NAGA Group Drops E&Y Ahead of Pay with Crypto Launch

NAGA Group, the parent company of NAGA Pay, NAGA Markets, and NAGAX, has dropped E&Y as its auditor. In regulatory filings, the company also said that it was taking steps to finalize its financial statements for 2021 and 2022. 

NAGA Group is a leading fintech company whose shares are traded in Germany. The company provides several services such as forex and CFD brokerage, crypto trading, and payment solutions. NAGA Group postponed publishing its annual results citing resource bottlenecks and complex IFRS issues regarding the accounting of crypto assets.

In a regulatory filing, the company also said that it will drop E&Y as its auditor as it tries to put its books in order. NAGA Group halso adjusted its financial results. For example, it restated its 2021 revenue to 52.9 million euros from the previous 55 million euros. Still, that amount was more than double the 24.3 million euros what it generated in 2020. The next audited results will be published in the second half of this month.

The most recent results showed that NAGA Group said that its total customers in the platform rose to over 30,000. Its brokerage business brought in an estimated 33.5 million euros. This performance was about 30% above the previous 22.3 million euros.

NAGA is now focusing on profitability after years of putting more emphasis on growth for years. It is also focusing on launching new features like its crypto card program. The card program is in partnership with Contis that enables people to pay with digital currencies in real-time. NAGA Group share price has collapsed by over 85% from the highest level in February 21st.