-- Black Banx is at the pinnacle of success as one of the fastest-rising brands in the fintech space, helping reshape the future of banking as a whole.
Michael Gastauer’s Humble Beginnings
Black Banx CEO, German billionaire Michael Gastauer may have started small with his digital bank only having around 200,000 clients during its first year in 2015, but this did not stop him from pursuing his vision of establishing a global banking platform accessible only via the internet and mobile devices. According to the fintech mogul, his penchant for banking was already palpable during his early teenage years. While receiving the Global Banker Award in 2018, he revealed that at 13-years-old, he was already asking his father about how to obtain and grow money. In their dialogue, his father instilled in him to always choose something that he was most passionate about. For Gastauer, that was money. And so, it did not come as a surprise when he ventured into the world of finance after finishing his university studies.
Once he was done with his studies, Gastauer had the privilege of receiving offers from the likes of Deutsche Bank, ABN Amro, and Andersen Consulting, but it was the startup incubator Gorilla Park that marked his entry into the workforce. However, his stint at the Munich-based company ended shortly after he helped set up their office in Zurich, Switzerland. After that job, he opted to work on becoming his own boss, collaborating with three other partners to found a Zurich-based asset management company in 2001 that went on to be sold for $15 million to a Swiss investment firm. This was followed by Gastauer’s next venture, a payment solution for e-commerce and other internet-based companies in 2003. Proving his Midas’ touch once again, the company’s assets went on to sell for $480 million in 2008 to an Asian Banking Group. In the same year, he set up his private family office, the Gastauer Family Office (GFO).
The GFO was quite instrumental to Gastauer’s success since it was through this private office that he was able to finance his biggest and most ambitious business venture yet, WB21. The digital bank officially debuted in 2014 and was officially launched to the public a year later. For the next three years, WB21 was slowly growing, with the company surpassing 5 million clients by 2018. However, it was not until the digital bank changed its name to Black Banx in 2019 that things started falling into place and then some. In the same year, the company did not just expand its offices in the United Kingdom of Emirates and South Africa, it also grew its customer base to 8 million, and then 12 million in the next two years. By the end of 2022, Black Banx had doubled its client base to 20 million, showing the skyrocketing demand for its digital banking platform.
How Persistence Played a Role in Michael’s Success
According to the entrepreneur, when he was creating his digital bank, he was thinking about his vision of changing the world and turning the banking sector into a fairer place where everyone from 180 countries and territories could easily set up a bank account and participate in the financial market. He said his desire to realize this ambitious goal was rooted in his more than two decades of experience in the financial business. Having witnessed the insufficiencies and inadequacies in traditional banks, he made it his mission to come up with a platform that does away with all the cons and issues of standard and conventional banks.
Despite knowing that the finance industry was already crammed with many banks and financial institutions, he braved such an overwhelming idea as he was determined to challenge the status quo and revolutionize banking. True enough, Black Banx is very different from other fintech brands. It has a simplified signup process and a non-discriminating protocol in terms of membership, allowing customers from across the globe to set up business and personal accounts without restrictions based on nationality, country of residence, religion, and amount of money they have. The keyword is financial inclusion.
Gastauer endeavored to be financially inclusive to all. That’s why when he was still designing Black Banx with a pool of software experts, he already made sure that clients only needed internet access and a digital device, such as a smartphone, to open an account. For years, he opted to keep the same standard operating procedure, so everybody could join Black Banx with ease. Since its launch up to the present, the digital bank only requires a photo ID as proof of identity to set up an account and enjoy services like trading, borderless banking, and many more. Due to its simple signup process, Black Banx is now home to 40 million customers as of February 2024.
Unwavering Commitment to Innovation
The venture capitalist’s persistence eventually translated into his commitment to innovation and financial inclusion. Gastauer envisioned Black Banx as a borderless digital bank, accessible to all, regardless of location or income level. By streamlining the account opening process and offering a wide range of financial services, Black Banx has empowered individuals and businesses globally, revolutionizing cross-border payments and fostering economic opportunities in underserved communities.
Away from the boardroom, Gastauer's personal life reflects his values of perseverance and compassion. His commitment to giving back to the community is evident through investments in green energy projects and support for animal causes, reflecting his passion for animal welfare, particularly dogs and horses.
In Gastauer's own words, "Money is like water, it can flow freely and be accessible for everyone." His mission to create a global financial platform where money flows in real time underscores his relentless pursuit of a fairer, more inclusive financial system. Through Black Banx, Gastauer continues to break down barriers and empower individuals worldwide, proving that with persistence and innovation, anything is possible in the ever-evolving landscape of fintech.
Overall, Gastauer’s remarkable journey is a reminder of the transformative power of persistence. Through his visionary leadership and unwavering dedication, he has not only reshaped the banking industry but also inspired the next generation of entrepreneurs to dream big and never give up. Had Gastauer given up on his vision for Black Banx years ago, he wouldn’t have been able to reap the fruits of his labor. Today, Michael Gastauer is among the top 10 wealthiest people in Germany and one of the most celebrated bankers of this generation.
Contact Info:
Name: Anna M
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Organization: black banx inc
Website: https://www.blackbanx.com/
Release ID: 89125058
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