Search the words “Michael Gastauer”, and the results would allude to the German billionaire’s success with Black Banx, a global financial institution headquartered in London.
Gastauer has emerged as a prominent figure in the charge of revolutionizing the industry where, as Black Banx founder and CEO, he has become known for his entrepreneurial spirit, innovative thinking, and unwavering commitment to the expansion of truly borderless banking.
However, being more or less synonymous with Black Banx, only a modest amount is known about Gastauer outside the company he had founded in 2015 and grown to serve over 20 million retail customers and 1.5 million customers and counting.
Michael Gastauer was born in Germany and raised in Switzerland.
As soon as he had an understanding of basic financial principles, he developed a fascination with how reliant consumers and governments continue to be on stable financial systems which eventually fueled his overall passion for entrepreneurship and finance from an early age.
After completing his secondary education, Gastauer studied Business Administration, an academic journey which provided him with a foundation in finance, economics, and management and ultimately setting the stage for his future endeavors.
Rapidly rising in the finance ranks
Gastauer’s professional entry into the fintech industry was by working for a Munich-based venture capital fund.
His time as an associate didn’t last long however as, by age 24, he established his own Swiss Asset Management firm. The company grew exponentially where in less than three years it had acquired over CHF 1 Billion AUM. Eventually, it was sold for CHF 16 million to a Swiss Investment firm.
Following the successful exit, Gastauer founded one of the first Europe-based online payment systems to offer global card acceptance and payment processing solutions for the eCommerce industry. Enjoying consistent growth and profitability, the company reached a €480M valuation before also successfully being sold in 2008.
This diversity of his early ventures in finance laid the groundwork for his subsequent success and established his reputation as a forward-thinking entrepreneur.
The birth of Black Banx
The forward-thinking mindset has been most evident when in 2014, Michael Gastauer founded Black Banx, a global digital bank headquartered in London.
More than a handful of years before the rapid growth of remote work and global digital commerce, Gastauer recognized an increasing need for consumers to be able to transact across borders and via varying currencies.
As such, Black Banx was established to not only bridge the gap between traditional banking and digital finance, but also provide individuals and businesses with secure, convenient, and accessible financial services no matter their location or social, religious, financial, or economic status.
Under Gastauer’s leadership, Black Banx has enjoyed extensive expansion and presently operates through long-established businesses via an international network spanning over 180 countries and territories in both established and emerging markets.
Financial inclusion and continued innovation
Never one to rest on his laurels, Gastauer quickly realized that he and Black Banx can do more than ease the way consumers make transactions and manage their overall accounts across the globe.
With a significant portion of the global population remaining unbanked due mostly to lack of access to traditional banks or being under the jurisdiction of governments minimizing participation in the global economy, Gastauer seeks to provide everyone with a viable option in Black Banx.
Through innovative digital solutions and strategic partnerships, Black Banx has been able to offer financial services to individuals who were previously excluded from the traditional banking system, and Gastauer’s continued leadership continues to be instrumental in leveraging emerging technologies to enhance the banking experience.
Black Banx has embraced blockchain technology, cryptocurrency, and artificial intelligence to develop cutting-edge solutions that streamline transactions, improve security, and empower users with greater control over their financial assets.
Also read about: Jeff Lerner reviews fixing your mind–
Beyond the Black Banx boardroom
While Gastauer’s quick rise in the financial industry and overall professional achievements are noteworthy, he is also actively involved in philanthropic endeavors.
Along with Black Banx, Gastauer also serves as the Founder and Chairman of Gastauer Foundation, a non profit organization providing financial inclusion to reduce the problem of 2.2 Billion people having no access to financial services.
He has also established charitable foundations focused on education, healthcare, and social welfare, contributing to the betterment of communities worldwide. Gastauer’s commitment to social responsibility reflects his belief in using his success to create a positive and lasting impact on society.
Michael Gastauer’s journey from an aspiring entrepreneur to the CEO of Black Banx showcases his unwavering determination, innovative mindset, and commitment to borderless digital banking for all.
His vision and leadership have revolutionized the way individuals and businesses access and interact with financial services.
As the world continues to evolve and people’s banking needs and expectations change along with it, Gastauer’s dedication to innovation and his pursuit of equitable banking solutions will undoubtedly be what keeps him at the forefront of meeting those said needs and expectations for the foreseeable future.