Baanx, a fintech lending platform that calls itself ‘Better than a Banking platform’, has announced that it has acquired a stake in the Maxwell State Bank, regulated by the US, to become the third-largest shareholder in the bank.
The bank was established in 1943 and serves as a major fintech bank and card issuing platform as well as is a Visa Principal Member. The bank was acquired by the investor Ronald Ingram who has many strong plans to increase the security and robustness of the bank to make it one of the most secure banks in the US. For this, he plans to use a combination of cryptography, cybersecurity, and tokenization and is believed to be involved in talks with companies to help him achieve his mission.
“We are very excited to have taken a stake in Maxwell and be 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,” Garth Howat, CEO of Baanx, said.
Baanx is into secure payment transactions as well as secured lending as well and it also offers cards in partnership with Visa and Mastercard and the company would hope that this acquisition would throw open the doors for it to offer more banking related services for its users and both the financial entities would hope that its partner would help them to achieve their mission of growth and expansion through added security, features and users as well.
“We expect Baanx will expand upon Maxwell’s commitment to futurize banking,” Ingram, chairman of Maxwell, said. “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.”
Baanx is headquartered in London with a presence in the US, Portugal, and Lithuania as well. It manages digital assets and with such assets being prone to hacking and other cyber attacks, it has built a robust platform to ensure that the funds of its users and investors are safe at all times. It is expected that this knowledge and technology would be used to make the infra and systems of Maxwell State Bank also highly secure which would attract HNIs and would also fulfill the vision of Ronald Ingram as well.