It’s not often a bank relying on a sole investor becomes successful, better yet, a digital only bank focused on crypto and a borderless approach to finance. But that’s exactly where London-headquartered Black Banx is. With a 2022 revenue of $1.1bn and a customer base of over 20 million, this digital banking service is not one to be messed with. Keeping a relatively low profile in terms of their names in national media outlets, Black Banx continues to show that its people-centric approach keeps them ahead of the financial revolution.
It’s easy to look at Black Banx and assume it’s a regular digital bank with copy and paste features from competitors such as Revolut and Monzo. However, this is far from the truth. The platform offers a new approach to cryptocurrency. Clients are offered full control over their assets, a move that separates Black Banx from other digital banks. Its banking platform is connected with the features of the crypto exchange, enabling customers to use their crypto balance to pay third parties directly from the platform. Furthermore, Black Banx users can move any crypto balances out of their account and into a cold wallet – they are not required to keep crypto assets solely on the Black Banx platform.
But what about those who aren’t familiar with crypto? Black Banx has plenty of features for the average banking user too. Catering to both individuals and businesses, customers have a range of features to choose from. This includes, but is not limited to interest bearing savings accounts in EUR, GBP, JPY and USD, accounts in 28 FIAT (government issued currency) and two cryptocurrencies, a debit card that can be used worldwide and access to budget tracking services. Furthermore, Black Banx has inclusion at the heart of its services. They don’t discriminate against sign-ups and those with even a lack of funds can open a Black Banx account, as long as a form of photo ID is provided.
Black Banx is where it is today because of its CEO, founder and sole investor, German billionaire Michael Gastauer. Gastauer got his taste of the financial world at a young age following a conversation with his father that made him realise finance was the career for him. By the age of 24, he had founded his own company – a Swiss asset management firm. Following the selling of this company, Gastauer tapped into the payment scene by creating an online payment processing solution for eCommerce sites, one of the first to do so in Europe. After spending years in the finance industry, Gastauer believed he knew what was needed to create a successful digital bank. Founded in 2014 but launched in 2015, Black Banx targets the underbanked, the average banking user, the wealthy and the crypto-lover. It truly has a set of features for everyone.
Its continued success is due to its people-first approach. Customers and employees are at the heart of all decisions at Black Banx. Gastauer took a unique understanding of customer wants and needs in the financial services world and applied it to Black Banx, giving it a cutting edge other platforms lack. It’s a bank that puts customers before profit. The bank is committed to regular engagement with customers as well as constructive feedback to ensure Black Banx can evolve its products and understanding of their client needs. It also has offices in its major operational markets which enables local expertise should a customer need or want it. Employees have the option to work from anywhere on a fully remote basis. By working from home, whilst also improving employee mental health and levels of trust, it also aids in sustainability. Working remotely eliminates any form of commute to an office.
By consistently increasing its commitment to its staff, customers and the environment, Black Banx led by Michael Gastauer continues to be one of fintechs best players. With its commitment to following financial trends and understanding the necessity of financial inclusion, this keeps Black Banx ahead of the ever changing financial industry.