Private bank Hauck & Aufhäuser acquires a share in the makers of the SwipeStox app.
FRANKFURT,Germany & HAMBURG, Germany–(BUSINESS WIRE)–February 10, 2016–
The Naga Group AG, Hamburg, makers of social trading app SwipeStox, and one of Germany’s largest private banks Hauck & Aufhäuser, Frankfurt, have closed a participation agreement. Social trading app SwipeStox will offer its users the trading of foreign currency and securities in a unique and transparent manner. Its highly versatile and easily accessible network technology differentiates SwipeStox from existing social trading apps. It joins both, the professional, as well as the casual trader.
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Yasin Sebastian Qureshi, founder & CEO, The Naga Group AG, Hamburg/London (Photo: Business Wire)
Michael O. Bentlage, managing partner at Hauck & Aufhäuser: “With regards to services in innovative financial technology the Naga Group displays an extraordinarily positive development. We see a convincing potential for growth and are delighted to accompany the Naga Group on its path toward a leading role in the segment of fintech.”
“To us, the participation of Hauck & Aufhäuser confirms that we are doing the right thing,” Yasin Sebastian Qureshi, founder and CEO of The Naga Group AG. He continues: “We will translate these additional degrees of freedom in speed and marketability. Fintech, as we understand it, will disrupt a historically rigid market.”
THE NAGA GROUP AG:
Yasin Sebastian Qureshi is a banking and finance professional, as well as business leader since many years. He is the youngest person in Europe ever to have obtained a banking license, and subsequently founded and ran his own investment bank successfully going public in 2007. Qureshi formulated the idea of an initiative and incubator for disruptive financial technology in 2013. Growing quickly into a delivering entity, his investment since brought together a global team of experts building innovative and mobile apps. Hence, on the 1st of August, 2015, THE NAGA GROUP AG was incorporated. It’s mission: to develop, market and grow disruptive applications in financial technology, all of which aim to bring change and opening to an out-dated financial system. THE NAGA GROUP AG currently operates facilities in four countries across Europe (Hamburg, Frankfurt, London, Sarajevo, Nikosia). From product development to design and marketing all of its ventures are aimed at international communities. THE NAGA GROUP AG holds its own EU Asset Management license enabling it to supply its ventures a framework of financial services ranging from brokerage licensing to legal support. The word “Naga” means “Cobra Snake” in Sanskrit and it is the name for the hottest chilli in the world.
The Naga Group AG
Head of Communication
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