Exclusive FNG… FNG has learned that NAGA Group founder, former CEO and most recently Chief Information Officer (CIO) Ben Bilski is leaving the company.
Ben Bilski created the social trading-focused NAGA Group (ETR:N4G) and the main websites naga.com and nagamarkets.com from an initial idea called SwipeStox, intended to be an app that connects people to “swipe ” and copy each other’s trades – a kind of Tinder for funding. He effectively ran the company from its inception in 2015 until last summer, when he was replaced as CEO by Michael Mylonas as NAGA shares tumbled amid concerns about falling revenue, heavy losses, excessive spending and crippling debt.
NAGA Group struck a deal to be acquired by rival broker Capex.com late last year (still pending regulatory approval), with Capex.com shareholders led by Octavian Patrascu agreeing to put more cash into the company. At the time of the Capex.com-NAGA acquisition announcement we explained that Octavian Patrascu was to become the new CEO of the combined entity, while many of NAGA’s existing executives were likely to leave – which now appears to be starting with Mr. Bilski’s departure.
Ben Bilski – who now lists his status on LinkedIn as “Founder – Stealth Mode” and is based out of Dubai – posted the following note today on social media about his departure from the company he started:
Goodbye NAGA 👋
Almost 10 years – What a ride! 🚀
We are writing November 25, 2014. I am suffering from a fever of 40 degrees. Student dormitory Amsterdam. My bed: An inflatable address. My monthly budget: $1,000…
But I had an idea…
“SwipeStox is Tinder for the Stock Market”. Instead of scanning for love, you’ll be scanning for money.”
A super app that connects people to swipe and copy their transactions. Little did I know what a crazy story would be waiting for me…
This white paper and simple powerpoint mockups set the stage for a nearly 10-year journey to later becoming a Publicly Listed Company in Germany. It employed nearly 350 people at its peak and raised close to $100 million in investment, with a valuation peaking at $500 million.
To describe NAGA, and all that I experienced would certainly warrant writing a book rather than a post here or anywhere else. 🙃
I have learned so much. I’ve done amazing things, I’ve done wrong things. I have suffered, I have enjoyed. I have cried and laughed. My mind was constantly racing only around NAGA. The unicorn emoji has always been in my top 5 keyboard. 🦄
Sometimes it felt like I was in a movie, flying from meetings with investment banks and billionaires to conferences speaking in front of thousands of people while managing expansion, teams and pushing for more every day. I have experienced the highs and the lows twice in 5 years.
Every screening, every presentation, every rejection and every investment – I will never forget any of them as they have taught me more than any book, mentor or school ever could.
Our industry is often considered tough. The pinnacle of capitalism. However, it is filled with loads of complexity, intelligence and pragmatism fueled by incredibly smart people.
NAGA went through a transformation and found a new league of amazingly talented entrepreneurs and executives. The new team will take the company to new heights and I am
100% sure. The product and technology we created under my product leadership are unique, powerful and the foundation for the future. I will forever be proud of the nights we spent brainstorming, developing and releasing. It was addicting.Although as a core founder, I never owned more than 10% of NAGA, I treated it as if it were all mine and always showed 100% full commitment to my work. Sometimes I put a bit too much weight on my shoulders 😅. I can’t hide the fact that such limited ownership makes you rethink future prospects, but that’s the job!
Again, I want to say thank you to everyone I met on this trip, every person I worked with. All with whom I have had success and failure. Every disagreement, every good talk. Every up and every down.
I will always support NAGA even after I leave.
Now, I’ll move on and keep creating, building and pushing 🚀🦄🔥
If you want to work with me or invest in my new projects, just reach out with a DM 💪
Ben