Entrepreneur Michael Gastauer is one of Germany’s richest individuals and a described fintech genius. With a range of successful businesses under his belt, the Black Banx CEO has a reported net worth of $11.4 billion. He is the founder, chairman and president of a number of companies and organisations including the Gastauer Family Office. Globally known for his digital banking institution Black Banx, Gastauer’s initial entrance into the fintech industry started in the early 2000s.
Following his 1999 graduation, Gastauer was quick to receive employment offers from Deutsche Bank, ABN Amro and Andersen Consulting. He first worked at Gorilla Park, a start-up incubator that developed start-up companies to IPO stage. Gorilla Park, a Munich-based company, tasked Gastauer with setting up a company office in Zurich, Switzerland.
Moving on, Gastauer and three other partners founded a Zurich-based asset management firm in 2001 that was successfully sold to a Swiss investment firm for $15 million. In 2003, Gastauer created a payment solution for e-commerce and other internet-based industries by offering a global platform that accepted card payments. Gastauer was one of the first in Europe to do this, resulting in great success for the business. The company reached a valuation of $480 million before its assets were sold in 2008 to an Asian banking group.
Years of experience meant Gastauer knew what it took to create a successful, profitable and well-received company. It was his deep understanding of fintech and economics that birthed Black Banx. Noticing flaws in the cross-border transaction system, Gastauer opted to create a digital bank that was a notable improvement on the traditional banking model.
Available in 180 countries with private and business accounts on offer, Black Banx is one of the world’s largest digital banks. Catering to 39 million customers, Black Banx offers a range of services including: accounts in 28 fiat and two cryptocurrencies, international and inter-platform instant payments in multiple currencies, multi-currency debit card, real-time currency exchange, crypto trading services, crypto withdrawals to external wallets and interest bearing saving accounts.
What has made Black Banx so successful?
The bulk of Black Banx’s success is down to Gastauer. With no third party investors, Gastauer put his own money into the creation and sustainability of the digital bank, citing his desire to have full control of Black Banx as the reason for his decision. The billionaire’s commitment to financial inclusion has further enhanced the business. Aiming to provide the underbanked with essential financial tools has allowed Black Banx to be deemed an easily accessible banking institution, resulting in an uptick of users. Customers need only one form of photo ID to successfully create a bank account, which is completed through a completely remote process either online or via the Black Banx mobile app.
Gastauer also continues to explore emerging technologies such as AI and machine learning to enhance Black Banx products and services. The leading factor in Black Banx’s success is the improvement of cross-border transactions. By using cutting-edge technology, the digital bank has eliminated the traditional hurdles associated with international transactions.
How successful is Black Banx?
In 2023, Black Banx achieved record breaking figures including $2.3 billion in revenue. The digital bank increased its pre-tax profit to $289 million, a 62% increase compared to 2022. Net revenues were up by 109% year-on-year and reached $798 million in the fourth quarter alone. Total customer numbers increased by 95% to 39 million by end-of-year with 6.1 million onboarded in the fourth quarter.
