Millions still have no access to essential banking services, and the pursuit of financial inclusion has become a global imperative. For German billionaire and Black Banx CEO Michael Gastauer, financial access lays the foundation for financial stability, social advancement, and overall well-being.
Gastauer, an innovative fintech entrepreneur, has embarked on a remarkable journey to close the financial access gap. But how did he do it?
Inspired by early experiences: In 2003, Gastauer embarked on a mission to create a global payment solution for e-commerce and internet-based industries. His innovative approach led to rapid growth, with the business expanding its operations and establishing offices in North America and Asia. Ultimately, the company achieved a valuation of US$480 million before its assets were acquired by an Asian banking group in 2008.
Drawing inspiration from his early experiences and his desire to create something about finance and the fintech landscape, Gastauer has started working to close the financial access gap.
The transformation of cross-border payments is one of Gastauer’s notable contributions to the fintech industry. He made it possible to facilitate speedy and affordable international money transactions.
Moreover, cross-border payments are now simpler to get and more accessible for individuals and businesses because of Gastauer’s goal of creating a global banking environment with streamlined financial services.
Inspired by the potential of fintech: Gastauer saw an opportunity from the potential of fintech to even out the financial landscape and address the very problems of the financial access gap. This inspiration gave birth to Black Banx, a group of financial institutions providing digital banking services to 28 million clients across 180 countries as of June 2023.
Gastauer is focusing on incorporating artificial intelligence, blockchain technology, and machine learning into financial services, which demonstrates his commitment to staying at the forefront of fintech advancements.
The financial support for Black Banx’s expansion came from Gastauer’s earlier triumphs. Through his family office, he contributed over $380 million between 2014 and 2018 to the development of Black Banx. The Black Banx group was one of Europe’s most valuable fintech businesses by the end of 2018 when its market value reached $9.8 billion.
Inspired by global inequalities: Gastauer couldn’t overlook the huge disparities in access to finance when he started exploring the wider world and its apparent inequities. It is clear that Gastauer is dedicated to financial inclusion – with his goal to close the financial gap between the unbanked and regular banking by giving them access to fintech solutions.
Black Banx assists individuals and companies in developed economies as well as the underbanked nations with limited access to the financial system or where governments restrict citizens’ ability to freely engage in the global economy. It has a sizable presence in 180 countries and plans to grow even further.
Black Banx was able to establish offices in Singapore, Brazil, India, Russia, the United Arab Emirates (UAE), South Africa, Japan, and China. Now, Gastauer is in a position to buy a federal bank in California as part of Black Banx’s plan to enter the North American market.
Additionally, Black Banx has highlighted the expanding opportunity in Africa, where 45% of adults lack access to financial services. The company established a subsidiary in Monrovia, Liberia, with the intention of concentrating on providing digital banking services in the West African market.
Gastauer’s initiatives have paved the way for more economic opportunity and financial empowerment, especially in areas with little access to traditional banking services. Black Banx has made it possible for rural areas to have better economic opportunities.
Not only has Gastauer’s mission to eliminate the financial access gap changed his life, but also the lives of countless people and companies all around the world. He understood that Black Banx carried the key to providing financial services to the underprivileged, and he has been nothing less than amazing in his commitment to maximising it.
With a progressive outlook in addressing the global financial access gap, Gastauer is strategic in delivering Black Banx’s services to every country in the world one step at a time.
