A look into Black Banx’s semi-annual report, Revolut and Michael Gastauer

In their latest growth report, digital bank Black Banx announced they had gained 8 million customers in the first six months of the year. With a further reported revenue of $997m, Black Banx certifies itself as a competitor in the financial services industry. Its numbers put it directly behind UK-based digital bank, Revolut.

Black Banx was built with the purpose of providing a borderless banking system with low fees and easy accessibility. The neobank provides services to 180 countries, with the option of 28 FIAT currencies and two cryptocurrencies to choose from. Customers can choose from either an individual, business or institutional account depending on their needs. A global debit card is offered, as well as savings accounts, instant transfers, and business account holders have the added benefits of multiple users being associated with the account. Crypto is implemented into the platform giving customers full control over their assets, and allowing them to pay third parties with crypto directly from the neobank.

Revolut

Founded in 2015 as a solution to high foreign transaction fees, Revolut has amassed over 30 million customers. The company earns the majority of its revenue from interchange, taking around 0.2 percent of each transaction fee.

Compared to Black Banx, Revolut tends to reside as a more Euro-centric bank, with Black Banx taking a global approach. Black Banx’s semi-annual report stated an increased onboarding rate of 33% each month and highlighted that the number of SME (small-medium enterprise) clients increased by 16% overall but notably 28% in the Middle East and Africa region. Regional Chief Executive Officer MEA, Jabari Walker, said: “Especially with the recent launch of our West African branch in Liberia, we are seeing increased business growth in that region.”

Black Banx Users

Black Banx annual registered users 2015 to 2023 (mm)

Year	Users (mm)
2015	0.2
2016	1
2017	3
2018	5
2019	8
2020	10
2021	12
2022	20
2023	28

Based on reports from 2016 to 2022, Revolut’s customer base grows between 4 to 6 million a year. So whilst they have a larger amount of overall users than Black Banx, their growth appears to be smaller as Black Banx continues to bring on 8 million customers a year on average.

Black Banx’s Financial Growth

Black Banx shareholders continue to be pleased with the bank’s consistent revenue growth. The group reported a revenue of US $1.1bn for 2022. During the first six months of 2023, Black Banx’s revenue grew by 47% to US $997m. The company’s Chief Financial Officer, Alexander Johnson said: “Black Banx is well prepared to reach its annual revenue forecast for 2023 of US $1.9bn, and has a good chance to improve its profit margin even further.”

Who is the CEO of Black Banx?

Black Banx was started in 2014 by German billionaire Michael Gastauer after he became disgruntled at the idea of populations continuing to be underbanked. Solely investing in the company, Gastauer took a risk that paid off. After starting his own business by his mid-twenties, Gastauer sold it off three years later to a Swiss investment firm for a staggering USD$16m. Following this, his next venture focused on providing a solution for eCommerce sites, implementing worldwide card acceptance. As one of the first in Europe to do this, Gastauer found great success with the business before selling it off in 2008 after it reached a valuation of US$480m. After his second business came the birth of the Gastauer Family Office, a single family office with $10bn assets under management.

Although often regarded as a fintech genius with years of experience and education under his belt, Michael Gastauer is a family and charity-driven man behind the scenes. He is also proudly the founder and chairman of Gastauer Foundation, a “non-profit organisation providing financial inclusion to reduce the problem of 2.2bn people having no access to financial services”.

Black Banx’s mid-year report shows the digital bank led by Gastauer has no signs of slowing down.