Michael Gastauer on his return to London, fintech success and billionaire status

Few have created a business as successful as Black Banx: A fintech company dedicated to making banking easier for everyone, no matter where they live. Commitment, a solid business plan and funding are some of the most important aspects when it comes to producing a successful company, but is there anything else needed? Today we speak with Black Banx founder and CEO, Michael Gastauer, to discuss who he is today and his plans for the future.

A German native with extensive ties to Switzerland having grown up there, Gastauer broke into the world of finance by working at Deutsche Bank before founding his first company at the age of 24. In the early 2000s, Gastauer, – after selling his first business – created an online payment system for e-commerce sites with global card acceptance as one of the first in Europe. He sold this business in 2008 after its valuation rose to $480 million. Among the richest individuals in Europe, Michael Gastauer is a billionaire with an understanding of economics and customer needs second to none.

Black Banx is a digital banking platform with a turnover in 2022 of 1.1 billion dollars, over 20 million customers and operations in 180 countries. This fintech phenomenon has one mission: to create borderless banking services for everyone. Gastauer witnessed the transition from traditional to digital banking, and noted the subsequent change in customer needs and behavior. This is what separates the CEO from other entrepreneurs.

Gastauer understands that access to financial services is essential for the global community. Because of this, Black Banx is a dynamic force for innovation in the fintech industry, committed to facilitating the instant flow of money worldwide at a fair price with easy access for individuals. Customers can sign up for Black Banx online or through the smartphone app, and only need some form of photo identification to complete the process. When asked about accessibility in banking, Gastauer said: “I have witnessed many individuals and companies being turned away from opening a bank account because they lack funds or require a lot of documentation to complete the process. This is why I wanted to make Black Banx different. We have opportunities for crypto users, everyday customers, businesses and institutions, and do not discriminate based on where a person is from or the means they have.”

How does it feel to be one of the leaders in fintech?

It feels great, knowing that Black Banx has achieved as much as it has in less than ten years is one of my proudest achievements. Being able to attribute my success to my past experiences and being able to do something I love every day is something I am always proud of. Being Michael Gastauer has come with its fair share of challenges, but my success proves that refusing to quit has its victory. I think we have a great, unique take on digital banking via Black Banx services, especially when it comes to our cryptocurrency proposition.

Many news outlets are talking about Black Banx’s crypto position, but what is it really?

Black Banx customers are offered full control over crypto assets, which the majority of banks refuse to offer. We have connected the Black Banx platform to functions of a cryptocurrency exchange, which means that clients can use their cryptocurrency balance to pay third parties directly from our platform. Customers are able to move their assets to cold wallets as well if they wish, we do not force them to keep their crypto with us as I believe full autonomy should be in the hands of the customer rather than the organization.

Although digital banking continues to increase its customer base, many remain with traditional banks due to their misunderstanding of online banking and caution about security of funds. What do you say to those people?

It’s understandable to be concerned about protecting your money. People leave their entire livelihood in the hands of a bank, and it’s much easier to trust an establishment that has a physical premise you can walk into. In the case of Black Banx, we have a multi-level approach to protecting funds, as well as the ability for customers to use multi-factor authentication when using our mobile app. Our security objective is based on global diversification. We have developed strong relationships with banks around the world to ensure that funds are always safe and accessible to customers. We use separate accounts with leading global banks to prevent client money being held in one institution in one country. By using more than one nation, it keeps funds protected by multiple jurisdictions. As a result, customers should be able to trust Black Banx, even though we are digital only.

What does the future look like for Black Banx?

By the end of the year, I expect Black Banx to reach 25 million private customers and 1.5 million business customers. I also want to increase our workforce, which currently has 3,000 employees. My focus is to increase the number of women in top management to close the gender gap that so often exists in male-dominated workplaces. In terms of long term goals, by 2030 I would like Black Banx to be net zero emissions. Sustainability is important, and therefore I believe that if we continue our work from home, the company can be a leader in the fight against climate change.

Overall, the future continues to look bright for Black Banx and its billionaire CEO, Michael Gastauer. More information and how to create an account can be found at: www.blackbanx.com/.