CEO. This merger, which includes a non-cash capital increase and a $9 million cash contribution from Patrascu, aims to establish a profitable fintech entity with over 1.5 million users and a projected revenue of $250 million over the next three years. 

The joint entity expects to earn around $90 million in revenue in 2023, with potential annual cost savings of over $10 million. The completion of this merger is anticipated in the second quarter of 2024, pending customary approvals.