Baanx Acquires Stake in Major US Fintech Bank

Monday, 6 September 2021, 22:04 HKT/SGT

Source: Baanx

LONDON, Sept 6, 2021 - (ACN Newswire) - Baanx, the fast-growing B2B2C "Better than a Banking Platform" specialising in fintech services & lending, becomes the third-largest shareholder in the United States regulated Maxwell State Bank in a multi-million-dollar deal to enhance cybersecurity and banking access to communities throughout America.

Maxwell State Bank is a fintech bank and VISA Principal Member established circa 1943 in Iowa. With total assets of $29,655,000 and deposits of $25,058,000 Maxwell has been FDIC certified since 1943 for insured deposits. Maxwell was acquired by serial fintech entrepreneur Ronald Ingram, founder of multi-billion dollar fintech programs and companies. He has ambitious plans to make this bank the most secure and future-proof bank in America by expanding their services. He plans to achieve this by working with fintech leaders in cybersecurity, cryptography, tokenization and private/public key infrastructure companies.

Baanx has rapidly become a market leader in secure transaction payment systems, secured lending and banking services with a focus on fast growing verticals. Offering VISA & Mastercard programs through their platform, combined with secured lending services from as little as 0% APR, they are expanding quickly through their B2B2C business model. Baanx partners with leading corporate communities, white-labelling as a leading brand, whilst completely managing the delivery and support of the service to each community they engage with.

Garth Howat, CEO of Baanx said, "We are very excited to have taken a stake in Maxwell and working with Ronald Ingram, who has a strong track record of delivering high performing secure fintech services, having been responsible for $100s of billions of fintech transactions in recent years."

Ronald Ingram, Chairman of Maxwell said, "We are very pleased to welcome Baanx as an investor in Maxwell State Bank. Maxwell Bank has been profitable and well managed for decades, Maxwell, as of 2021, is the most connected bank in North America with direct fiber and low earth laser satellite connectivity. We expect Baanx will expand upon Maxwell's commitment to futurize banking. Baanx is a money center fintech, in the historical banking center of the world, London, with specializations across cryptography, lending, cybersecurity and public/private key infrastructure. We look forward to strategic partnership opportunities such as state-of-the-art cyber security, access to digital safe-keeping of assets and general privacy that we expect to evolve out of this strategic investment."

About Baanx

Baanx "Better than a Banking Platform", offers banking services to fintechs, including secured lending against digital assets and payment authorisation integration into VISA, Mastercard & other transaction payment systems. Baanx headquarters are in London (UK) with subsidiaries in Delaware (United States), Portugal and Lithuania. Baanx manages digital assets using military grade cryptography for maximum privacy and security with digital asset insurance through their partners up to $100M. Baanx is managed by a seasoned team with over a hundred years of combined experience in banking, financial technology, cryptography, finance and digital marketing.

About Maxwell

Maxwell State Bank has been serving Americans for nearly 75 years. January 2021 it was acquired by Ronald Ingram, a serial entrepreneur in fintech, who created a roadmap to ensure the future of this well-established profitable bank for the next generations in the community, region and beyond.

Topic: Press release summary
Source: Baanx
Sectors: Daily Finance, Crypto, Exchange, ICOs & Tokens, FinTech