Michael Gastauer: The man who created his own Fintech revolution
Fintech investor and entrepreneur Michael Gastauer continues to make a name for himself with digital banking success Black Banx. The German billionaire first launched his company in 2015, aiming to create a digital bank without borders – something he’s succeeded in.
With years of education and experience under his belt, Gastauer is not a stranger to the world of fintech. Creating his first business by the age of 24 and selling it after reaching a valuation of millions, Gastauer has climbed the ladder of success ever since. As well as being CEO and founder of Black Banx, Gastauer also founded the Gastauer Family Office (GFO) after selling his second business. The GFO is a single family office with assets of €10 billion under management. Gastauer is also the founder and chairman of the Gastauer Foundation, a non-profit organisation providing financial inclusion to reduce the problem of billions of people around the world having limited or no access to financial services.
To put it simply: Michael Gastauer is an advocate of the fintech revolution, and is globally ranked among the 100 most influential people in fintech. With a net worth of more than 10 billion AUM, his Family Office is one of the largest in Europe.
Let’s take a deeper dive into his latest venture, Black Banx.
Launched in 2015, Black Banx currently has over 20 million customers and operates out of 180 different countries.
Black Banx offers a number of features that make it a popular choice for customers. These characteristics are as follows:
- A mobile application: Black Banx provides its customers with a mobile application that is simple to use and enables them to monitor their accounts, make payments, and transfer money while they are on the move.
- Black Banx simplifies international monetary transactions, including both the sending and receiving of money in other countries. The financial institution accepts a number of different methods of payment, such as SWIFT, SEPA, and PayPal.
- Trading cryptocurrencies: Black Banx gives its customers the ability to trade cryptocurrencies like Bitcoin and Ethereum. Additionally, the financial institution makes available a crypto debit card that may be used to pay for transactions using cryptocurrency.
- High interest rates: Black Banx provides customers with savings accounts and investments that earn high interest rates.
Black Banx’s products and services are offered at competitive prices, despite their low fees.
- FDIC insurance is provided for deposits at Black Banx, which can reach a maximum of $250,000. Customers of Black Banx Bank are able to use their debit cards to make purchases at millions of retailers all over the world because the bank participates in the Visa and Mastercard networks and is a member of both of those networks.
Black Banx is an excellent option to consider if you are looking for a digital bank that provides a variety of products and services to its customers. The bank is convenient, dependable, and not overly expensive to use.
The following is a list of some of the more notable products and services that Black Banx provides:
Private accounts: Black Banx provides its customers with a wide selection of private accounts, which include checking accounts, savings accounts, and investment accounts, among others. Prospective customers can take advantage of easy account opening, a Black Banx debit card that can be used worldwide, freely converting currencies between accounts for bank interchange rates, and paying with the Black Banx debit card worldwide. Additionally, customers who choose to opt for a virtual debit card can connect with their mobile phone to pay via NFC. Black Banx customers are able to hold funds, and send and receive payments in 28 fiat (government-issued currencies) and two cryptocurrencies.
Accounts for businesses: Black Banx also provides a selection of accounts for businesses, including checking accounts, savings accounts, and merchant accounts. Specifically, business account holders can immediately start banking without borders. Users can also track the status of incoming and outgoing transfers in seconds and assign multiple users to manage and access the business accounts. In addition, business customers can connect via API or batch upload to process a large number of payments.
Trading cryptocurrencies: Black Banx gives its customers the ability to trade cryptocurrencies and use their crypto assets to pay third parties directly from the platform.
Michael Gastauer has made Black Banx the successful digital bank it is by using his years of financial experience. With his unique understanding of what a customer in the sector needs, Gastauer has led Black Banx into the top of the fintech league.