Fintech is any company that uses modern technology to offer financial services to users. As of December 2022, about 90% of Americans utilised fintech services, with growth likely due to global lockdowns and quarantine periods during the height of the Covid-19 pandemic. Fintech encompasses everything from money management to insurance and automated investment services. By integrating technology into the financial world, companies have reached more customers than ever. With a 20.5% CAGR, the financial tech market is expected to hit $699bn by 2030. At the moment, particular strengths lie in the digital banking industry.
Founded in 2014, Ant Financial – now known as Ant Group – is one of the world’s most valuable financial technology services. The group owns AliPay, an international money transfer system based in China with a user base of 711 million. Offering credit and online payment services, Ant Group are at the forefront of the fintech sector with an estimated valuation of $151bn.
Klarna is another popular and high-value fintech service. The Swedish-founded company offers online payments for stores, a buy now pay later scheme and pay in three services to around 150 million customers worldwide.
Regarding digital banks, Nubank is argued to be the world’s most successful digital bank. Founded by David Velez, Cristina Junqueira and Edward Wible in 2013, the Brazilian company has a predicted valuation of $126bn by 2025. Nubank offers credit card and debit accounts for individuals and businesses, as well as zero maintenance fees and high-interest rates for savings accounts.
Another digital banking service that has caught the attention of fintech customers is Black Banx. Launched in 2015 with 200,000 customers, CEO German billionaire Michael Gastauer has propelled its customer base to over 20 million as of December 2022. With last year’s revenue totalling $1.1bn, it’s no surprise that the platform is making headway in the fintech industry. But how did they get so big in so little time? Fully funded by Gastauer himself, throughout 2016 and 2017, the London-headquartered company expanded by opening offices in the US, UK, Hong Kong, Singapore, India, Brazil and Russia. In 2018, the company started offering private and business accounts in 28 FIAT currencies to 5 million customers.
In addition, Black Banx launched fully fledged cryptocurrency trading BTC and ETH as cryptocurrency. By 2020, the digital banking platform had additional offices in China, UAE, South Africa and Canada, with a 10.5 million customer base. These are staggering statistics. Almost doubling its user base in two years, Black Banx is one of the world’s fastest-growing fintech companies today. The reason lies in their mission and operating market.
Black Banx aims to unlock a borderless financial system where money can flow freely. A spokesperson for the company said, “Access to financial services is a key enabler for our global society, and Black Banx is a dynamic force for innovation in the fintech sector, committed to facilitating the free and instant flow of money around the world at a fair price. We want to provide a financial service platform that helps to grow global markets by connecting people and businesses around the globe with optimal ease via SmartPhones and online.
“We continue to build a global, borderless, customer-focused platform which feels personal to everyone and will serve as a trusted tool to manage and grow customer funds. We provide business and personal customers with banking access without restrictions based on nationality, country of residence, religion, amount of funds held or transferred.”
We aim to increase the simplicity of online banking, dramatically reduce transaction times and achieve financial inclusion. We serve people and businesses in well-established economies, as well as the underbanked in countries with less access to the financial system or where governments prevent people from freely participating in the global economy.
Gastauer added, “We have a substantial presence in countries across Asia, Latin America and North America, as well as in the Middle East and Europe. Through our business and personal accounts, we allow customers to utilise carefully selected, best-in-class global banking networks to process money without any transaction limits. This enables them to send and accept local and international payments almost instantly and hold or manage funds in multi-FIAT and cryptocurrencies. Ultimately, we aspire to build products and experiences at the intersection of our business and consumer ecosystems, unlocking seamless value for both.”
With demand for cross-border services being driven by globalisation, it’s no surprise that platforms such as Black Banx continue to excel in the fintech world. People want 24/7 access to their wealth and the ability to perform transactions worldwide from their homes – Black Banx has accurately tapped into this growing market, reaching 180 countries. The key regions the service operates in are Asia Pacific (33%), Latin America and the Caribbean (28%), North America (21%), Middle East Africa (12%) and EEA (6%).
Black Banx continues to be successful by understanding the fintech climate and what customers need. Banking needs to be increasingly international in scope, with Black Banx reaping the benefits by doing so. Improved customer experience, greater convenience and significantly faster and more cost-efficient execution of international payments are to name a few. It’s this global innovation and putting customers at the heart of its business model that has made Black Banx a valuable asset to the fintech industry.
