Mr. Bilski, the market is regularly flooded with new ideas and developments. What makes NAGA special for fintech-fans and average consumers?
Yes, there are a lot of things happening in the startup-world, which clearly shows that the digitization is in its full swing! We at NAGA focused from day one on the best user experience when it comes to investing into the financial markets. We believe in a user-centric strategy and intuitive product usability. I think we are special because we really follow the “Super-App” approach for investing. We believe that users seek for all-in-one solutions without the need of having 6 apps for one segment installed. At NAGA we combined the experience of being part of a buzzing community thanks to our social network features (think of a “LinkedIn for Investing”) powered by a rich offering of tradable assets around the clock, a crypto solution (own wallet and exchange) and an own mobile bank with NAGA Pay, which we are launching in November. After an eventful growth phase, we are profitable and make more revenue than most of our peers, so I think that’s also a special fact.
What is the most important thing about the idea of NAGApay?
NAGAPay will combine for the first time ever banking, investing, social trading and crypto. Our users will be able to enjoy a fee-free banking account in multiple currencies, a Mastercard and a virtual card. On top of it we are offering our NAGA trading features so that users can invest commission-free in more than 400 shares and copy other top traders on all of their trades with one tap. We added also our crypto-wallet and exchange, where the users can securely store and exchange crypto. So, we are happy to see the app live in the course of November!
Who does NAGA want to address?
We want to make investing social, fun and exciting. So, we focus on people who get started to learn about wealth management and investing. Therefore, we target digital natives and generally everyone who is investing in Stocks, FX, ETFs or Crypto. We have a wide offering around more than 800 assets, margin trading and copy trading. So, it’s a perfect tool to get started and to forget other apps – as NAGA offers everything from wealth management, banking, crypto up to day trading!
In which region would you like to operate?
We are strong in the South-East Asian market, Africa and Europe. We are expanding now to Australia and South-Africa in Early 2021. This is a very exciting development and we see that there is still a lot of growth potential.
In recent years, NAGA has also been criticised by journalists and experts. How is the company doing today?
Indeed, not everyone was a fan of NAGA. We started quite strong with a great concept, a big investment and a very early IPO only 21 months after we founded the company. The attention was quite high, and we could not deliver on the promise instantly as we were – as many other startups in such a phase – still developing our tech and validating the growth strategy. Down the line we also had too many products and features. After a company restructuring and installing a new management (including me taking over as CEO) around 1.5 years ago, we consolidated all products, we focused our growth outside Europe and improved our product significantly. From losing over €13M last year and a revenue of €6M, we have started 2020 wth a record quarter, crossed the €19m revenue mark by Q3 and operate profitable with steady Quarter of Quarter growth on users and transactions. So, if you ask me how we are doing today: Its going well, but now we are only getting started. It was about time and I am extremely excited to scale globally. Our product is really great, the market is very big, and we have a lot of growth initiatives in the pipeline. We will do our best to reach the unicorn badge in near future!