The Naga Group AG, the Hamburg, Germany-based maker of social trading app SwipeStox, raised €12.5m in Series A funding.
Chinese fund Fosun made the investment.
The company intends to use the funds to expand the reach of SwipeStox.
Led by a banking and finance leader Yasin Sebastian Qureshi, founder and CEO, The Naga Group provides SwipeStox, a social app which offers both professional and casual users the opportunity to trade foreign currency and securities in a transparent way.
The company currently operates facilities in four countries across Europe (Hamburg, Frankfurt, London, Sarajevo, Nikosia) and holds its own EU Asset Management license to supply its ventures a framework of financial services ranging from brokerage licensing to legal support.
Naga is also backed by Hauck & Aufhäuser, one of Germany’s largest private banks.