In the ever-evolving world of fintech, one name stands out as a trailblazer: Black Banx. Operating in over 180 countries, Black Banx offers private and business accounts in 28 FIAT currencies and two cryptocurrencies.
Established in 2014 by visionary German billionaire Michael Gastauer, Black Banx embarked on a mission to unlock a borderless financial system accessible to everyone. What followed was nothing short of a fintech revolution marked by rapid expansion, innovative solutions, and an unwavering commitment to financial inclusion. Let’s dive into the remarkable journey of Black Banx, a global fintech powerhouse expanding at an unprecedented pace.
Having experienced the flaws of cross-border banking, account opening in foreign countries, and international wire transfers, Michael Gastauer decided in mid-2013 to create an online banking solution to revolutionize the traditional banking industry.
He hired a team of senior software experts, explained his vision, and asked them to build an online platform that could offer, as core functionality, instant account opening for private and business clients worldwide and global real-time fund transfers in multiple FIAT and cryptocurrencies.
In 2014, Gastauer founded digital bank, Black Banx. A year later, Black Banx officially launched, and within a year, it had a customer base of over 200,000.
In 2016, Black Banx offices were established in the USA, UK, and Hong Kong. This was also the year the company introduced cryptocurrency as a deposit method, attracting a staggering 1 million customers.
By 2017, the digital bank had tripled its customer base to 3 million and expanded its reach to countries like Singapore, Brazil, India, and Russia.
In 2018, Black Banx launched a full-fledged cryptocurrency trading platform featuring Bitcoin (BTC) and Ethereum (ETH) among its offerings. Additionally, it expanded its footprint to Canada and ultimately achieved a valuation of US$9.8 billion.
In 2019, Black Banx continued to write its success story by expanding its global reach. The company opened offices in the United Arab Emirates and South Africa, solidifying its presence on the African continent and in the Middle East. This strategic move was accompanied by a surge in its customer base, with the Group serving over 8 million customers at that point.
Many businesses faced unprecedented challenges as the world grappled with the economic repercussions of the Covid-19 pandemic in 2020. However, Black Banx proved to be a success story.
Black Banx’s user base grew to over 10.5 million, a testament to its ability to thrive even in the most challenging economic conditions.
Setting new milestones annually, Black Banx had eventually earned the trust of a staggering 22 million customers by the end of last year . This time also saw the company break the billion barrier, generating over US$1.1 billion in revenue.
The latest Black Banx growth report proves the digital bank has no intentions of slowing down. In the first three quarters of 2023, the Group earned over 11 million new customers and now serves 33 million people. It is onboarding more than 1.8 million unique users every month. According to Gastauer, this shows that Black Banx is on course to meet its financial projections and likely surpass them.
“In the first nine months of 2023, we have demonstrated good growth momentum across a diversified business portfolio, underlying earnings power, and balance sheet resilience. This puts us on a good track towards our 2023 financial targets. We are determined to continue on this path while accelerating the execution of our global customer acquisition strategy,” commented Gastauer.
He added: “Since 2020, Black Banx has consistently grown its revenues and profits. Despite a large portion of our revenue being reinvested to fund our growth, we have still been able to generate profits and grow our profit margin over the last few years.”
The Group’s commitment to wealth management has also paid off. In the first nine months of 2023, it attracted a staggering US$9.8 billion in net inflows. This boosted the net private client funds held on account to an impressive US$21.8 billion.
Group Chief Financial Officer Alexander Johnson shares, “These results demonstrate the benefits of Black Banx’s successful growth strategy. We have built a focus on increasing our profit margin, increasing profitability by accepting moderate growth. We have proven our resilience, and we are delivering strong organic capital generation. This enables us to invest in further business growth and deliver positive returns to our shareholders.”