Business

New York Entrepreneur Will Makris Assures New York Is Not Dead

Published

5 years ago

October 10, 2020

Panic consequently set in from viral posts about New York being dead. People believe anything they read these days, but as a New York resident, I can assure you, it is very much alive. Yes, we have experienced major setbacks from the pandemic, but what city hasn’t? Anyway, New York is notorious for being busy, even nicknamed “The City That Never Sleeps.” People, those pictures on Twitter of empty streets, are from March. New York is getting back into full swing, the traffic is heavier, and every neighborhood restaurant is packed outdoors until curfew…and maybe even a little after. Though most of us are being health-conscious, the hustle and bustle to get the economy back are powerful. Entrepreneur Will Makris is a believer that New York is not dead, and his restaurants and recent private club opening serve as proof.

Makris, a hospitality veteran, is a co-owner of multiple successful restaurants in Manhattan. He has experienced the ups and the overwhelming amount of downs 2020 has offered. Through it all, he remained optimistic and kept the high morale of his staff and partners. Since restaurants were deemed essential, Makris and his partners kept their doors open for takeout while abiding by all regulations and proper employee testing. The optimistic leader and his team felt compelled to give some sort of hope to the people of New York.

Lola Taverna, the relatively new kid on SoHo’s block, pushed through winter and the pandemic. Since it survived both, it could probably survive anything. Makris and his partner Cobi Levy opened the popular Greek spot nearly a year ago and, more recently, were able to redesign the outdoor space to give the community a refreshing escape from all the chaos. It is now packed every night of the week and breathing life back into social interactions. Makris and Levy’s other must-visit spot Little Prince, located down the street from Lola, famous for its crowd-pleasing, dietary accommodating dishes, has been around for seven years and is currently available for private events. The duo has plans to build on the brand and are currently constructing a more elevated version of the concept.

“The city has been picking up and people are streaming back in and becoming more comfortable with socializing,” Makris said. “We have absolutely seen an uptick in business, and I believe it will continue to increase.”

The restaurant business took a hit, but with regulations lifting and the spread being contained, it is expected that these restaurants will experience a revenue spike; some may even make up for lost momentum.

Now, packed restaurants are not the only sign of hope. Makris and his other business partner Scott Sartiano have been given the green light to open their private membership club next week. Zero Bond, which has an adequate and safe number of members already, will absolutely attract more elites to New York in the near future. Not only that, but it serves as an example that opening or starting a project during a pandemic is very achievable. New additions to the great city of New York definitely means it’s not dead.

Overall, New Yorkers are tough, and when faced with adversity, they will join in solidarity and do whatever to make a comeback. From what I have seen, everyone is getting out as much as possible to support businesses and ensure New York stays alive.

Business

Inside the $4.3B Quarter: What’s Fueling Black Banx’s Record Revenues

Published

1 week ago

January 16, 2026

Matthew Wiles

Every quarter brings fresh headlines in fintech, but few make the kind of impact achieved by Black Banx in Q2 2025. The Toronto-based global digital banking group, founded by Michael Gastauer, reported an extraordinary USD 4.3 billion in revenue and a record USD 1.6 billion in pre-tax profit, while improving its cost-to-income ratio to 63%.

These results not only highlight the company’s operational efficiency but also mark a pivotal moment in its journey from challenger to global leader. The big question is: what’s fueling such impressive financial performance?

Customer Growth as the Core Driver

One of the clearest engines of revenue growth is Black Banx’s expanding customer base. By Q2 2025, the platform had reached 84 million clients worldwide, up from 69 million at the end of 2024. This 15 million net gain in six months demonstrates both the attractiveness of its services and the scalability of its model.

Unlike traditional banks, which rely heavily on branch expansion, Black Banx leverages digital-first onboarding that allows customers to open accounts within minutes using just a smartphone. This approach is especially effective in regions underserved by legacy institutions, where access to affordable financial tools is in high demand.

More customers don’t just mean higher transaction volumes—they generate a compounding effect where network size, brand trust, and service adoption reinforce one another.

Real-Time Payments and Cross-Border Solutions

A major contributor to Q2 revenues is the platform’s real-time payments infrastructure. Black Banx enables instant cross-border transfers across its 28 supported fiat currencies and multiple cryptocurrencies, helping both individuals and businesses bypass the traditional bottlenecks of international banking.

For freelancers, SMEs, and multinational clients, this means faster liquidity, reduced foreign exchange costs, and simplified global operations. The demand for real-time financial services is growing rapidly—Juniper Research projects global real-time payments turnover to hit USD 58 trillion by 2028—and Black Banx is strategically positioned to capture a significant share of this market.

Crypto Integration as a Revenue Stream

Another key revenue driver is crypto integration. While many traditional institutions remain hesitant, Black Banx embraced digital assets early and has built infrastructure to support Bitcoin, Ethereum, and the Lightning Network. In Q2 2025, 20% of all transactions on the platform were crypto-based, reflecting strong customer appetite for hybrid banking services that bridge fiat and digital assets.

Revenue comes not only from transaction fees but also from value-added services like crypto-to-fiat conversion, staking yields (4–12% APY), and blockchain-enabled payments. For customers in markets with unstable currencies, these services act as a financial lifeline, further expanding the platform’s relevance.

AI-Powered Efficiency and Risk Management

Record revenues would be less impressive if costs ballooned at the same rate. But Black Banx has proven adept at balancing growth with efficiency. Its cost-to-income ratio improved to 63% in Q2, down from 69% a year earlier, thanks to heavy reliance on AI-powered automation.

AI now drives fraud detection, compliance, and customer onboarding—areas where traditional banks often struggle with cost inefficiencies. By automating these processes, Black Banx can process millions of transactions securely while maintaining profitability at scale. This level of efficiency is rare in fintech, where high growth often comes at the expense of margins.

Regional Expansion and Untapped Markets

Geography also plays a role in fueling revenues. Much of the Q2 growth came from Africa, South Asia, and Latin America—regions where demand for mobile-first banking continues to soar. In 2024 alone, Black Banx reported a 32% increase in SME clients from the Middle East and Africa, signaling the strength of its positioning in underserved markets.

By extending services to populations previously excluded from formal banking—migrant workers, rural communities, and small businesses—Black Banx taps into vast pools of latent demand. The strategy proves that financial inclusion and profitability are not mutually exclusive but mutually reinforcing.

Diversified Revenue Streams

Another factor behind Q2’s record revenues is Black Banx’s diversified business model. Income is not tied to a single service but spread across multiple streams, including:

Transaction fees from cross-border transfers and payments.
Crypto trading and exchange services.
Premium account features for high-net-worth clients.
Corporate services for SMEs and international businesses.

This diversification insulates the company against volatility in any single segment, creating stable revenue growth even in shifting market conditions.

Michael Gastauer’s Strategic Blueprint

Behind these results is Michael Gastauer’s long-term strategy: scale aggressively but with efficiency, innovation, and inclusion at the core. His vision has always been to create a borderless financial ecosystem, and Q2 2025’s performance is evidence that this vision is not only achievable but sustainable.

By balancing mass-market accessibility with premium features, and by blending fiat with digital assets, Gastauer has positioned Black Banx as a category-defining player in global finance.

The Road Ahead: Toward 100 Million Clients

Looking forward, the company’s goal of reaching 100 million customers by the end of 2025 will likely be the next catalyst for revenue growth. More customers mean more transactions, more data insights, and more opportunities to refine and expand its service offering.

If current momentum holds, the USD 4.3 billion quarterly revenue milestone could be just the beginning of an even larger growth story. The challenge will be ensuring systems scale securely while maintaining trust in an environment where privacy and compliance are paramount.

A Record That Signals More to Come

Black Banx’s Q2 2025 performance—USD 4.3 billion in revenue, USD 1.6 billion in pre-tax profit, 84 million clients worldwide, and a lean 63% cost-to-income ratio—is more than a financial milestone. It is a signal of how the future of banking is being rewritten by platforms that are borderless, crypto-inclusive, and data-driven.

What fueled this record-breaking quarter is not one innovation but a combination of strategies—scalable onboarding, real-time payments, crypto integration, AI efficiency, and expansion into underserved regions. Together, they form a model that doesn’t just challenge traditional banking but actively builds the foundation for global dominance.

For Black Banx, the road ahead is clear: the $4.3 billion quarter is not an endpoint but a launchpad for even greater scale and profitability.