There are three important factors when choosing a bank: features, security and convenience. A London-headquartered digital bank fits all three. Expectations of banks are currently at an all time low, and with recent banking failures across the pond and within Europe, many customers are turning away from the traditional system in favour of digitalised financial institutions. Banks come in different sizes and structures, but we believe that Black Banx reaches all audiences. Today, we delve into why the platform could be the bank for you.
Launched in 2015 by German billionaire Michael Gastauer, Black Banx became a fintech phenomenon due to its unique crypto position and borderless approach. Acting as a vessel for the unbanked and underbanked, the company thrives in lower economies yet also manages to cater to the wealthy and regular everyday folk. A platform focusing on all walks of life, Black Banx has put people at the heart of its operations, a move that has seen Gastauer applauded and his company retaining valuable benefits from doing so. As of late 2022, Black Banx had over 20 million customers and a staggering $1.1bn, which will rise to over $1.9bn by the end of this year.
Gastauer is the founder and CEO of Black Banx but where did he begin? The German native founded his first company – a Swiss Asset Management firm – by the age of 24. Still in his twenties a mere three years later, the business acquired over CHF 1bn AUM and was sold for CHF 16 million to a Swiss investment firm. Following this, in a unique move, Gastauer created an online payment system offering global card acceptance and payment processing solutions for the eCommerce industry. The company was sold in 2008 after he led it to consistent growth and profitability, reaching a €480 million valuation. As a result, the Gastauer Family Office was created. GFO is a single family office with €10bn assets under management and a venture arm capital investing in fintech companies. Evidently, Michael Gastauer is a leader well-versed in finance and technology.
His company has one mission: to facilitate the instant flow of money for everyone worldwide. Access to financial services is a crucial aspect of economic growth and Black Banx have recognised this. Gastauer has created a financial service platform that helps to grow global markets by connecting people and businesses around the world via smartphones and online. Customers can gain banking access without restrictions based on nationality, country of origin, residence, religion and amount of funds being held or transferred. Ultimately, Black Banx aspires to build products and experiences at the intersection of its business and consumer ecosystems, unlocking seamless value for both.
Black banx operates through long-established businesses with an international network covering 180 countries and territories in both established and emerging markets. Its international network covers markets accounting for approximately 90% of global GDP, trade and capital flows. Black Banx has always been where the growth is due to their high understanding of customers wants and needs. With a customer-focused approach, Black Banx is international in scope with improved customer experience, greater convenience and more cost efficient execution of international transactions as opposed to traditional banks. Approximately 80% of Black Banx’s operations are in cross-border payments with 20% crypto-related. Operations are particularly strong in Asia Pacific, Latin America and North America. The convenience of being able to bank remotely anywhere in the world via an app is a crucial factor as to why Black Banx should be a top choice for consumers.
But it’s important to remember that Black Banx caters towards businesses too. With an estimated 1.5 million business customers, business customer payment volumes increased by 50% from $74.bn to $111.7bn between June 2021 and June 2022 with an average annual payment volume of $148,900 per active business client.
Individuals and businesses can take advantage of:
- Private and business Group accounts in 28 FIAT and 2 crypto currencies
- International payments in 28 FIAT and 2 crypto currencies using local instant settlement system where possible (e.g. FPS, SEPA instant credit, etc.)
- Inter platform instant payments in 28 FIAT and 2 crypto currencies
- Multi Currency Debit Card + virtual cards
- Real time 24/7 currency exchange services
- Real time 24/7 crypto trading services
- Interest bearing savings accounts in EURO, USD, GBP, JPY
- Batch upload or API to execute large number of payments for business customers
We’ve mentioned convenience and services on offer, but is Black Banx to be trusted with your money? We’d vote yes. Black Banx’s security is based on global diversification. The company has developed strong relationships with banks around the world to ensure customer funds are always safe. Client money is never held at one bank within one country, Black Banx provides the highest level of protection by keeping segregated accounts at the leading banks in various countries. As a result, money is globally diversified and protected by multiple jurisdictions.
If you’re looking for a bank that is convenient, secure and has a wide range of services on offer, then Black Banx is the one for you.
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