NAGA Group Secures $8M at a 57% Premium, Anchored by CEO’s Share Pledge

NAGA Group has secured $8 million in new financing at a 57% premium, with the raise anchored by a share pledge from the company's chief executive. The funding was the lead item in a daily roundup of forex and CFD brokerage news, which also covered a major acquisition and a tax matter involving Wise.

The headline terms are the notable part of the NAGA transaction: the company raised capital at a valuation 57% above its reference level, rather than the discount that listed brokers often accept when tapping investors, and the chief executive put up personal shares as backing for the deal. The source material did not name the participating investors, spell out the instrument used, or give a completion date for the financing.

Wider broker consolidation

The same news cycle brought two separate transactions involving FXCM's business. AvaTrade agreed to acquire most of FXCM, while Trade Nation agreed to buy FXCM's UK client book. Taken together, the two deals point to a carve-up of the retail FX brand's operations across different markets and client segments.

In the UK, Wise is seeking a tax settlement, according to the recap.

Other items in the roundup spanned product, personnel and regulatory developments across the sector. XTB expanded its overnight US stock trading offering, Fortrade reported higher revenue, and Trading 212 posted a 70% rise in revenue. Nasdaq Ventures invested in One Trading, while Vest Labs raised $13 million.

On the corporate side, the founder of CMC downplayed the impact of weaker volatility on the business, Devexperts named a new chief executive, and Saxo Bank cut its client onboarding time. Crypto exchange OKX reached a $25 billion valuation, and the CFTC moved to allow perpetual index futures. NAGA's premium-priced raise stands out within that mix as one of the few capital markets events of the day.