It
is rarely seen a scenario of entrepreneurs being successful in building a
business and then making it worth a nine-digit figure. There are very fewer
people in the world who have built a million dollar Business Company. Michael Gastauer is one of the very few
people to achieve successful heights at such an age. He is the founder and CEO of
a digital banking group. The bank is having more than 1.8 million
customers and is growing faster than any other Fintech Company. Taking
into account the Fintech Age, this bank is the largest of all other Fintech
Companies.
How The Idea Struck?
Michael Gastauer
was working with the banking and payment domain for more than 15 years. This is
another reason why he was familiar with this industry. Through his experience,
he realised that there are several hurdles incurred by international customers
to open a bank account in a foreign country. Moreover, opening up of account
cause them some charges which make the process a quite bit expensive for the
normal population. The procedure is complicated and difficult to follow if you
are from some other country and are not quite familiar with the ways of another
country. These points paved the way for an idea of finding a digital solution
to these problems. He wanted a solution that would allow international
customers to open a bank account within minutes. In this way, he followed his
idea to make international retail bank named as WB21.
Funding And The Growth Of The
Company
Selling
the shares of the business before reaching an absolute valuation was not
Gastauer's choice. He sold his payment service providers company in Europe and
Asia for about $480 Million USD. Further, he invested over $22 Million USD from
his funds to finance the business. WB21 is growing faster as compared to any
other Fintech Companies.
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