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Tuesday, April 16, 2024

Michael Gastauer: Impacting Lives Beyond Business

Michael Gastauer may be mostly known for his business ventures, especially in the fintech space. However, the German billionaire also impacts many lives beyond the business industry as a philanthropist and environmentalist. This shows that Gastauer’s success does not only revolve around profits and market dominance because he also aspires to positively influence the world with his work and unwavering commitment to social responsibility.


Gastauer’s Latest Effort: Protecting the Environment


While he may be famous for being the creator and founder of the very successful digital bank Black Banx, Gastauer is also responsible for the single-client private asset management firm Gastauer Family Office (GFO). He set up the private organizational structure to manage the financial and personal affairs of his family following his early successes with his business startups in the early 2000s. GFO was instrumental in the establishment of Black Banx since the firm financed the $380 million initial investment to kickstart the neobank. Since 2008, Gastauer has been leading the firm, now valued at $11.4 billion, as president.


Just this February, GFO announced that Gastauer has allocated $1.5 billion of his family wealth to set up a nature conservation fund in support of the United Nations’ goal of converting about 30% of the world’s land and marine sanctuaries into protected areas by the end of the decade. According to the company, the fund will help combat the mass extinction of endangered animal species and protect important ecosystems, preserving them for generations to come. A portion of the fund will also support the establishment of organizations intended to monitor and secure the development of protected areas.


The Gastauer Foundation: An Outlet for Charitable Works


Michael Gastauer has also set up The Gastauer Foundation, a nonprofit that primarily seeks to provide financial inclusion to 2.2 billion people with no access to financial services. In addition, it also serves as a catalyst for Gastauer’s charitable efforts focused on education, healthcare, and social welfare since the venture capitalist strongly believes that a holistic approach to community development is needed to enrich and improve the global community of people.


Through the foundation, Gastauer also actively participates as an advisor to business startups, particularly those eyeing the fintech market. As someone who also started in the industry with two small business endeavors — an asset management company in 2001 and a payment solution for e-commerce in 2003 — Gastauer knows how hard it is to make a breakthrough and gain the trust and support of investors. And so he makes time to show support to the community by uplifting individuals facing challenges with their startup brands, providing them an opportunity to polish their craft and showcase their companies to a bigger audience.


Promoting Animal Welfare as an Animal Lover

It’s no secret that Gastauer is an animal lover. On more than one occasion, he has shared that he likes dogs and horses the most. This is perhaps the reason why he goes big in supporting charity works centered on the welfare of animals. According to him, his passion for protecting the environment is related to his admiration for both domestic and wild animals.


Gastauer’s foundation has made sizable financial contributions to efforts that align with his values. A part of those efforts has something to do with animals. But more than the monetary aid, Gastauer actively contributes his time and physical presence in joining activities promoting animal welfare.


Sustainability Within His Company


Under Gastauer’s visionary leadership, Black Banx has succeeded in establishing a global presence, with the company operating in 180 countries and territories across the globe. The digital bank is also generating significant revenue from the Asia-Pacific at 38%, Latin America and the Caribbean at 32% and the Middle East and Africa region at 19%. This is followed by North America at 9% and the Europe, Iceland, and Norway group at 2%. Black Banx is not stopping there, as Gastauer previously announced the company’s aggressive client acquisition strategies in a bid to expand its reach and secure more signups worldwide.


However, Gastauer is not solely focused on growing his revolutionary digital bank financially. In 2020, the esteemed CEO laid out a new environmental approach in response to climate change and in compliance with the Paris Agreement. According to Gastauer, it was his way to make his financial firm accountable for its progress. As part of this new approach, he introduced three initiatives: stay at home, go digital, and work from anywhere. All three aim to reduce fuel combustion and energy consumption in the bank’s operations, to significantly lower Black Banx’s annual carbon emissions. Gastauer even set out a target for Black Banx to become net zero by 2030, across all direct and indirect emissions.


Looking at the Bigger Picture

As the master innovator behind Black Banx, Gastauer has landed the covers of several publications, including Wealth & Finance, CEO Review, and Business Talk. His entrepreneurial skills and business acumen are also featured in different editions of Forbes around the world. Meanwhile, his other endeavors outside of business, especially those involving philanthropy and environmental conservation, are rarely discussed or covered by news media outlets. This shows how grounded Michael is; that despite his success, he remains true to what is important and valuable to him—impacting the lives of people beyond digital banking.

Sam Allcock
Sam Allcockhttps://businesslancashire.co.uk/
Sam Allcock is a highly regarded digital entrepreneur with over 20 years’ experience in online marketing for some of the World’s biggest brands. He has extensive knowledge and experience in SEO and digital marketing. He is based in Cheshire but has an interest in all things going on in the North West and enjoys contributing local news to the site.


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