NAGA Group in Talks with a Global Broker over Possible Merger

NAGA Group, a German-based fintech company that operates a regulated Neo-Broker, Neo-Banking app and Crypto platform, unveiled that it is in the discussion of a possible merger with a global broker, according to the group's formal statement.

The statement stated: "The Naga Group AG is in discussions to pursue a potential strategic transaction with a multi-country brokerage firm, potentially in the form of a merger of the two companies. The transaction is subject to due diligence and is expected to be finalised subject to customary conditions precedent and regulatory approvals, and to close in Q4 2023."

In the first half of 2022, NAGA Group sees solid growth acoss many financial indicators with a gross income of €35 million, a yearly increase of 62.8%. However, the company operated at a loss in full year of 2022​, with the annual trading volume of €150 billion, 40% down compared to €250 billion in 2021.

Last October, the company further expanded its international presence as it secured a financial license​ from the Seychelles regulator.

By the end of 2021, NAGA Group had exited its UK market. It was reported that the company planned to re-enter the region by Q2 2023.