April 14, 2024
tribulations of running a successful business by michael gastauer

The Trials and Tribulations of Running a Successful Business by Black Banx’s Michael Gastauer

The fintech (financial technology) industry continues to grow. Made up of businesses offering financial advice, wealth management services, electronic payment methods and personal finance, fintech companies have made a name for themselves within the last decade, especially in digital banking. Over 305 million startup businesses are created worldwide yearly, with 1.35 million being tech related. Whilst only a few become notable names, each of these companies fights for investor attention and attempts to become a leading player. Today, we talk to the German billionaire founder and CEO of the digital banking service Black Banx to understand what it takes to sustain a successful fintech business.

Michael has a long history of professional financial experience. He was only 24 years old, when he founded his first company, a Swiss Asset Management Firm. After selling off the asset management firm during its continued success, Michael tapped into a market in 2000 that hadn’t quite taken off yet – online payment systems. Being one of the first in Europe to offer worldwide card acceptance and payment processing services for eCommerce sites, Gastauer hit immediate success due to his innovative approach. The company eventually sold with a valuation of €480 million in 2008. Following the departure of his second business, Michael founded his single-family office, Gastauer Family Office (GFO), an property management firm which has a venture capital arm investing in fintech companies.

Tribulations of Running a Successful Business by Black Banx’s Michael Gastauer

In 2015, the German native put his digital banking service, Black Banx, out into the world. The platform offers digital financial services to over 20 million customers in 180 countries. In under a decade, Gastauer, as founder and CEO, has grown the clientele from 200,000 to millions, with offices all over the world. These substantial numbers show Michael Gastauer is a force to be reckoned with in the business world.

As Digital Bank Startups Continue to Increase in Numbers, What Makes Black Banx Different?

What Makes Black Banx Different

We value our customers and people at Black Banx more than anything else. With my financial background, I understand the areas in traditional banking that need improvement. Going into the digital banking business, I wanted to create a user-friendly service that was financially inclusive and international. Our crypto aspect is unique. We don’t require customers to keep their crypto funds within our bank at all times, and they can withdraw into a cold wallet at any time. Our customers gain complete control as we connect our banking platform with the features of a crypto exchange – enabling clients to use their crypto balance to pay third parties directly from the Black Banx platform. Offering a wide range of financial services is something we pride ourselves on, and it’s the passion for producing an inclusive bank that I think sets us apart.

Is There Anything You’d Say to Aspiring Business Owners Reading This?

Aspiring Business Owners

First, it’s essential to really know your audience. You could be the most knowledgeable person in your field, but it doesn’t translate into a successful company unless you understand your desired audience. I always put myself into prospective customers’ shoes, trying to get a feel of what they see when they look at Black Banx and what features the everyday customer wants and needs. And don’t be afraid to make mistakes and learn from them, especially when starting up. Feedback is the foundation of moving forward, something important when dealing with competitors in the market. So, it’s important to understand your potential customers and embrace feedback when starting a company.

What Would You Say is Often Overlooked When It Comes to Running a Business?

What Would You Say is Often Overlooked in Running a Business

I think contacting another business owner for advice is always a good idea. Having a mentor, especially in the same industry, is a great way to jump over the mistakes they may have made. A clear mission and set of business goals are vital for a successful business. While most companies have both of these, they can get forgotten as time passes. With Black Banx, everything we do has our mission in mind: to unlock a borderless financial system for everyone where money can flow freely. It’s easy to overlook both elements, but I believe they’re crucial to success.

What Does Black Banx Offer Customers?

What Does Black Banx Offer Customers

We provide a wide range of services to both residential and commercial clients. Black Banx can perform inter platform instant payments in 28 FIAT (government issued currency) and 2 cryptocurrencies, instant bearings savings accounts in USD, GBP, JPY and EUR, as well as budget tracking services within our smartphone app, multiple user access for business accounts and a whole host of other features. For a full list of services, you can visit our website blackbanx.com.

Black Banx continues to be successful in the digital banking sector, and highly innovative CEO Michael Gastauer is a force for financial good.

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