Few have created a business as successful as Black Banx: A fintech company dedicated to making banking easier for everyone no matter where they reside. Dedication, a solid business plan, and funding are some of the most important aspects when it comes to producing a successful company, but is there anything else that’s needed? Today we speak with Black Banx founder and CEO, Michael Gastauer to discuss who he is today and his plans for the future.
Gastauer is a German native with extensive ties to Switzerland after being raised there and breaking into the finance world by working at Deutsche Bank before founding his first company by the age of 24. Gastauer developed one of the first online payment systems for e-commerce sites in Europe in the early 2000s after selling his initial company. After it was valued at $480 million in 2008, he sold this company. Michael Gastauer is a multi-billionaire who ranks among the richest people in Europe and has an unmatched grasp of business, money, and consumer demands.
Digital banking platform Black Banx has over 20 million customers, operations in 180 countries, and a $1.1 billion revenue forecast for 2022. Borderless banking for everyone is the goal of this fintech revolution. Gastauer noticed the ensuing shift in consumer needs and behavior when traditional banking gave way to digital banking. It’s this that sets the CEO apart from other entrepreneurs.
Gastauer is aware of how important financial access is to modern society. As a result, Black Banx is a dynamic force for innovation in the fintech sector and is dedicated to making it simple for people to instantly transfer money around the world at a reasonable price. Customers can join up for Black Banx online or through its smartphone app, and all that is required to complete the procedure is a form of photo identity. When asked about accessibility in banking, Gastauer responded, “I’ve seen a lot of people and businesses get turned away from opening a bank account because they lack the necessary finances or require a lot of paperwork to do so. This is the reason I wanted to differentiate Black Banx. We provide chances for cryptocurrency users as well as regular consumers, companies, and institutions, and we do not discriminate against anyone based on their location or the amount of money they own.
How does it feel to be a fintech industry pioneer?
One of my biggest accomplishments is knowing that Black Banx has accomplished as much as it has in less than ten years, and it feels fantastic to know that. I’m always proud of being able to credit my former experiences for my achievement and being able to accomplish what I love every day. Being Michael Gastauer has had its share of difficulties, but my accomplishment demonstrates that standing your ground can lead to success. In my opinion, Black Banx services have a fantastic, distinctive perspective on digital banking, particularly when it comes to our Bitcoin offering.
What exactly is Black Banx’s crypto position, as reported by many media outlets?
Customers of Black Banx are given complete ownership over their cryptocurrency assets, something that most banks would not do. Customers can now pay third parties directly from the Black Banx platform using their Bitcoin balance thanks to a connection we made between the platform and features of a cryptocurrency exchange. Customers are free to migrate their assets into cold wallets if they so like; we don’t require them to maintain their cryptocurrency with us since I think customers should have complete liberty rather than an organisation.
Although the number of customers using digital banking is growing, many still use traditional banks because they don’t comprehend it and are concerned about the security of their money. What would you say to them?
It makes sense to be concerned about keeping your money safe. People entrust a bank with their entire way of life because it’s far simpler to trust an organisation you can physically see. Black Banx has a multi-level strategy for safeguarding customer cash and offers consumers the choice to employ multi-factor authentication while utilising our mobile app. Global diversification is the foundation of our security objective. To guarantee that customer funds are always secure and available, we have built solid ties with banks all around the world. To prevent customer funds from being stored in a single institution in a single nation, we employ different accounts at top international banks. It maintains funds under various jurisdictions’ protection by using more than one country. Customers need to be able to trust Black Banx as a result, despite the fact that we solely offer digital services.
How does Black Banx’s future seem to be shaping up?
I anticipate that Black Banx will have 1.5 million commercial customers and 25 million consumer customers by the end of the year. Additionally, I’d like to boost the 3,000 individuals who now make up our staff. To close the gender gap that so frequently exists in companies with a male predominance, my focus is on boosting the number of women in senior management. In terms of long-term objectives, I’d really like Black Banx to achieve net zero emissions by 2030. Sustainability is crucial, which is why I think the business can lead the battle against climate change if we keep our work-from-home policy in place.
Overall, Black Banx and its billionaire CEO, Michael Gastauer’s future remains promising.