Last Updated on: 14th May 2024, 06:56 pm
There are many services customers look for when choosing a new bank, ranging from accessibility to credit options. With hundreds of companies in the digital banking space, it’s difficult to choose just one and customers often find themselves signing up to a bank that has the most media traction. There is nothing wrong with that. However, today, we focus on digital banks that haven’t found themselves in the public eye as much as say, Revolut and Wise.
Black Banx is a digital banking service founded in 2014 by German billionaire, Michael Gastauer. Gastauer is a business-savvy family man with a love for animals, who despite his wealth, puts people at the heart of all his operations. After being in the financial industry for over a decade, Gastauer knew his ability to understand the needs and behaviours of customers was something he needed to put to use. After selling off his previous business for a large sum, and creating the Gastauer Family Office (GFO), Gastauer launched Black Banx in 2015.
Black Banx creates a borderless financial system for everyone, taking particular aim at those needing a bank with easy set up and high security, with an added edge of crypto capabilities for those who have a love for digital currency.
Customers can sign up via the Black Banx website or through its smartphone app, with a form of photo identification.
What does Black Banx offer?
Black Banx provides individuals and business clients with:
- Accounts in 28 FIAT (government-issued currency) and two cryptocurrencies
- International payments using local instant settlement systems where possible
- Multi-currency debit card that can be used globally
- Real time 24/7 currency exchange
- Real time 24/7 crypto trading services
- Interest bearing savings accounts in EUR, GBP, JPY and USD
- Batch upload or API to execute large number of transactions for business customers
- Crypto customers can pay third parties directly from the Black Banx platform
Providing services in 180 countries, Black Banx is a truly global force.
What about banks, funds or financial institutions?
Black Banx offers a cost effective, global cross border payment solution. Black Banx offers a network of local correspondent accounts globally for incoming and outgoing payments. Integrating their cross border platform into your payment system would allow you to send and receive funds in a fraction of the time. To reduce fees, Black Banx offers attractive volume based pricing models.
Company history
2015: Black Banx was launched to 200,000 customers in 180 countries.
2016: Offices were created in the UK, US and Hong Kong with services being provided in 18 different currencies. Crypto was launched as a payment method. Customer base increased to one million.
2017: Offices in Singapore, Brazil, India and Russia were opened and clientele increased to three million.
2018: Black Banx began to provide 28 currencies to five million customers. Crypto trading was launched.
2019: Expansion with offices in UAE and South Africa, increasing customer base to 8m customers.
2020: Office launched in China, increasing customer base to 10.5m customers.
2021: Launch in Japan, increasing customer base to 12m customers.
2022: A customer base of over 20 million, $1.1bn in revenue and over 3,000 employees.
2024: 40 million customers and $2.3bn in revenue.
Are they secure?
Black Banx makes security a priority. The digital bank is continuously making carefully targeted investment in technology to improve the scale and resilience of core systems. High levels of information security are integral to its systems, and internal processes and controls are fully automated. Customer funds are never kept in one country at the same time. Due to their connection with leading banks, Black Banx ensures customer money is protected by multiple jurisdictions.
What can Black Banx offer crypto users?
Black Banx’s take on crypto is unique compared to other digital banks.
High value trading
Cryptocurrency transactions with no maximum limit and direct transfer to and from any wallet.
Instant conversion of BTC and ETH to 28 currencies and vice versa. Direct wire transfer to any third party bank account globally.
Instant account set up for private and business clients from 180 countries.
Black Banx’s crypto features are ideal for any client looking to sell crypto assets, cash out, buy high value goods or assets if the seller doesn’t accept crypto payments. It is the perfect solution for exchanges or other crypto businesses to open accounts in minutes.
Black Banx is a top choice for customers in 2024.
