Black Banx, a digital banking company, appears to be the FinTech with the quickest growth since PayPal’s 1998 start. Black Banx announced its 15 million customers in June 2022, and Business Talk Magazine predicted the company would be valued at US$50 billion when it went public.
The group Black Banx stated today that it had attracted 20 million customers, the quickest onboarding pace it has achieved since its founding in 2014. Michael Gastauer, founder and group CEO of Black Banx, is one of the key figures responsible for the company’s rapid expansion. According to the media, Gastauer is a “one of a kind” FinTech entrepreneur who built a $50 billion dollar corporation in less than ten years.
When questioned about the situation, Gastauer responded, “With 20 million customers, Black Banx has achieved the critical mass where due to network effects and brand recognition in some regions of the world, we are able to onboard almost 1 million new customers per month. About 12% of these clients are commercial clients, which will enable us to further accelerate our growth rate.
Gastauer has developed and successfully sold two additional firms in addition to Black Banx Group, which allowed him to establish his sole Family Office and invest $380 million of his own money in the company’s expansion. When questioned about the situation, Gastauer responded, “With 20 million customers, Black Banx has achieved the critical mass where due to network effects and brand recognition in some regions of the world, we are able to onboard almost 1 million new customers per month. About 12% of these clients are commercial clients, which will enable us to further accelerate our growth rate.
Gastauer has developed and successfully sold two additional firms in addition to Black Banx Group, which allowed him to establish his sole Family Office and invest $380 million of his own money in the company’s expansion.
It is this ability to solve an issue that others fail to recognize and to concentrate on changing an entire sector beyond the present quo that distinguishes visionary entrepreneurs like Michael Gastauer or Elon Musk from other businesspeople.
A widespread issue in the banking sector is being resolved by Black Banx. a dual issue that only gets worse over time. Traditional banks are becoming less and less inclined to open accounts for companies or private citizens from other nations. The practice of sending significant sums of money over international borders is coming under increasing scrutiny, and most banks are making it challenging for their customers to execute wire transfers to “exotic” nations. The usage of the Internet, smartphones, and other forms of continuing globalization have made the world more connected than ever.
Black Banx is tackling and finding a novel solution to the issue of a US$22 trillion market. Based on its proprietary “GlobalKYC” software, the business can instantly recognize consumers in 180 different countries and provide them checking accounts in 28 FIAT and 2 CRYPTO currencies. The procedure of opening an account for a company or a private person takes less than eight minutes and may be done entirely online or on a smartphone.
When Black Banx performed its first live demo on Money 20/20 in Vegas, the technology’s enormous potential became clear to the community of banking and finance experts. Black Banx opens an account for a foreign customer in minutes as opposed to typical banks, which may require days or even weeks. Black Banx leverages server power to operate the fully automated and scalable identification process in real time, unlike typical banks that require significant efforts and manual labor expenditures to identify and do background checks on their non-resident clients.
The product went viral when Black Banx paired its capacity to offer checking accounts to a global clientele in minutes with its offer to transmit limitless wire transfers around the world at a lower price, quicker than traditional banks. Black Banx became the holy grail for customers from many industries who were having trouble opening accounts with regular banks, as it resolved all of their banking problems.
For a business that only began operations in early 2015, the Black Banx stats are really amazing. With locations on four continents and more than 2,100 employees, Black Banx Group served 15 million consumers as of June 2022. Black Banx hired almost 3,000 individuals in just six months for the Group. More than 20 million people are now customers, and the group generated more than $1 billion in revenue this year.
By the end of 2023, the company estimates that at the present growth pace, it may double its revenues to more than $2 billion and raise the total annual cross-border payment volume to over $500 billion.
Gastauer’s ambitions to go public would heavily depend on the opportune moment and how the world markets would evolve over the coming few months. He does not think the Black Banx Group as a whole will be publicly listed in the next one to two years.
Michael Gastauer also stated that he is less concerned with the market value of his business and is instead more interested in the technology and operating strategy of Black Banx. His goal is to reinvent the way that global banking operates so that it functions like a social media network where users can engage and rapidly swap money anywhere, anytime.
