B2B2C platform Baanx has finalised a multi-million-dollar deal to purchase a stake in American fintech bank Maxwell State Bank.
The deal makes Baanx the third-largest shareholder in Maxwell State Bank, which has $29.65m in assets and $25.06m in deposits.
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The Iowa-based fintech bank, which is a VISA Principal Member, was acquired by fintech entrepreneur Ronald Ingram.
Baanx revealed that Ingram, who is chairman of Maxwell State Bank, plans to expand the bank’s services through a partnership with fintech in cybersecurity, cryptography, tokenization, and private/public key infrastructure companies.
Baanx CEO Garth Howat 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.”
Ingram 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 fibre and low earth laser satellite connectivity.
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By GlobalData“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.”
UK-based Baanx specialises in cryptography, lending, cybersecurity, and public/private key infrastructure.
It offers banking services to fintech, including secured lending against digital assets and payment authorisation integration into VISA, Mastercard & other transaction payment systems.
