Baanx FinTech Invests in Iowa’s Maxwell State Bank

B2B2C platform Baanx is now the third-largest shareholder in Maxwell State Bank, which is regulated by the U.S., after a multimillion-dollar deal to bolster cybersecurity as well as banking access in the country, a press release says.

“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.

Maxwell State Bank was acquired by the FinTech entrepreneur Ronald Ingram, who’s founded multiple FinTech companies, and Ingram has been quoted as having “ambitious” plans for the bank. He wants to expand services and work with FinTech leaders in cybersecurity, cryptocurrency, tokenization and private and public key infrastructure companies.

Baanx, the release says, is doing work in fields like secure transaction payment systems, secured lending and banking services, offering Visa and Mastercard services and secure lending.

“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.”

In other cybersecurity news, tech moguls, after meeting with President Joe Biden, have promised to invest billions to fight the rise of cybercrime. Cyberattacks have hit new highs as the pandemic has hastily re-shuffled much of the world’s business online, with criminals taking advantage of the ensuing confusion.

Read more: Kaspersky Detects 1.5B IoT Cyberattacks This Year

Now, Apple, Google, Microsoft, Amazon and IBM have pledged to help, with Google and Microsoft putting billions into backing cybersecurity, Amazon making its in-house training available to the public, and Apple planning to boost the tech supply chain.