In a multi-million-dollar deal, Baanx, the fast-growing B2B2C fintech platform specializing in “Better than a Banking Platform” services, has acquired a stake in the United States regulated Maxwell State Bank, becoming its third-largest shareholder. The strategic investment is designed to enhance cybersecurity and expand banking access to communities across America, while bridging traditional banking with crypto finance.
Maxwell State Bank: A Nearly 80-Year-Old FDIC-Insured Institution
Maxwell State Bank was established circa 1943 in Iowa. It is a fintech bank and a VISA Principal Member. As of the deal, the bank held total assets of $29,655,000 and deposits of $25,058,000, and has been FDIC-certified since 1943 for insured deposits. In January 2021, the bank was acquired by serial fintech entrepreneur Ronald Ingram, founder of multi-billion dollar fintech programs and companies. Ingram has ambitious plans to make Maxwell the most secure and future-proof bank in America by expanding its services and collaborating with leaders in cybersecurity, cryptography, tokenization, and public/private key infrastructure.
Baanx: The 'Better than a Banking Platform' Specializing in Crypto Lending
Headquartered in London, Baanx has rapidly become a market leader in secure transaction payment systems, secured lending, and banking services, with a focus on fast-growing verticals. It offers VISA and Mastercard programs through its platform, combined with secured lending services starting from as low as 0% APR. Baanx operates on a B2B2C model, partnering with leading corporate communities, white-labeling as a prominent brand while completely managing the delivery and support of the service to each community.
“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 hundreds of billions of dollars in fintech transactions in recent years,” said Garth Howat, CEO of Baanx. Ingram, Chairman of Maxwell, commented: “We are very pleased to welcome Baanx as an investor. Maxwell Bank has been profitable and well-managed for decades. As of 2021, it 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 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 cybersecurity, access to digital safe-keeping of assets, and general privacy that we expect to evolve out of this strategic investment.”
Strategic Synergies: Bridging Traditional Banking and Crypto Finance
Baanx manages digital assets using military-grade cryptography for maximum privacy and security, with digital asset insurance through partners up to $100 million. The team brings over a hundred years of combined experience in banking, financial technology, cryptography, finance, and digital marketing.
This investment marks a significant step in the convergence of traditional banking and the crypto ecosystem. By leveraging Maxwell’s FDIC-insured bank charter, Baanx can offer its users a more secure and regulated gateway to digital asset services, including stablecoin-based lending, crypto-collateralized loans, and integrated payment solutions. Maxwell, with its advanced connectivity and Ingram’s vision, provides the ideal regulatory and operational foundation for Baanx’s expansion into the US market.
Baanx has subsidiaries in Delaware (US), Portugal, and Lithuania. The transaction is expected to close pending regulatory approvals. Both parties emphasized that the partnership will deliver “next-generation cybersecurity, digital asset safekeeping, and privacy solutions” to communities across America.