The year 2023 has been a considerably successful one for Toronto-based global digital banking company Black Banx. In just the first nine months of the year, the group of financial institutions earned the patronage of over 11 million new customers, bringing its total client base to more than 33 million customers in total.

The strategic target for 2023 had initially been to reach 30 million clients after 12 months. However, having outperformed this goal as early as September and currently onboarding an average of over 1.8 million new users per month, Black Banx has now adjusted its plans and set the new forecast to 38 million clients by end of this year.

During the same nine months, the group earned a profit before tax of US$ 158 million. This turned out to be the highest figure Black Banx would earn in a nine month span since 2015, and was achieved despite absorbing non-operating costs of US$ 14 million. Excluding those costs,profit before tax would have been US$ 172 million in the first three quarters of 2023, up from US$89 million in the prior year period. Black Banx delivered year-on-year revenue growth of 72% in the third quarter and 47% in the first six months of 2023, substantially outperforming its original target of 55% in compound annual growth from the year prior.

Global Expansion Driven by Financial Inclusion

Presently offering its services to customers in over 180 countries, it is evident how Black Banx’s global approach to digital banking is paying off handsomely from a revenue standpoint. According to Gastauer, having the group be global in-scope right from the start wasn’t initially about taking advantage of the opportunities that different markets presented, but simply making sure those who needed global banking got it.

“Our aim has always been to achieve greater overall financial inclusion. When Black Banx was established, it first sought to increase the simplicity of online banking, dramatically reduce transaction times, and make sure that this level of convenience was available to everyone, but most especially to those who’ve never had access to proper banking services because traditional institutions were simply limited.”

“To make financial transactions easier, more user-friendly and more rewarding for  everyone, it remains vital that we have a presence not only in established markets, but also those that are still developing. According to the Center for Financial Inclusion, there are over 1.7 billion unbanked individuals globally. Black Banx cannot imagine reaching all of these people if, like other fintechs, we limited ourselves to common markets like the U.K. and the U.S.”

Cultural Diversity From the Team to the Customers

Established in 2014 and subsequently launched to the public a year later in 2015, Black Banx being in operations for just under a decade makes its availability in literally hundreds of markets all over the world all the more impressive.

While Black Banx makes borderless banking look easy thanks in large to this and prior years’ revenues and customer growth, the group actually makes substantial efforts in ensuring that the services and solutions they offer are indeed locally tailored and is beneficial to each market they enter. According to Michael Gastauer, the foundation to this is having a culturally diverse team.

“We believe that diversity amongst employees, with their varying perspectives, talents and  contributions, enriches our interactions with clients, our work life, and the communities in which we live and work. Black Banx supports its employees’ talents and strives to be an employer of choice. In all the places that have team members, we make sure we comply with all applicable laws providing equal opportunity and chances for advancement for all individuals.”

From inside with the team to outside to the customers, Black Banx aims to change the world by changing banking, namely, making it accessible for everyone.

“The Black Banx Group aims to use our unique expertise, capabilities,  breadth and perspectives to open up new kinds of opportunities for our customers. We’re  bringing together people, ideas and capital to nurture progress and growth, helping to create a better world – for our customers, our people, our shareholders, our communities  and our environment.”

“To provide a global financial platform, allowing instant access to everyone, where money can flow in real-time.”

This is the visionary mission statement of German billionaire Michael Gastauer for his brainchild, Black Banx which currently makes waves in the current competitive financial market. Black Banx, with its mission rooted in creating a borderless financial ecosystem, champions unrestricted money flow globally.

Black Banx CEO’s mission revolves around empowering people and businesses by making financial services easily accessible. His dedication to fintech innovation is a driving force, with the goal of enabling quick, equitable transactions anywhere in the world.

It can be recalled that in 2013, Gastauer set out on a revolutionary journey to completely transform the financial sector. He saw the inadequacies in conventional banking systems and envisioned an international digital banking solution.

After assembling a group of seasoned computer experts, Gastauer presented his idea for a powerful online platform that would enable businesses and individuals worldwide to create accounts instantly and transfer money in real time between various fiat and cryptocurrency options.

This was the beginning of Black Banx, which was first introduced as WB21. In less than ten years, the business grew to become a network of financial institutions serving an astounding 28 million customers in 180 countries by June 2023.

The goal of the Black Banx platform is to link individuals and businesses through web interfaces and cellphones in a seamless manner, hence promoting worldwide market growth. It aims to provide each user, regardless of nationality, place of residence, or financial situation, with a tailored, global experience.

Gastauer’s steadfast dedication and well-timed investments drove Black Banx’s explosive rise. He provided substantial financial support for his digital banking endeavour in 2014, contributing over US$380 million through his Family Office from that year until 2018.

The platform’s growth was spurred by the inflow of funds, and by the end of 2018, Black Banx had achieved an astounding valuation of US$9.8 billion, solidifying its status as one of Europe’s most valuable fintech companies.

Black Banx, which stands out for its customer-centric strategy, aims to remove obstacles to financial access. It aims to streamline digital banking while drastically cutting transaction times, and it defies limitations imposed by residency, country, or belief system.

Gastauer’s combination of business expertise and visionary leadership cemented his position as a key player in the fintech sector and highlighted his significant impact on Black Banx’s development and achievements.

Because of its inclusiveness, the platform can reach underbanked areas and developed economies where access to the financial system is still restricted by legal constraints.

Black Banx serves a wide range of customers and has a significant global presence in regions including Asia, Latin America, North America, the Middle East, and Europe. The platform’s global network accounts for about 90% of global trade, GDP, and capital flow. 

With an eye on growing its market share in North America, Black Banx positions Gastauer to buy a federal bank in California and increase its footprint there. By employing a progressive strategy, Black Banx set up offices in vital places such as Singapore, Brazil, India, and the United Arab Emirates and actively promoted growth in critical markets including South Africa, China, Japan, and Russia.

Black Banx gives its clients access to worldwide banking networks through a wide range of business and personal accounts, facilitating easy local and international transactions. 

With accounts that support two cryptocurrencies (BTC, and ETH) in addition to 28 fiat currencies, the platform is an inclusive platform for individuals and companies. Black Banx makes smooth international transactions possible by enabling swift payments across a variety of currencies and platforms.

Moreover, consumers are empowered with flexible spending options through its range of multi-currency debit card options, which include plastic, metal, and virtual variations.

Real-time cryptocurrency trading and currency exchange services complement the platform’s dynamic features, and its user-centric design is further enhanced by unlimited payouts to third parties and easy cryptocurrency withdrawals to external wallets.

In addition, Black Banx provides interest-bearing savings accounts in a number of major currencies as well as customised services like batch upload and API integration that are intended to make large payments easier for its premium business clients.

Between the business and consumers, Black Banx ultimately seeks to build harmonic value exchanges that enable frictionless experiences and maximise value for all parties involved.

With its extensive global reach, Black Banx redefines financial accessibility and closes gaps across many economies. It serves established markets and gives the underbanked more influence. Through its strong mission statement, Black Banx and Gastauer continue to democratise financial access globally while also improving communities and individual financial experiences.