Hamburg-based NAGA Group has secured a loan from an undisclosed institutional investor, with the aim of partially repaying its convertible bondholders within a 12-month period. Last April, the company raised $8.2 million through convertible bonds, carrying an 11 percent coupon. The terms of the agreement have now been renegotiated.
This announcement was made on Tuesday, preceding the maturity date of the convertible bonds on October 30. Under the revised terms, the company will make a partial repayment of $6 million by the end of this month, with the remaining $2.7 million, plus interest, to be settled on January 30, 2024.
NAGA, known for its copy trading services, has significantly diversified its operations beyond this domain. It functions as a licensed brokerage under regulatory authorities in Cyprus, Seychelles, and its native Germany. Additionally, the company acquired a crypto license in Estonia last year and operates a cryptocurrency exchange.
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It was also disclosed that NAGA’s white-label product offering is now fully operational. An online brokerage based in Kuwait has enlisted this service, which is yet to be officially launched. This partnership underscores the company’s aspirations to establish a presence in the Middle Eastern market with the new Software as a Service (SaaS) product. This is expected to generate platform fees, as well as income based on transactions and volume.
Moreover, NAGA has introduced a ‘communities’ feature tailored for super-influencers, trading educators, and partners. This feature allows them to promote their services on the NAGA platform.