Black Banx: mission, operating market and what makes them unique
Black Banx is a digital bank that was founded in 2014 by German billionaire and financial expert Michael Gastauer.Its mission is to provide a financial system without borders, and for the last 9 years, it’s succeeded.
Mission
Gastaur wanted to create a financial platform that served customers and global economies by connecting them with optimal ease via smartphone and online.The aim of Black Banx consists of reducing transaction times, increasing the simplicity of digital banking and dramatically increasing financial inclusion.Ultimately, Gastauer created Black Banx with one mission in mind: to build a product that provided seamless value for both business and consumer ecosystems.
Operating Market
Launched in 2015 to create a fully digital global banking platform, Black Banx is now one of the world’s largest digital banking fintech companies, serving over 20 million customers worldwide.
Black Banx Group, headquartered in London, operates through long-established enterprises with a global network encompassing 180 countries and territories in both established and new markets.Our worldwide network includes markets that account for almost 90% of global GDP, commerce, and money flows.
The company has always been where the growth is, connecting clients to possibilities, and helping businesses grow and economies prosper.
Globalisation is driving demand for cross-border services, as more individuals live and work overseas or remotely, requiring more money transfers.Customers expect worldwide transactions in real time with low fees, which incumbent banks just cannot give.
Black Banx is changing the face of banking and has quickly established itself as a vital force for innovation and answers to changing client banking demands and tastes.Approximately 80% of Black Banx’s operations are in cross-border payments, with the remaining 20% devoted to cryptocurrency and currency trading.
Black Banx’s operations have been global in scope from its debut in 2015, with more than 20 million clients (as of June 2022) from 180 countries, with particular strength in Asia Pacific, Latin America, and North America.
A look at the data
12/2022: 20 million users, $1.1 billion in revenue, 3,020 workers
06/2022: 15 million consumers, $420 million in revenue, 2,100 staff
2021: Launched in Japan, boosting consumer base to 12 million customers
2020: Office is now available in China, bringing the total number of clients to 10.5 million.
Expansion into the UAE and South Africa in 2019, bringing the total subscriber base to 8 million.
5 million clients were offered residential and commercial accounts in 28 FIAT currencies in 2018.
Launched a full-fledged crypto currency trading platform that accepts BTC and ETH as crypto currencies.In Canada, a new office has opened.
2017: Expansion included offices in Singapore, Brazil, India, and Russia, bringing the total number of customers to 3 million.
Expansion in 2016 includes offices in the United States, the United Kingdom, and Hong Kong, selling products in 18 currencies, accepting crypto currency as a deposit option, and boosting user base to 1 million customers.
With 200,000 subscribers, founder Michael Gastauer and his colleagues launched Black Banx in 2015, offering private and commercial accounts in 180 countries.
As of June 2023, Black Banx is estimated to have over 22 million customers, 1.7 million business customers and continues to provide services in 180 countries.
APAC (Asia Pacific, 33%), LACAR (Latin America and Caribbean, 28%), NA (North America, 21%), MEA (Middle East Africa, 12%), and EEA (Europe, Iceland, Norway 6%) are the primary regions in which Black Banx operates and generates revenue.
Black Banx has continued to make headway in executing global payments and wealth strategy for its private clients, particularly in Asia Pacific.Between June 2021 and June 2022, the neobank increased net private client funds held on account by 110%, from $4.2 billion to $8.8 billion, with $1.75 billion coming from Asia Pacific, where they increased by 112%.This resulted in a 110% increase in private customer balances to $8.8 billion, reaffirming clients’ increased commitment and trust.
Black Banx has expanded its wealth product offerings in the region, including the launch of new asset management products.Within the same twelve-month period, the total payment volume of active private clients climbed by 37%, from $97.2 billion to $133.5 billion.
Business customer payment volumes increased by 50% from $74.5bn to $111.7bn between June 2021 and June 2022, with an average annual payment volume of $148,900 per active business client.
The recovery in global trade volumes was also reflected in higher fee income and Black Banx saw substantial revenue growth in the first six months of 2022 compared with 2021.
Conclusion
Black Banx is a digital bank led successfully by Michael Gastauer.Its determination to provide borderless banking and putting customers first has enabled them to stay at the top of the fintech industry..
