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From Liberia to California: Black Banx’s Unstoppable Expansion

kokou adzo



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In the last handful of years, business and banking has become increasingly global. As more people have become accustomed to working remotely, buying products online, and essentially being able to do almost anything from their smartphone, their banking needs have evolved not only from making physical payments to doing it digitally, but also from local to international.

Unfortunately, despite the relatively wide availability of digital banking solutions from both traditional banks and emerging fintech companies, not many are as global with their approach to transactions. Many sites quote that an international wire transfer often takes 1-5 business days to complete and, according to the World Bank, transaction costs for international money transfers average 6%. This means sending US$1000 would cost $60.

These, along with simple accessibility to banking services, have been the pain points Toronto-based Black Banx has been working to address. In less than a decade, it has made its presence felt in 180 countries, offering instant account opening for private and business clients worldwide and global real time fund transfers in multiple FIAT and crypto currencies.

And, so far, so good. The fintech company conceptualized in 2013 and established in 2014 by German billionaire Michael Gastauer has been on a steady roll since, making strides in its goal to unlock a borderless financial system for everyone where money can flow freely

Global in scope right from the start

In 2015, Black Banx took its first step into the financial world, officially launching its services to the public. In just its inaugural year, it amassed an impressive customer base of over 200,000 individuals. This rapid growth was a testament to the company’s commitment to providing financial solutions that resonate with people from all walks of life.

Fast forward to 2016, and Black Banx had set its sights on international expansion. Offices sprouted up in the USA, UK, and Hong Kong, marking the beginning of its global footprint. It was also during this pivotal year that the company ventured into the world of cryptocurrency, offering it as a deposit method. The result? An exponential increase in its customer base, which soared to an astonishing 1 million.

Growth Through Innovation

The year 2017 was a time of unprecedented growth for Black Banx. The customer count tripled, reaching a staggering 3 million, and the company expanded its global presence with offices in Singapore, Brazil, India, and Russia. This widespread reach marked a significant turning point, positioning Black Banx as a major player in the global financial landscape.

In 2018, Black Banx made another groundbreaking move by launching a fully-fledged cryptocurrency trading platform, with Bitcoin (BTC) and Ethereum (ETH) as the flagship cryptocurrencies. Simultaneously, it opened offices in Canada, further solidifying its international presence. The company’s commitment to embracing emerging technologies like blockchain and AI was beginning to set it apart as a fintech pioneer.

The year 2019 saw Black Banx continue its expansion, with offices sprouting up in the United Arab Emirates (UAE) and South Africa. Its customer base swelled to a remarkable 8 million, a testament to the growing demand for its innovative financial services and how the company continues to meet the specific needs of various markets.

Entering Two Major Economies Despite a Global Crisis

The year 2020 brought unprecedented challenges to the global economy with the onset of the COVID-19 pandemic. While many companies struggled, Black Banx emerged as a success story, thanks in large to its commitment to easing banking for everyone.

As more people began leaning on digital banking for their transactions, the company kept in pace, meeting the needs of over 10.5 million customers. As a result, Black Banx, not only did it weather the economic downturn, but it also managed to officially launch in China, a major milestone.

In 2021, Black Banx continued its march forward, expanding into Japan and further increasing its customer count to an impressive 12 million. The company’s resilience and adaptability in the face of adversity were truly tested during the new normal, but keeping with its desire to ease international transactions, new customers continued to Black Banx to meet their needs.

By the close of 2022, Black Banx had achieved incredible financial milestones, raking in a remarkable $1.1 billion in revenue and boasting a total customer base of over 22 million. The company’s ability to thrive in challenging times demonstrated its unwavering commitment to its mission.

2023: On Pace for the Biggest Year Yet

As we step into 2023, Black Banx shows no signs of slowing down. In just the first half of the year, it has already welcomed over 6 million new customers, pushing its total customer count beyond 28 million. Notably, its revenue has surged by an astounding 47%, reaching $997 million, compared to $680 million just six months prior.

One of the key drivers of Black Banx’s rapid expansion is its 33% increased onboarding rate compared to the end of 2022. This demonstrates the company’s ability to break new ground in territories it has yet to conquer.

“Especially with the recent launch of our West African branch in Liberia, we are seeing increased business growth in that region,” commented Jabari Walker, Regional Chief Executive Officer MEA. This strategic move into Liberia reflects Black Banx’s commitment to making financial services accessible in underserved areas.

Empowering Small and Medium Enterprises (SMEs)

Black Banx’s growth isn’t just about numbers; it’s also about impact. The number of SME clients has surged by 16% overall, with a remarkable 28% increase in the Middle East and Africa regions. This uptick in business clients underscores the immense value Black Banx’s offerings provide to entrepreneurs. By simplifying banking processes, Black Banx allows business owners to focus on what matters most: their business.

Revolutionizing Cross-Border Payments

One of Black Banx’s most significant achievements is its transformation of cross-border payments. Through its platform, Black Banx connects with local real-time settlement systems in various countries, facilitating quick and cost-effective international money transfers. This groundbreaking approach has set a new industry standard, making international transactions as simple and seamless as local ones.

Promotion of Financial Inclusion

Black Banx’s commitment to financial inclusion drives its efforts to expand to as many countries as possible. The company aims to provide essential financial tools to the unbanked through fintech solutions, bridging the gap between them and traditional banking. This, in turn, leads to increased economic prospects, especially in areas with limited banking access.

Commitment to Innovation

Black Banx continues to push the envelope in financial technology. The company actively explores emerging technologies such as blockchain, AI, and machine learning, reshaping the financial sector in the process. This forward-thinking approach positions Black Banx as a true pioneer in fintech, ready to embrace the challenges and opportunities of the digital age, and ensuring it keeps pace with the increasingly digital-savvy customers of the present and future.

Black Banx’s journey from its inception in 2014 to its current status as a global financial powerhouse is nothing short of remarkable. Its relentless commitment to innovation, financial inclusion, and simplifying cross-border transactions has propelled it to unprecedented heights. As its ongoing expansion sees the company establish a presence into unconventional markets (from a digital market standpoint) like Liberia, Egypt, and beyond, it’s clear that Black Banx is not just entering places to earn revenue; it is forging a new era in finance, where borders are no longer barriers, and financial empowerment is within reach for everyone.

Kokou Adzo is the editor and author of He is passionate about business and tech, and brings you the latest Startup news and information. He graduated from university of Siena (Italy) and Rennes (France) in Communications and Political Science with a Master's Degree. He manages the editorial operations at

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