From almost all banks having their own apps to the emergence of various types of cryptocurrencies, the global fintech industry is constantly evolving. 

The first quarter of 2023 has been no different. According to CB Insights, despite the steady decline of investment activity in 2022, funding in global fintech increased by 55% quarter-over-quarter in the first three months of 2023. However, when excluding the massive $6.5B round earned by financial services provider Stripe, funding actually fell by 12%. 

Nevertheless, there are still companies that are thriving in the fintech industry, a prime example of which is London-based Black Banx.

Founded in 2014 by German billionaire Michael Gastauer Black Banx was launched in the market in 2015 and has since grown exponentially:

• It is ranked amongst the fastest growing companies, reaching a US$ 9.8 Billion valuation in less than four years.
• Today, Black Banx has over 20 million retail customers and 1.5 million business customers. 
• As of the end of 2022, its earned revenue stands at over $1.5 billion in revenue.

Finding success in going global

Black Banx’s growing success in the fintech industry can be attributed to its focus on cross-border payments. 

• Its international network covers markets accounting for approximately 90% of global GDP, trade, and capital flows. 
• Approximately 80% of its operations are in cross-border payments.
• Whilst 20% is cryptocurrency and currency trading related.

As banking, and business in general, continues to become increasingly globalized, cross-border payments become an even more crucial aspect of international trade. Black Banx has capitalized on this trend by providing solutions that are not only fast, secure, and cost-effective, but are also definitively global:

• Black Banx operates in over 180 countries, providing customers a degree of accessibility that can be rivaled by less than a handful of other fintech companies
• Offering private and business accounts in 28 FIAT currencies and 2 cryptocurrencies, Black Banx makes cross-border transactions as simple and seamless as transacting locally.

Changing the cryptocurrency game

In addition to its focus on cross-border payments, Black Banx has also taken the lead in the cryptocurrency space. 

As cryptocurrencies are becoming increasingly accepted and utilized, Black Banx understands the need for a platform that allows customers to easily buy, sell, and trade cryptocurrencies. It has since expanded its offering to include not only cryptocurrency accounts that allow customers to securely store their digital assets, but also the means to transfer between Crypto and FIAT accounts.

Ultimately, having both FIAT and cryptocurrency—along with easy ways to transact from one to the other—has enabled Black Banx to make banking more accessible.

Rapid growth all around

Despite the challenges faced by the fintech industry, Black Banx has continued to thrive. 

While unicorn births fell to 1 for the first time since 2016, banking funding and deals hit their lowest levels since the second quarter of last year, Black Banx has managed to further emerge as a leader in the industry.

The continued growth of its customers, particularly from 15 million in mid-2022 to over 20 million by end-2022, has even warranted growth of the Black Banx team (expanding from 2,100 to 3,020 employees in six months.) 

In conclusion, Black Banx’s continues to become an increasingly popular choice for businesses and individuals who need a fast, secure, and cost-effective way to transfer money across borders. 

As it expands to more countries and includes more FIAT and crypto currencies to go with new digital banking solutions and services, it is only a matter of time until Black Banx is the widely accepted go-to for cross border banking.