Black Banx is an innovative financial institution that has developed a unique approach to addressing modern banking challenges, particularly in the context of financial inclusion and access to services. The company’s initiatives aim to break the poverty cycle and enable upward social movement by providing accessible financial services to everyone.
Here are some key aspects of Black Banx’s approach:
Black Banx has established itself in several international markets, including the U.S., the U.K., Hong Kong, Brazil, India, Russia, and China. By setting up both physical branches and online platforms in these areas, the company has brought reliable, affordable financial services to those previously cut off from traditional banking systems.
Breaking down the revenue distribution, 35% is generated in the Asia Pacific, 32% in Latin America and the Caribbean, and 16% in North America, reflecting the company’s strategic alignment with global financial trends. Additionally, the Middle East Africa region contributes 15%, and Europe, Iceland, Norway collectively account for 2% of the revenue. This geographical diversification showcases Black Banx’s commitment to meeting the evolving financial needs of a global clientele.
80% of the company’s operations are devoted to cross-border payments, underscoring the escalating demand for global transactions. The remaining 20% is focused on cryptocurrency and trading, illustrating the company’s adaptability in addressing diverse financial needs.
Gastauer’s vision for Black Banx was crystal clear: he aimed to democratize finance, making it accessible to everyone, irrespective of their location or financial standing. He envisioned a world where traditional banking constraints were eliminated, and technology rendered banking services straightforward, efficient, and accessible to all.
The company’s commitment to financial inclusion is evident in its efforts to reachable financial services. Black Banx is forging a path to a future where financial inclusion is a tangible reality for people. This approach helps to address global financial exclusion and empowers individuals and businesses to access financial services.
Black Banx dedication to financial inclusion shines through in its services, reaching 33 million retail customers across 180 countries. Black Banx offers private and business accounts in 28 FIAT currencies and two cryptocurrencies, providing a diverse array of options. The platform’s versatility is underscored by features such as real-time cryptocurrency trading, seamless withdrawals, and interest-bearing savings accounts in major currencies.
Black Banx’s services encompass:
- International payments and inter-platform instant payments
- Multi-currency Mastercard Debit Card
- Real-time 24/7 currency exchange and cryptocurrency trading services
- Interest-bearing savings accounts in EURO, USD, GBP, JPY
- Batch upload/API for executing a large number of payments, catering to the needs of business customers.
Black Banx’s economic influence has expanded rapidly, with its adept payment handling contributing significantly to a notable profit of USD 158 million in the current fiscal year—the highest in the first nine months since 2015.
By seamlessly connecting individuals and businesses across the globe through various platforms, Black Banx has witnessed an impressive USD 9.8 billion in net inflows, with private client funds reaching an unprecedented USD 21.8 billion.
Starting from a modest customer base of 200,000 in 2015, Black Banx has experienced exponential growth in the fintech sector, attracting attention for its innovative approach to digital banking and building a substantial global customer base. The company’s success is rooted in offering tailored solutions that align with the evolving global banking landscape. Under the leadership of Michael Gastauer, the team consistently explores new ideas, ensuring that Black Banx remains at the forefront of addressing changing banking needs.
At the core of Black Banx’s success is its sophisticated technological infrastructure, leveraging artificial intelligence, blockchain, and emerging technologies. This commitment ensures not only efficiency and security in financial transactions but also positions Black Banx as a trusted fortress in an era fraught with cybersecurity threats. The company caters to a diverse global customer base, consistently onboarding an average of 1.8 million users monthly.
As Black Banx continues its upward trajectory, Michael Gastauer remains steadfast in his commitment to pushing the boundaries of the financial world. Through collaborations with banks and consortia in diverse regions, the company is actively working towards establishing digital banking entities with a focus on efficient scaling and cost reduction.
The global financial strategy of Black Banx underscores its commitment to revenue diversification from various regions. With an ambitious target of reaching 38 million customers, overseeing more than $16 billion in private client funds, and achieving an annual revenue of $1.9 billion by the end of 2023, Black Banx’s influence is poised to resonate across industries, catalyzing a new era of innovation and inclusivity.
“In the first nine months of 2023 we have demonstrated good growth momentum across a diversified business portfolio, underlying earnings power and balance sheet resilience. This puts us on a good track towards our 2023 financial targets. We are determined to continue on this path while accelerating the execution of our global customer acquisition strategy.” said Michael Gastauer, Group Chief Executive Officer.
Gastauer’s leadership has played a pivotal role in steering Black Banx toward success by fostering a positive and innovative work environment that attracts top talent. The company’s “Work from Anywhere” initiative, designed to reduce global office space, exemplifies its dedication to inclusivity, enabling employees to work from any country.
With a commitment to expanding its global workforce to 8,000 employees by the end of 2025, Black Banx is actively striving for diversity, aiming for a well-balanced mix of genders and races. The company sets a goal of achieving a minimum of 40% female representation, with a growing proportion in leadership roles.
Black Banx places diversity, inclusion, equal opportunity, and non-discrimination at the forefront of its priorities, fostering trust and effective partnerships. Enshrined in its Culture and Code of Conduct, these values underscore a commitment to social equality and unwavering support for racial and gender equality.
Michael Gastauer’s leadership continues to be the driving force behind Black Banx’s success, reflecting his vision, entrepreneurial spirit, and dedication to innovation in finance and technology. As the company makes strides, Gastauer’s steadfast passion for innovation propels Black Banx toward even greater heights, shaping the future of banking and financial inclusion on a global scale.