NAGA Group,
the German-based fintech company that operates the neo-broker, NAGA, made it public today (Monday) it had successfully closed the $8.2 million convertible bond
financed round which started in April. On top of that, the publicly-listed firm
(XETR: N4G) has promoted its Co-Executive Director, Michael Milonas, to the
role of the Group’s Chief Executive Officer (CEO).
According
to the regulatory filing made by NAGA on Monday, the current CEO, Benjamin
Bilski, will serve as Chief Information Officer (CIO). The company has also
hired Sam Chaney as its new Chief Commercial Officer (CCO), whose role is to build brand awareness and growth in emerging markets.
As
explained in the press release, the decision to make personnel changes is due
to growing revenues and the company entering a new growth phase. According to
NAGA, Milonas has been one of the main people responsible for the company’s
strategic development.
Michael Milonas, NAGA
“With
his vast abundance of experience Michael Milonas builds, expands and manages
NAGA’s global network of crucial and valuable partnerships,” NAGA
commented.
While
technology and products steered the company’s strategy in its early years,
NAGA’s growth phase is now propelled by strategic partnerships. Benjamin
Bilski, who boasts an unparalleled track record in big data analytics
management, leads this shift, integral for increased rule and AI-driven
automation as the company scales up. Bilski will continue to carry out his
current activities but from the position of CIO.
Sam Chaney Joins NAGA as
New CCO
As
mentioned earlier, NAGA has successfully onboarded Sam Chaney, a recognized
authority in his area, for the newly established position of CCO.
“We
are delighted to announce the appointment of Sam Chaney as the new CCO for NAGA,” Milonas commented. “With a wealth of experience in the industry,
Sam Chaney will be a valuable addition to the team.”
Chaney
brings over two decades of financial services industry experience, with a keen
understanding of the FX/CFD markets. He has previously held pivotal roles in popular
brokering brands.
“I am
extremely excited to be joining NAGA and being part of such an innovative and
forward-thinking team,” Chaney expressed. “The company’s vision to
provide customers with a unique, user-friendly trading and investing
experience, in combination with its commitment to product development, makes it
a compelling work environment.”
As the new
CCO, Chaney will drive NAGA’s global commercial strategy. He will focus on
marketing, sales and business development strategies.
NAGA Completes Financing
Round
Alongside
Sam Chaney’s induction, NAGA announces the successful close of an $8.2 million
convertible bond financing round with an existing NAGA investor. The financial
round was first introduced a few months ago, in April 2023.
“This
strategic move further solidifies ambitious growth plans and confirms the
shareholder’s faith in the company’s trajectory,” NAGA concluded.
NAGA’s funding
plans came three months after the Hamburg-based fintech firm said it was
discussing a possible merger with an unnamed ‘multi-country brokerage firm’. Despite
initial profitability reports for the early weeks of 2023, NAGA saw a year-over-year dip of 36% in its revenue by the close of the first quarter in March,
plummeting to EUR 11.6 million. Nevertheless, the company managed to amass
total trades worth EUR 37 billion during this timeframe.
NAGA Group,
the German-based fintech company that operates the neo-broker, NAGA, made it public today (Monday) it had successfully closed the $8.2 million convertible bond
financed round which started in April. On top of that, the publicly-listed firm
(XETR: N4G) has promoted its Co-Executive Director, Michael Milonas, to the
role of the Group’s Chief Executive Officer (CEO).
According
to the regulatory filing made by NAGA on Monday, the current CEO, Benjamin
Bilski, will serve as Chief Information Officer (CIO). The company has also
hired Sam Chaney as its new Chief Commercial Officer (CCO), whose role is to build brand awareness and growth in emerging markets.
As
explained in the press release, the decision to make personnel changes is due
to growing revenues and the company entering a new growth phase. According to
NAGA, Milonas has been one of the main people responsible for the company’s
strategic development.
Michael Milonas, NAGA
“With
his vast abundance of experience Michael Milonas builds, expands and manages
NAGA’s global network of crucial and valuable partnerships,” NAGA
commented.
While
technology and products steered the company’s strategy in its early years,
NAGA’s growth phase is now propelled by strategic partnerships. Benjamin
Bilski, who boasts an unparalleled track record in big data analytics
management, leads this shift, integral for increased rule and AI-driven
automation as the company scales up. Bilski will continue to carry out his
current activities but from the position of CIO.
Sam Chaney Joins NAGA as
New CCO
As
mentioned earlier, NAGA has successfully onboarded Sam Chaney, a recognized
authority in his area, for the newly established position of CCO.
“We
are delighted to announce the appointment of Sam Chaney as the new CCO for NAGA,” Milonas commented. “With a wealth of experience in the industry,
Sam Chaney will be a valuable addition to the team.”
Chaney
brings over two decades of financial services industry experience, with a keen
understanding of the FX/CFD markets. He has previously held pivotal roles in popular
brokering brands.
“I am
extremely excited to be joining NAGA and being part of such an innovative and
forward-thinking team,” Chaney expressed. “The company’s vision to
provide customers with a unique, user-friendly trading and investing
experience, in combination with its commitment to product development, makes it
a compelling work environment.”
As the new
CCO, Chaney will drive NAGA’s global commercial strategy. He will focus on
marketing, sales and business development strategies.
NAGA Completes Financing
Round
Alongside
Sam Chaney’s induction, NAGA announces the successful close of an $8.2 million
convertible bond financing round with an existing NAGA investor. The financial
round was first introduced a few months ago, in April 2023.
“This
strategic move further solidifies ambitious growth plans and confirms the
shareholder’s faith in the company’s trajectory,” NAGA concluded.
NAGA’s funding
plans came three months after the Hamburg-based fintech firm said it was
discussing a possible merger with an unnamed ‘multi-country brokerage firm’. Despite
initial profitability reports for the early weeks of 2023, NAGA saw a year-over-year dip of 36% in its revenue by the close of the first quarter in March,
plummeting to EUR 11.6 million. Nevertheless, the company managed to amass
total trades worth EUR 37 billion during this timeframe.