Baanx is a neobank specialized in providing fintech services and other related lending solutions. The firm has now become the third-largest shareholder in the United States regulated Maxwell State Bank.
In what has been referred to as a multi-million-dollar deal, both firms will combine efforts to improve cybersecurity and expand access to banking services in all communities across America.
Maxwell State Bank is a fintech bank and VISA Principal Member established circa 1943 in Iowa. The firm’s total assets are put at US$29,655,000, while total deposits currently stand at $25,058,000.
Baanx has led the market when it comes to secure transaction payment systems, secured lending, and banking services. The firm also offers VISA & Mastercard programs through its platform.
“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,” said Garth Howat, CEO of Baanx.
Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.