It’s often said that the best things in life are free, and for this digital banking company, that includes the flow of money across countries
Between big and small organisations now employing digital nomads located halfway across the world and countless revenge travellers making up for the time lost staying at home for the past few years, banking across borders is more common than ever.
However, despite digital banking’s growing prominence, it remains limited—if not outright inaccessible—to many others across the world. From exorbitant transaction fees to local financial institutions being unable (or refusing) to keep up with emerging technologies, there remain many reasons why some have yet to experience the customer-focused banking they deserve.
And this is where Black Banx comes in.
Established in 2014 by German billionaire founder and CEO Michael Gastauer, Black Banx aims to unlock a borderless financial system for everyone where money can flow freely.
Since its official launch in 2015, the company has amassed over 20 million retail customers and over 1.5 million business customers so far.
Digital banking for everyone
Committed to fulfilling real-time, global transaction requirements with low-fees, Black Banx’s services include:
- Worldwide payments in 28 FIAT and two cryptocurrencies utilising a local instant settlement system when possible
- Inter-platform instant payments
- Multi-currency debit card (physical or virtual)
- Real-time 24/7 currency exchange
- 24/7 crypto trading services,
- Interest-bearing savings accounts in EUR, GBP, USD, and JPY, and
- Batch upload or API to perform vast business transaction numbers.
At present, approximately 80-percent of Black Banx’s operations are in cross-border payments, while 20-percent is cryptocurrency and currency trading related.
With the features of a crypto exchange, the Black Banx platform provides clients full autonomy and allows them to use their crypto balance to pay third parties directly, in an instant, and to and from almost any location in the world.
That can (soon) be done everywhere
The London-based company operates through long-established businesses with an international network that spans 180 countries and territories in both established and emerging markets. The key regions Black Banx presently operate include:
- Asia Pacific (33%)
- Latin America and The Caribbean (28%)
- North America (21%)
- Middle East and Africa (12%)
- Europe, Iceland, Norway (6%).
This growing international network covers markets accounting for approximately 90-percent of global GDP, trade, and capital flows.
Black Banx’s products and services are locally-tailored and offered across multiple channels, which helps best ensure that customers’ crypto currency investments, private wealth solutions, and basic banking requirements are fully met—wherever they may be.
And is built for the future
With the growth and changes in the demand for cross-border services being rapid and constant, Black Banx has only begun in redefining the fintech sector and the banking industry overall.
The company aims to serve at least 25 million customers by year’s end, and earn an annual revenue of over 1.9 billion USD, by way of four key strategies:
- Focus on areas of strength
- Digitise at scale to ensure Black Banx operating model adapts for the future
- Energise the organisation for growth, and
- Support the transition to a net zero global economy
Working to continue evolving its scalable and cost-efficient infrastructure that is centred around efficient IT systems and virtual branch architecture, Black Banx maintains the ability to develop key components of back-end infrastructure in-house. Through this dynamic technology, the company is able to quickly respond to Black Banx customer feedback and make needed changes promptly and whenever needed.