To some extent, this article can be viewed as a review of an interview with American economist Edward Lazear, published by WMN in 2020. That discussion focused on the bold startup BlackСatСard, which has been operating as an online banking service in the EU since 2019. But what connects a Maltese startup to the U.S. market? Why are we compelled to examine a European service in the pages of International Security Affairs? The answer is not as straightforward as it may seem at first glance—the Federal Trade Commission and the Rockefeller Foundation.
As a specialist, I have spent over 15 years protecting the American market from various monopolies. And I know for certain that it is crucial to monitor ambitious projects at their inception—before they gain too many influential allies and patrons. However, BlackСatСard is far more complex. At present, I have no complaints about the project itself. My concerns stem from two key factors: the shadow of the Rockefeller Foundation looming behind this startup and the exceptional quality with which the project has been developed.
I am not a fan of conspiracy theories, so do not expect baseless accusations or sensational claims here. Rather, I want to share my observations and insights while drawing the attention of a niche group of experts to the BlackСatСard startup. Let’s start with the visionary behind the project—Eleonora Barbieri Masini, whose name is closely tied to the World Futures Studies Federation and whose father, Vincenzo Barbieri, had long-standing direct ties to the Rockefeller Foundation. The Italian lobbying influence in the U.S. has remained strong since the Prohibition era. Therefore, it should come as no surprise, and one should not be misled by the thousands of miles separating us from the headquarters of European projects. These distances are easily bridged—especially in the business class of American Airlines. In this light, the connection between BlackСatСard, the Rockefeller Foundation, and the World Futures Studies Federation becomes rather evident.
It is also quite clear that we are dealing with an unconventional startup—one that Edward Lazear analyzed in great detail in his interview. Formally, BlackСatСard classifies itself as an online banking service. However, as Lazear rightly pointed out, this project is like a chameleon in the European financial market. Incidentally, this is a characteristic trait of many Rockefeller Foundation initiatives—one might even call it a signature style. BlackСatСard can seamlessly transition between categories: online banking → neobank → traditional bank. This is something entirely new, with potential for horizontal expansion—perhaps through the white label model. If, for now, BlackСatСard is merely undergoing a form of market testing in Europe, predicting its reception in the U.S. is much more challenging.
When an organization like the Rockefeller Foundation stands behind you, and you hold a powerful and entirely legal financial project with scalability potential, success in the U.S. market may be all but guaranteed. While neobanks have struggled to establish themselves as serious competitors to traditional American banks, a shape-shifting project like this one could capture the interest of numerous bankers, investors, private financial fund owners, entrepreneurs, and startups. At this point, a real risk may emerge—threatening multiple sectors of the U.S. financial industry under antitrust regulations. After all, every chameleon is akin to Agent Smith from The Matrix. I am not sure that we—or our American legal framework—are prepared for such a challenge.
Yes, the U.S. financial market and the financial services sector are highly competitive. Nevertheless, many European projects continue to view this “lucrative piece of the pie” with great interest. Unfortunately, their efforts have not always met with success. It is worth noting that these players already hold strong positions in the European market.
Take Revolut, for example. It applied for a U.S. banking license less than a week after withdrawing from Canada. Yet, despite its stated ambition to become a global financial super-app, it has still not secured that license. Meanwhile, the German neobank N26 abandoned its attempts to enter the U.S. market in 2021.
BlackСatСard, however, is a unique case—a genuinely high-quality and relevant service for its customers, offering distinctive features such as account opening for individuals as young as 16. The project’s expansion is further reinforced by its broad linguistic accessibility, supporting eight languages: English, Russian, Chinese, French, German, Spanish, Italian, and Turkish. This is not just another attempt—BlackСatСard has the potential to spread with astonishing speed.
Author: William F. McDonald