Leading digital banking platform, Black Banx is continuing to expand with CEO German billionaire Michael Gastauer setting his sights on the Middle East, Africa and California.
Having experienced for several years the flaws of cross border banking, account opening in foreign countries and international wire transfers, Gastauer decided in mid 2013, to create an online banking solution to revolutionise the traditional banking industry. He hired a team of senior software experts, explained his vision and asked them to build an online platform that could offer as a core functionality, instant account opening for private and business clients worldwide and global real time fund transfers in multiple FIAT and crypto currencies. After successfully testing an early version of the platform, in 2015 Gastauer launched Black Banx, a business that within ten years offers banking services to 39 million customers in 180 countries.
Black Banx provides a simple signup procedure that connects consumers in minutes as long as they can submit a photo ID. Prospective clients are not turned away based on their documentation, income level, or location. Access to the internet is all that is required to maintain a Black Banx account. This unique, stripped-down concept has propelled Gastauer to the forefront of the financial industry.
Black Banx’s Services:
- Accounts in 28 FIAT and 2 cryptocurrencies
- Accepting Private and Business clients from 180 countries
- International and inter-platform instant payments in multiple currencies
- Multi-Currency Debit Card options (including plastic, metal, and virtual)
- Real-time currency exchange and crypto trading services
- Unrestricted payouts to third parties and crypto withdrawals to external wallets
- Interest-bearing savings accounts in multiple major currencies
- Solutions like batch upload or API for bulk payments for business customers
Black Banx began with 200,000 customers. By the following year, offices had opened in the UK and Hong Kong, citing popular demand as the reason for expansion. In 2018, Gastauer’s brainchild had acquired 5 million customers due to its introduction of cryptocurrency offerings and multi-currency accounts. By this time, further offices had also opened in Singapore, Brazil, Russia, India and Canada. The next two years reported exponential growth for the fintech company with expansion to the United Arab Emirates, South Africa and China. Customer numbers reached 10.5 million in 2020. Despite the Covid-19 outbreak, Black Banx’s online-only banking infrastructure prospered while traditional banks faced lockdowns and social contact restrictions. In 2021, Black Banx continued its expansion into Japan, raising its client base to an astonishing 12 million. The company’s perseverance and agility in the face of hardship were fully tested during the new normal, but in line with its objective to facilitate international transactions, new clients continued to rely on Black Banx to satisfy their demands.
With 39 million active users and record-breaking revenue and profit statistics reported at the end of 2023, Gastauer plans to grow further into the MEA area and return to the United States.
Middle East and Africa
In 2023, Black Banx announced a record-breaking year, earning a pre-tax profit of $239 million, and generating sales of $2.3 billion. This exceptional achievement demonstrates the company’s dedication to innovation, diversity, and customer focus. Black Banx’s Middle East and Africa (MEA) strategy includes increasing its product and service offerings, forming strategic alliances, and investing in infrastructure and technology to deliver a seamless and safe banking experience. The company’s goal is to meet the changing requirements of consumers and companies in these regions, with a particular emphasis on financial inclusion and innovative digital banking products.
The Middle East and Africa have significant development potential. stated: “With our commitment to financial inclusion and innovative digital banking solutions, we are well-positioned to serve the evolving needs of individuals and businesses in the region.”
Black Banx intends to extend its present offers and tailor services to the unique requirements of the region’s residents, as well as collaborate with local financial institutions to speed growth.
With the UAE as its regional centre, it hopes to change the Middle East with its groundbreaking digital banking services. Its young, diversified, and technologically educated populace make it an ideal location to expand.
Black Banx’s first office opened in Palo Alto, California, in 2015. Gastauer’s goal was to interact with local fintech professionals and grow the firm in front of a financial community. Connections were successfully formed with JPMorgan Chase, Wells Fargo, and Citibank. These collaborations allowed customers to pay in USD. Following a market change in 2017, its headquarters were moved to San Francisco, while the leadership staff relocated to New York City to better connect with other financial institutions. Following an SEC decision, Black Banx’s US operations were temporarily halted, but Gastauer intends to restart in the near future. Gastauer intends to buy an FDIC-insured federal bank in California. This would enable a countrywide launch of Black Banx services to US people. According to the Los Angeles Times, Gastauer has not specified how far along the US growth process is or who the possible banking candidates are.
With further expansion on the horizon, the digital bank, led by Michael Gastauer continues to break its own records year-on-year, and we expect this year to be no different.
