While financial technology has enjoyed significant growth over the past several years thanks in large to an increase in digital banking customers, the industry remains as volatile as ever.
Publicly traded fintech stocks continue to slump, down an estimated 60% on average compared to when it peaked in late 2021. Similarly private fintech startups continue to endure challenging times. According to Dealroom.co, venture capitalists have pulled back and invested only $75 billion globally into fintechs last year in 2022, down from $140 the year prior.
Indeed, continued economic slowdown has made the business climate tough on the fintech sector. However, amidst the shutdowns caused by the pandemic, the inflation in prices, and continued tech layoffs that followed, some companies have continued to stand out and succeed significantly.
This includes Toronto-headquartered banking platform, Black Banx. Since its launch in 2015 by the visionary German millionaire Michael Gastauer, the company has maintained its mission of unlocking a borderless financial system for everyone, where money can flow freely. With an impressive growth trajectory and an unwavering commitment to customer service, Black Banx has become a force to be reckoned with in the fintech industry.
28 million customers and counting
In only the first half of 2023, Black Banx had already amassed over 6 million new customers, bringing its total user base to an impressive 28 million. The company’s ability to onboard over 1.3 million new users per month showcases its rapid expansion into new territories. Black Banx’s 33% increased onboarding rate compared to the end of 2022 further solidifies its commitment to transforming the global fintech landscape.
Behind Black Banx’s rapid rise in patronage lies a solid foundation of financial success. During the first six months of 2023, the company witnessed a remarkable 47% growth in revenue, reaching an impressive $997 million compared to $680 million in the previous six months. This exponential growth demonstrates Black Banx’s ability to adapt and thrive, even in the face of economic challenges.
| Black Banx 1H 2023 | ||
| +6 million customers
(over 28 million total) |
SME clients:
+16% (overall) +28% (MEA region) |
|
| Avg 1.3 million new customers per month | +33%
onboarding rate from 2022 |
US$997 million
in revenue |
Milestone after milestone
While Black Banx’s achievements in the first half of this year are considerable, it can hardly be considered an overnight or sudden success. The company has been working to grow at scale since being founded in 2015, and continues to be driven by its responsibility of making sure borderless banking widely, and affordably, available all over the world.
Black Banx wasted no time in capturing the attention of the financial world. In its very first year, the company earned the business of over 200,000 customers, a testament to its unique value proposition. By 2016, Black Banx had expanded its reach with offices in the United States, United Kingdom, and Hong Kong, offering products in 18 different currencies.
The first to crypto
Additionally, Black Banx made waves by embracing the world of cryptocurrency, becoming one of the early adopters to offer it as a deposit method. This move catapulted the company’s customer base to an impressive one million users.
By 2017, the company had expanded its operations to Singapore, Brazil, India, and Russia, further solidifying its presence in key markets. This expansion allowed Black Banx to increase its customer count to a staggering 3 million.
Never resting on its laurels, Black Banx continued to push boundaries. In 2018, the company introduced private and business accounts in 28 FIAT currencies, catering to the needs of 5 million customers. Simultaneously, Black Banx launched a fully-fledged cryptocurrency trading platform, offering Bitcoin (BTC) and Ethereum (ETH) as the leading digital assets.
The definition of global
Black Banx’s unwavering ambition propelled it to new heights in 2019. The company expanded its operations to the United Arab Emirates (UAE) and South Africa, capturing the hearts of an additional 3 million customers, bringing its total user base to a remarkable 8 million.
This exponential growth caught the attention of industry experts, leading Black Banx to achieve a valuation of US$9.8 billion in less than four years. Even amidst the economic turmoil caused by the pandemic, Black Banx proved its resilience by officially launching in China and amassing over 10.5 million customers.
By 2021, the company had expanded its footprint to include Japan, attracting a whopping 12 million customers. By the end of 2022, Black Banx had generated a staggering $1.1 billion in revenue and built a customer base exceeding 20 million users. With operations spanning over 180 countries, Black Banx provides private and business accounts in 28 FIAT currencies and two cryptocurrencies, simplifying cross-border transactions for its customers.
Black Banx’s ascent to the top of the fintech industry is nothing short of remarkable. From its humble beginnings in 2015 to its mastery of the industry with 28 million customers in less than a decade, Black Banx has proven its ability to innovate, adapt, and deliver outstanding customer service.
With a focus on borderless financial solutions and a commitment to unlocking financial opportunities for everyone, Black Banx continues to reshape the fintech landscape. As the company continues to forge ahead, it will undoubtedly be a force to be reckoned with in the ever-evolving world of finance.
