While industries, locations, and overall markets may differ, a common denominator across most businesses is how success never comes easy.
Although starting a business from scratch when done at scale can lead to at least steady success, the finance industry, specifically financial technology or fintech, needs to be more forgiving.
According to a report published by Medici Global, almost as much as 90% of fintech startup companies still need to progress beyond the seed stage. The substantially low success rate proves how highly competitive the fintech market is and is a path that should be tread by an exceptional few.
Flawlessly fit for the field
Among those few is German billionaire Michael Gastauer, founder and CEO of Black Banx.
Launched in 2015, the London-based global digital banking company presently serves over 20 million retail customers and 1.5 million businesses with borderless transaction services spanning over 180 countries.
While Gastauer is mainly known for spearheading the effort of unlocking a financial system that is borderless for everyone and where money can flow freely, Black Banx is not his only successful salvo in the fintech or digital banking space.
His start in the industry came when he joined a Munich-based venture capital fund. He followed this experience by establishing his own Swiss Asset Management firm when he was only 24. In less than three years of operation, the Swiss Asset Management firm acquired over CHF 1 Billion AUM and eventually was successfully sold for CHF 16 million to a Swiss Investment firm.
Following the successful sale, Gastauer founded one of the first Europe-based online payment systems to offer global card acceptance and payment processing solutions for the eCommerce industry. Earning consistent growth and profitability, the company reached a valuation of as much as €480M before successfully selling in 2008.
For the customers first
While being successful in starting, building, and running a finance-focused business unquestionably requires a great deal of hard work, perseverance, working knowledge, a great team, and even some good luck, Michael Gastauer being able to do so with two past companies and now with Black Banx also seemingly lies on keeping to a very simple principle: address customers needs first.
While emerging technology and other solutions have made finance more accessible and user-friendly, many financial institutions continue to prioritize profit and, in effect, limit themselves in terms of innovation and being able to adapt to the demands of the market.
Gastauer continues to take a different approach, particularly by understanding what customers need and expect from financial services and solutions, how those needs and expectations eventually evolve, and how the company can keep up.
One particular need that has evolved rapidly is being able to make financial transactions across the globe.
Whether it is remote employees and employers working together from different time zones, businesses operating in various markets, or travelers trying to make up for the time missed in the last few years, the demand for borderless transactions is greater than ever, and Gastauer aims to make this as easy and inexpensive to do as possible.
As of 2023, Black Banx continues to provide over 20 million customers and counting the ability to hold funds and send and receive payments in more than 28 different FIAT currencies and 2 cryptocurrencies.
On top of managing accounts conveniently from any device in almost any location worldwide, Black Banx customers can also enjoy using Black Banx debit cards in different currencies and cryptocurrency trading with no transaction limits.
While readily serving individuals and businesses in well-established economies, the company’s efforts also include providing comprehensive banking services and investment products to the underbanked in countries with limited access to the traditional banking systems or where governments limit participation in the global economy.
Along with Black Banx, Gastauer also works as the founder and chairman of the Gastauer Foundation. It is a non-profit organization offering financial inclusion to lessen the problem of 2.2 Billion with no access to financial services.
Different lifestyles and economies also mean differing banking needs, and with varying requirements constantly needing to be met, Michael Gastauer will be in fintech for the foreseeable future, building companies and developing solutions that always have customers in mind.
