Why I Gave Up My CEO Role to Become CIO: NAGA's Founder Ben Bilski

<p>Ben Bilski, the Founder of NAGA who recently <a href="https://www.financemagnates.com/forex/naga-successfully-secures-82m-funding-and-promotes-new-ceo/" target="_blank" rel="follow">gave up his role</a> as the Chief Executive Officer to become the company's Chief Information Officer, said he wants to help the German fintech company to
“innovate further and shape it from a product and platform perspective
alongside its growth path.” Bilski stated this today (Monday) through a LinkedIn
post announcing his new role.</p><p>Bilski on NAGA’s ‘Platform Vision’</p><p>Bilski founded NAGA in
2015. The company operates as a regulated neo-broker, neo-banking app and
cryptocurrency platform offering users access to trading opportunities in
stocks, FX and cryptocurrencies. NAGA is also a popular social trading platform.</p><p>In the LinkedIn post, Bilski described the process of creating NAGA, taking the company
public and building out its platforms as a ‘lifetime learning
experience’.</p><p>“Hence, I am going back to my roots and providing my skills to extend our
platform vision,” Bilski wrote. “The vision has been and remains to build an all-in-one platform that serves the needs of the customers of tomorrow.”</p><p>He added:
“User
behaviour and demands are rapidly changing. The new generation is becoming more
solvent and gains purchasing and spending power year over year. Everything goes
digital and ultimately platforms that are by their DNA inclusive and offer all
in one go will win the race.”</p><p>Last month, NAGA’s
regulatory filing showed that Bilski has <a href="https://www.financemagnates.com/forex/naga-successfully-secures-82m-funding-and-promotes-new-ceo/" target="_blank" rel="follow">decided
to step down</a> from his role as the CEO. Additionally, the company disclosed that it has appointed Michael Milonas, its Co-Executive Director, to
take over the company’s leadership as Group CEO. In addition, NAGA hired Sam Chaney as its new Chief Commercial Officer. </p><p>NAGA Plans for Next
Phase</p><p>During the first
quarter of the year, NAGA’s revenue <a href="https://www.financemagnates.com/forex/nagas-revenue-drops-36-in-q1-2023-despite-growth-in-active-users/" target="_blank" rel="follow">declined 36%</a> year-over-year to EUR 11.6 million despite reporting <a href="https://www.financemagnates.com/forex/germanys-naga-group-reports-profit-for-first-few-weeks-of-2023/" target="_blank" rel="follow">a profitable start</a> to the year. However, the company last month <a href="https://www.financemagnates.com/forex/naga-successfully-secures-82m-funding-and-promotes-new-ceo/" target="_blank" rel="follow">secured $8.2 million</a> in convertible bonds from a funding round. </p><p>In <a href="https://group.naga.com/newsroom/letter-from-our-group-ceo?trk=public_post_embed_feed-article-content" target="_blank" rel="follow">a letter</a> to the
company’s stakeholders published on Monday, Milonas said that the company has increased its market share despite “aggressive competition as well as
a tightening regulatory framework.”</p><p>“We are not as bold as
saying that everything that happened in the past 3 years has been perfect but
at least our decisions have been ours and we have owned them,” the new Group CEO wrote in the letter. </p><p>He stated: “We feel that we
understand the users of the future and all that drives them. There are more
people and there is more wealth on this planet right now than ever before and
they all want the same thing: a community, social, mobile, tech, access to
financial opportunity, payments at their fingertips, share with each other and
learn from each other. NAGA brings this future here, today.”</p><p>On top of that, Milonas noted that NAGA in 2023 and beyond “will continue to focus on strategic investments to
meet the expanding market opportunity.”</p><p>“Our goal is to move quickly to solidify and
extend our current position whilst we pursue serious acquisition opportunities
and welcome them to our family, to our unique ecosystem and technology,”
Milonas explained.</p><p>CNMV's new warning; recurring payments by Praxis; <a href="https://www.financemagnates.com/forex/news-nuggets-10-july-cnmvs-new-warning-recurring-payments-by-praxis/" target="_blank" rel="follow">read today's news nuggets</a>.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.