MX secures $300 mn in Series C funding at valuation of $1.9 bn
By Pavithra R
MX, a leader in open finance and creator of the Money Experience category, has announced securing $300 mn in a Series C funding round led by a $150 mn investment from TPG Growth.
The investment round also saw participation from new and existing investors including CapitalG, Greycroft, Cota Capital, Canapi Ventures, Digital Garage, Geodesic Capital, Point72 Ventures, and Pelion Venture Partners, along with Regions Financial Corp. Last year, the company increased its market valuation to $1.9 bn powering more than 2,000 banks, CUs, FinTechs, and technology companies, as well as 85% of digital banking providers, with a combined reach of over 200 mn consumers.
The financial industry is investing billions of dollars in creating new experiences that will revolutionize how people interact with their money — how they save, spend, and invest. MX is the source of the data and the data enhancement engine can power all these experiences. The firm is planning to use the investment to help organizations around the world automate the money experience, which means using aggregated and enhanced data to make interaction with money more intelligent and personalized.
“The financial industry is at an inflection point as organizations look to become not only intermediaries but true advocates for their customers by offering personalized insights and data-driven money experiences. Along with incredible partners, we are helping financial institutions and technology companies accelerate their digital roadmaps and launch next-generation services and apps that will fundamentally transform how people interact with their money,” said Ryan Caldwell, Founder and CEO at MX.
MX helps organizations connect to the world’s financial data and turn raw, unstructured data into valuable assets to deliver powerful new experiences, increase top-line growth, and build brand loyalty. The FinTech enhances financial data by cleansing, categorizing and by adding additional metadata that empowers organizations to reduce fraud, approve loans faster, and help customers save and invest smarter.
“Investing behind the digital transformation of traditional financial institutions is a key theme for our team, and we are excited to lead the latest funding round for a company that is at the forefront of this market. MX’s technology stack is a clear differentiator and has delivered tremendous growth for the Company over the last 12 months. We look forward to building on this success by working with the team to partner with even more of the world’s most innovative brands to develop, launch, and power personalized money experiences,” said Mike Zappert, Partner at TPG Growth.
Founded in 2010, MX is a growing FinTech innovator, powering more than 2,000 financial institutions and 43 of the top 50 digital banking providers to improve the financial lives of more than 30 million people. The firm leads the industry through its secure, reliable and direct API connections to top financial institutions and most advanced enhancement engine, using AI and ML to categorize transaction data with 98% coverage. Recently, the firm partnered with Hydrogen to power the future of FinTech and Embedded finance.
Also, read Blend raises $300 mn in Series G funding, doubling its valuation to $3.3 bn