Business

Patriot Funding is A Bad Choice To Get Out of Debt

Published

5 years ago

November 28, 2020

Why is Patriot Funding Accused of Being a Debt Consolidation Scam?

Patriot Funding has been reviewed by Crixeo, the popular news and reviews site, for being part of a long-running debt consolidation and credit card relief scam. According to Crixeo:

“The story is the same. They lure you in by sending you direct mail with a “personalized invitation code” and a low 3%-4% interest rate to consolidate your high-interest credit card debt. You will be directed to Patriot Funding Review or My Patriot Funding More than likely you will not qualify for one of their credit card consolidation loans and they will try and flip you into a more expensive debt settlement product.”

Ed Miles, crixeo.com

The COVID-19 pandemic took the world by storm earlier this year. This led to the closure of businesses and workplaces, leaving thousands of people unemployed and without an income. One of the biggest struggles faced by workers as a result of losing their income was card debt payment. Credit card debt is becoming an increasingly rampant problem for everyone worldwide, especially after the adverse impact that the COVID-19 pandemic has had on the economy, forcing many to need coronavirus credit card relief.

If you’re also struggling to tackle debt and pay your credit card bills on time, then we have strategies that will help you tackle this issue. Keep reading to learn how you can deal with debt during the pandemic!

Talk to your creditor.

Your first step should be to get in touch with your creditor. Many banks and credit card companies offer credit card refinancing programs, especially in the light of the global pandemic. In these programs, credit card companies offer lower interest rates and flexible payment deadlines, among other relief options.

Therefore, you should contact your creditor and inquire about any such program. These programs are often not advertised, and the companies only offer them when the customer asks for it exclusively. So, it would be best if you contact your creditor and explain your financial solution. If not a complete solution, the company will offer at least a short term relief so you can deal with your financial hardship.

Ask for a lower interest rate.

Another thing you can do to deal with the burden of debt is to request a lower interest rate. If your credit score has improved since the time you subscribed to the credit card, then you have a high chance of qualifying for a lower interest rate now.

Opt for a balance transfer card

If you have high-interest debt, then transferring it to a credit card that offers a 0% introductory interest rate could be a great idea for getting relief. A credit card with 0% interest will reduce the amount you have to pay on your debt bills each month.

However, it’s only feasible if you’re able to pay off your debt within the introductory period. If not, then you could have to pay a higher interest after the introductory period. If you want to avail this option, you’ll have to meet a good credit score to qualify for the transfer. Make sure you do your research and apply for a card that has the lowest balance transfer fees.

Pay off high-interest loans first.

When you have more than one credit card, then you’ll have to prioritize your debt payments or look for a credit card consolidation program. There are two approaches that you can take to pay your debt: the debt avalanche method or the debt snowball method. In the debt avalanche method, you begin by paying off debt with the highest interest rate first. On the other hand, the snowball method is to pay off your smallest balance first and then move to the ones with higher interest sequentially. We recommend adopting the avalanche method for paying off your debt because paying off high-interest loans will reduce the cost of your debts in the long run.

Consult with a credit counselor

If you aren’t sure which option to take to pay off your debt, then we recommend consulting with a debt counselor. There are several affordable options available. Consider contacting a non-profit credit counseling agency for a free consultation. The counselor will go over your financial standing thoroughly and will develop a debt payment plan that works for your specific situation.

Moreover, the credit counselor may also be able to negotiate with creditors on your behalf. In your situation, hiring a credit counselor may not be feasible, so you should contact a non-profit agency for assistance.

How to handle medical debt?

If you lost your job as a result of the pandemic, then you may also have lost your employer’s health insurance plan. Even if you do manage to keep the insurance by paying all the premiums on your own, it still won’t solve the problem of outstanding medical debt.

Without a health insurance plan, you’ll be vulnerable to financial turmoil in case of a medical emergency or illness. Here are a few options that you can consider:

Speak with your doctor/ primary healthcare provider: If you have an unpaid hospital bill that you are not in the position to pay, then we recommend talking to your doctor. You can request the doctor or the hospital’s billing supervisor to lower or forgive your debt. If none of that works, you would still be able to negotiate a sustainable payment plan to pay off your debt.

Some hospitals offer financial aid programs that offer to forgive or write off your debt partially or completely, depending on your situation. However, you will have to ask about such a program as they aren’t advertised or encouraged.

Seek consultation from a medical billing advocate: If your medical bill has already been sold to a debt collection agency, then consider consulting with a medical billing advocate. The advocate can help negotiate your debt with the agency and could potentially get your bill lowered. Most advocates charge a percentage of the saved money from the bill as their fees.

Other options

If you run out of all options and have a high-interest debt to pay, then you can consider tapping into your home equity. The prices of homes have spiked over the past year, and you can take a loan against your home equity to pay off your high-interest debt.

A home equity loan will provide you a lump sum amount that comes with a fixed repayment period and interest rate. The repayment period can range from 5 to 30 years. Normally, you can take a loan of up to 85% of your home’s value. However, this number may have been affected due to the situation created by the pandemic.

Final Words

The current times are unprecedented and extremely challenging. Along with the health threat, the pandemic has also brought financial and economic havoc globally. If you’re struggling, then consider choosing one of the options that we have discussed above to tackle debt.

Business

High Volume, High Value: The Business Logic Behind Black Banx’s Growth

Published

2 weeks ago

June 16, 2025

Matthew Wiles

In fintech, success no longer hinges on legacy prestige or brick-and-mortar branches—it’s about speed, scale, and precision. Black Banx, under the leadership of founder and CEO Michael Gastauer, has exemplified this model, turning its high-volume approach into high-value results.

The company’s Q1 2025 performance tells the story: $1.6 billion in pre-tax profit, $4.3 billion in revenue, and 9 million new customers added, bringing its total customer base to 78 million across 180+ countries.

But behind the numbers lies a carefully calibrated business model built for exponential growth. Here’s how Black Banx’s strategy of scale is redefining what profitable banking looks like in the digital age.

Scaling at Speed: Why Volume Matters

Unlike traditional banks, which often focus on deepening relationships with a limited set of customers, Black Banx thrives on breadth and transactional frequency. Its digital infrastructure supports onboarding millions of users instantly, with zero physical presence required. Customers can open accounts within minutes and transact across 28 fiat currencies and 2 cryptocurrencies (Bitcoin and Ethereum) from anywhere in the world.

Each customer interaction—whether it’s a cross-border transfer, crypto exchange, or FX transaction—feeds directly into Black Banx’s revenue engine. At scale, these micro-interactions yield macro results.

Real-Time, Global Payments at the Core

One of Black Banx’s most powerful value propositions is real-time cross-border payments. By enabling instant fund transfers across currencies and countries, the platform removes the frictions associated with SWIFT-based systems and legacy banking networks.

This service, used by individuals and businesses alike, generates:

Volume-based revenue from transaction fees
Exchange spreads on currency conversion
Premium service income from business clients managing international payroll or vendor payments

With operations in underserved regions like Africa, South Asia, and Latin America, Black Banx is not only increasing volume—it’s tapping into fast-growing financial ecosystems overlooked by legacy banks.

The Flywheel Effect of Crypto Integration

Crypto capabilities have added another dimension to the company’s high-volume model. As of Q1 2025, 20% of all Black Banx transactions involved cryptocurrency, including:

Crypto-to-fiat and fiat-to-crypto exchanges
Crypto deposits and withdrawals
Payments using Bitcoin or Ethereum

The crypto integration attracts both retail users and blockchain-native businesses, enabling them to:

Access traditional banking rails
Convert assets seamlessly
Operate with lower transaction fees than those found in standard financial systems

By being one of the few regulated platforms offering full banking and crypto support, Black Banx is monetizing the convergence of two financial worlds.

Optimized for Operational Efficiency

High volume is only profitable when costs are contained—and Black Banx has engineered its operations to be lean from day one. With a cost-to-income ratio of just 63% in Q1 2025, it operates significantly more efficiently than most global banks.

Key enablers of this cost efficiency include:

AI-driven compliance and customer support
Cloud-native architecture
Automated onboarding and KYC processes
Digital-only servicing without expensive physical infrastructure

The outcome is a platform that not only scales, but does so without sacrificing margin—each new customer contributes to profit rather than diluting it.

Business Clients: The Value Multiplier

While Black Banx’s massive customer base is largely consumer-driven, its business clients are high-value accelerators. From SMEs and startups to crypto firms and global freelancers, businesses use Black Banx for:

International transactions
Multi-currency payroll
Crypto-fiat settlements
Supplier payments and invoicing

These clients tend to:

Transact more frequently
Use a broader range of services
Generate significantly higher revenue per user

Moreover, Black Banx’s API integrations and tailored enterprise solutions lock in these clients for the long term, reinforcing predictable and scalable growth.

Monetizing the Ecosystem, Not Just the Account

The genius of Black Banx’s model is that it monetizes not just accounts, but entire customer journeys. A user might:

Onboard in minutes
Deposit funds from a crypto wallet
Exchange currencies
Pay an overseas vendor
Withdraw to a local bank account

Each of these actions touches a different monetization lever—FX spread, transaction fee, crypto conversion, or premium service charge. With 78 million customers doing variations of this at global scale, the cumulative financial impact becomes immense.

Strategic Expansion, Not Blind Growth

Unlike many fintechs that chase customer acquisition without a clear monetization path, Black Banx aligns its growth with strategic market opportunities. Its expansion into underbanked and high-demand markets ensures that:

Customer acquisition costs stay low
Services meet genuine needs (e.g., cross-border income, crypto access)
Revenue per user grows over time

It’s not just about acquiring more customers—it’s about acquiring the right customers, in the right markets, with the right needs.

The Future Belongs to Scalable Banking

Black Banx’s ability to transform high-volume engagement into high-value profitability is more than just a fintech success—it’s a signal of what the future of banking looks like. In a world where agility, efficiency, and inclusion define competitive advantage, Black Banx has created a blueprint for digital banking dominance.

With $1.6 billion in quarterly profit, nearly 80 million users, and services that span the globe and the blockchain, the company is no longer just scaling—it’s compounding. Each new user, each transaction, and each feature builds upon the last.

This is not the story of a bank growing.

This is the story of a bank accelerating.