Last Updated on: 22nd November 2023, 09:38 am
Black Banx provides customers with a range of financial services via their online platform and smartphone app. Launched in 2015 by German billionaire Michael Gastauer, Black Banx has become a billion dollar company with operations in 180 countries, making it a fintech dominator.
The digital bank offers a safe, fast and secure alternative to traditional financial services. Customers have the option to go for an individual account or a business account, with a wide range of features on offer for both. Its global scope has brought the company 28 million customers, as per their mid-year report.
From the beginning, Gastauer has ensured financial inclusion is a main priority. Commenting upon the launch of Black Banx, he said: “Our [Black Banx Group] mission is to unlock a borderless financial system for everyone where money can flow freely.
“We want to provide a financial service platform that helps to grow global markets by connecting people and businesses around the world with optimal ease.”
Why are digital banks a good choice for SMEs?
As the saying goes: “Time is money” –– and the biggest benefit of a digital bank is convenience. Traditional brick-and-mortar institutions require an element of physical presence, something the majority of new CEOs would groan at. With investor meetings, strategic planning and databases to compile, the last thing a small business leader wants to do is stand in a banking queue to sort out their company finances. This is why we’re seeing an uptick in SMEs joining digital banks.
A Bank of America report found that 85% of small business customers count on digital payments, proving digital banking is a positive for both the company and consumer.
With digital banking everything can be tracked, banks like Monzo even offer invoice creation and accounting software compatibility.
Black Banx business account
With a Black Banx business account customers can start banking without borders within minutes. As an added bonus, more than one member can gain access to the account, optimising seamless accessibility. Incoming and outgoing transactions can be immediately tracked and the account can be connected via API or batch upload to process a large number of payments.
Extra features
Funds can be held, sent and received in 28 currencies including two cryptocurrencies.
Cards can be configured and limits added.
Freely convert currencies between accounts for bank interchange rates.
Send and receive payments with instant fund crediting tools worldwide.
Manage and monitor cards and accounts in real time.
Pay with your Black Banx debit card worldwide.
Financial inclusion and expansion
Black Banx has made banking accessible to corners of the world that have been traditionally excluded. Sign up requires only a form of photo identification and an account can be set up within minutes with instant fund access, transfer abilities and wealth management immediately available.
Around 80% of Black Banx’s operations are in cross-border banking, whilst 20% remains in crypto and currency related affairs. Understanding the importance of globalisation on the economy, Gastauer continues to expand Black Banx into new territories, a trend that is evident within their latest growth report.
Besides recording a customer base of 28 million, the digital bank is still onboarding over 1.3 million new clients a month. With an increased onboarding rate of 33% compared to December 2022, the dark horse of the industry is slowly making its way to the spotlight.
With growth comes expansion. The above statistics confirm that Black Banx has the means and customer loyalty to provide new operations in nations previously untouched by the fintech service. Regional Chief Executive Officer MEA, Jabari Walker said: “Especially with the recent launch of our West African branch in Liberia, we are seeing increased business growth in that region.”
Whilst the number of SME customers increased by 16% overall, the number particularly spiked in the MEA region, with a 28% increase. As Black Banx expands in the area, so do opportunities for individuals and small businesses. As of 2017, only 35.71% of Liberia had access to a financial institution, a number that is hoping to rise with the introduction of Black Banx services in the region.
