Boss Insights Teams Up with MX to Boost Business Lending with Real-Time Financial Data

Boss Insights Teams Up with MX to Boost Business Lending with Real-Time Financial Data
  • Finovate alums Boss Insights and MX are partnering to give SMEs access to real-time financial business data.
  • The partnership will support faster, more accurate lending and funding for SMEs, as well as enhancing payment services.
  • A multiple-time Finovate Best of Show winner, MX is headquartered in Lehi, Utah. Boss Insights is based in Toronto, Ontario, Canada.

A partnership between open finance company MX and business data aggregation innovator Boss Insights will make it easier for small and medium-sized businesses to access real-time financial business data. Announced late last week, the collaboration will help banks and other financial institutions better serve their SME customers.

Courtesy of the new partnership, firms will have a 360-degree view of their business customers’ financial health via a single API. The API offers real-time access and integration with accounting, banking, and commerce data from more than 1,000 sources including QuickBooks, Xero, Shopify, Stripe, and Amazon.

“Boss Insights shares MX’s view that finances should be simple, useful, and intuitive,” Boss Insights CEO Keren Moynihan said. “Together, MX and Boss will empower fintechs, private lenders, and financial institutions with a platform to originate, decide, and monitor the business requests of their SMB and commercial business customers. This will help them make faster, more accurate lending, funding, and payment decisions.”

Among Finovate’s newer alums, making its Finovate debut in 2019, Boss Insights leverages big data and AI to accelerate the lending process for SMEs. The company’s Smart Capital product suite offers automated screening, due diligence, and portfolio management, and empowers lenders with real-time insights that lower risk and boost revenue opportunities. Founded in 2017, Boss Insights is headquartered in Toronto, Ontario, Canada.

“The partnership of MX and Boss Insights demonstrates the power and role of connectivity and data in the future of finance,” MX EVP of Partnerships Don Parker said in a statement. “As a leader in Open Finance, MX is committed to expanding our partner ecosystem with reputable partners who align to our overarching mission and stringent data and security standards. Today’s partnership with Boss Insights demonstrates our commitment to Power the Open Finance Economy.”

The newly-announced collaboration with Boss Insights is one of a number of partnerships that Lehi, Utah-based MX has announced in recent weeks. Earlier this month, the company teamed up with omnichannel payments platform Qolo Partners to help fintechs and neobanks scale their businesses faster. In March, MX worked with fellow Finovate alum Fiserv to enable secure consumer financial data access and sharing. That same month, MX announced that it had forged a new data access partnership with the University of Wisconsin Credit Union.


Photo by Luis Ruiz

MX Teams Up with Embedded Banking Platform Rize

MX Teams Up with Embedded Banking Platform Rize
  • Multiple-time Finovate Best of Show winner MX announced a partnership with embedded banking platform Rize.
  • Together the two fintechs will make it easier for developers to build and launch new financial services and products through a single API.
  • Virginia-based fintech-as-a-service innovator Rize was founded in 2015 and has recently partnered with Walnut Insurance and TrueNorth.

A partnership between financial data and modern connectivity company MX and embedded banking platform Rize will enable fintech and other developers to build, launch, and scale new financial solutions via a single API.

The collaboration, announced late last month, will provide access to Rize’s banking infrastructure and compliance program. Both current and new clients also will be able to securely link bank accounts from 16,000+ financial institutions and fintechs by way of MX’s data connectivity network, which leverages machine learning to clean and enrich transaction data.

“Our partnership with Rize is all about developing new financial products and services through one API,” MX EVP of Partnerships Don Parker said. “By cutting the associated time and costs of development, we’ll open up MX functionality to a wider range of fintech companies and organizations already working to improve financial strength and access to quality financial tools.”

Powering 85% of digital banking providers and thousands of banks, credit unions, and fintechs, MX most recently demonstrated its technology on the Finovate stage last fall in New York for FinovateFall. At the conference, the multiple-time Best of Show winner showed its Open Finance portal that improves the data sharing experience between providers and recipients for the benefit of the customer. The technology relies on modern, token-based connectivity to give financial institutions the ability to monitor and manage how customer data is shared.

In the months since its appearance at FinovateFall, MX has forged partnerships with Deposits.com to promote financial inclusion in underbanked communities, and with H&R Block, where the Lehi, Utah-based fintech will help the tax preparer provide customers of its Spruce mobile banking platform with greater transparency. In February, MX teamed up with Cadence Bank, a regional financial institution based in Tupelo, Mississippi with more than $50 billion in assets and 400+ branches in the American South, Midwest and in Texas. MX began the year with the appointment of Shane Evans as Interim Chief Executive Officer. Evans took over the top spot from MX founder Ryan Caldwell, who transitioned to the role of Executive Chair.

MX Partners with Suncoast, Florida’s Largest Credit Union

MX Partners with Suncoast, Florida’s Largest Credit Union

When it comes to Florida’s credit unions, in terms of both assets and membership, it doesn’t get any bigger than Suncoast CU. Founded in 1934 as Hillsborough County Teachers Credit Union, the institution converted to a federal charter as Suncoast Schools FCU in 1978. The company has since become the largest credit union in the state of Florida, as well as the 10th largest credit union in the U.S. based on membership and assets, which total more than $14 billion. The credit union has 75 full-service branches and serves more than 991,000 members in 40 counties in Florida.

The credit union also has become the latest institution to team up with financial data platform and modern connectivity leader MX. Suncoast will leverage MX’s data enhancement platform, its PFM, and MXinsights technology to enable its members to proactively manage and take action to improve their finances. The partnership is designed to improve processing efficiencies for Suncoast, as well as fuel more customer-engaging experiences and accelerate growth, by putting the institution’s data more accessible and more actionable.

“By providing our members with a better experience, powered by accessible and relevant information about their financial lives – what they need and when they need it – we’re helping them solve real issues on their terms,” Suncoast Credit Union President and CEO Kevin Johnson said. “We believe this will lead to even more connected Suncoast members and provide more availability for our employees to provide personalized assistance.”

As part of the collaboration, Suncoast’s members will gain access to budgeting, auto-categorization, and debt management tools, as well as the ability to view all of their data in a single platform. The credit union will be able to leverage MXinsights to play a proactive role in their member’s financial health, communicating with them about their account activity and empowering them to develop and maintain healthier financial practices.

“The combination of cleansed, intelligent data powering personal financial insights that MX is providing Suncoast makes for a delightful money experience from a credit union that truly cares about the financial health of its members in Florida and beyond,” MX Chief Customer Officer Nate Gardner said.

A multiple time Finovate Best of Show winner, MX has teamed up with a number of customer-centric financial institutions in recent months. This includes a partnership with Massachusetts-based Cambridge Savings Bank to help the $5 billion asset institution launch its Money Management personal finance visualization solution. MX has also partnered with fintechs such SUMA Wealth, which is dedicated to serving the Latin/Hispanic community, as well as with payroll connectivity API company Pinwheel and credit union mobile banking solution provider Mahalo Technologies. Headquartered in Lehi, Utah, MX was founded in 2010. Ryan Caldwell is co-founder and CEO.

Impossible, Improbable, Necessary: In Memoriam of MX Co-Founder Brandon Dewitt

Impossible, Improbable, Necessary: In Memoriam of MX Co-Founder Brandon Dewitt

The Finovate Team was saddened to hear of the passing of Brandon Dewitt, co-founder and Chief Technology Officer of MX. He was 38.

In a letter to company employees, MX CEO Ryan Caldwell, who co-founded the firm with Dewitt in 2010, wrote of his colleague’s “brilliance, boundless positivity, wonderful wit, and ability to be joyous and grateful, regardless of what challenges he faced.”

Diagnosed with Stage IV cancer in 2016, Dewitt was a staple of MX’s participation at Finovate events, including leading the company’s most recent Best of Show winning demo at FinovateFall in 2019. But it may have been his presentation at Finovate’s developers’ conference, FinDEVr Silicon Valley 2016, that left the most indelible impression on so many of us. After a discussion of the company’s latest innovation, Dewitt retold the story of his battle with cancer, the way his teammates at MX rallied in support, and why he wanted to discuss this topic with our Finovate/FinDEVr audience.

What I want to say to every developer that’s here today, every entrepreneur that’s here to today, every builder that’s here today is about the seemingly impossible, certainly improbable, but necessary. I want you to know that we wake up every single day and say ‘but necessary.’ We know as an organization what our task is: to be ‘but necessary’. And I want to challenge every developer out there in saying, ‘are you working on something that is necessary?’

You may be thinking, ‘man he went from talking software to talking cancer and scared it me’ …” Dewitt conceded. “But if you look at the leading causes of death of humans, in the top ten is suicide … And if you look at the leading causes of suicide, one of the leading causes of suicide is financial stress. The World Health Organization considers financial stress one of the most significant problems facing mankind.

So what we’re doing here today and what you wake up and do on a daily basis, can be part of the solution to a very, very solvable problem. And so I want to challenge you not only as organizations, not only as builders, but as humans. Are you waking up every single day and doing something that is necessary? And if you’re not, there’s tons of organizations that are out in that hallway that have a booth set up that are doing something that is necessary, that is finding a way to change the world that is necessary for the future of humanity, and I would encourage you to check them out.

Our thoughts and deepest condolences are with Brandon Dewitt’s fiancé, Kara, as well as his family, friends, and his teammates at MX.

MX Inks Partnership with Payveris

MX Inks Partnership with Payveris

Financial data platform and connectivity leader MX is teaming up with integrated money movement platform Payveris to enable financial services and fintechs to offer low-cost, low-risk money movement via enhanced account connectivity.

“We respect Payveris as a leader in the money movement space and we’re excited about this partnership because it will help our joint customers have full control over almost every aspect of the experience for money movement,” MX co-founder and Chief Technology Officer Brandon Dewitt said. “Payveris has a long track record of strength, security, and reliability in lowering the friction to the user experience, significantly reducing operating costs, and future-proofing their IT investment.”

The integration, announced this week, will enable organizations to offer intelligent digital payment and money movement services, as well as use Payveris’ MoveMoney platform and suite of open APIs, SDK widgets, and SSO products – all embedded into an integrated money movement offering.

Payveris VP of Product Management Chirag Patel said that the partnership was a response to growing demand from financial institutions for automation in billpay and money movement. Patel noted that this challenge was especially acute for banks and credit unions that are facing new competition from technology companies and retailers that are offering banking services. “Banks and credit unions are looking to have a major role in delivering the best experience possible for their users,” Patel said. “With MX’s industry-leading financial data platform and modern connectivity, we’re making the payment experience seamless – the way consumers move and manage money – and simpler than ever.”

Founded in 2011 and headquartered in Cromwell, Connecticut, Payveris was acquired by cloud-based billpay technology company Paymentus last month for $152.2 million. In July, Payveris announced that it had optimized the P2P functionality on its MoveMoney platform, enabling users to send money to anyone with a U.S. bank or credit union account using only the recipient’s mobile phone number of email address. In May, the company reported that its MoveMoney platform supported a total of more than 225 credit unions, including 27 CUs added in the past year alone.

Named to the Forbes Cloud 100 last month, Lehi, Utah-based MX includes partnerships with finance platform and “virtual goal mall” Goalry, credit union giant BECU, and fellow Finovate alum Dwolla among its more recent collaborations. The company connects more than 16,000 financial institutions and fintechs with its data connectivity network, and powers 85% of digital banking providers – in addition to thousands of banks, credit unions, and fintechs. Be sure to check out the latest from MX as the multiple-time Best of Show winner returns to the Finovate stage next week for FinovateFall 2021.


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FinovateFall 2021 Sneak Peek: MX

FinovateFall 2021 Sneak Peek: MX

A look at the companies demoing at FinovateFall on September 13-15, 2021. Register today and save your spot.

MX Portal is an open finance platform that improves the data sharing experience between data providers and data recipients on behalf of the customer.

Features

  • Gain a consolidated view into connection stability, requests, and health
  • Monitor active and pending connections to identify trusted vendors with whitelisted IPs
  • Access built-in legal documents

Why it’s great
MX makes it easy for banks and credit unions to accelerate open banking.

Presenters

David Whitcomb, VP Product Connectivity
Whitcomb leads MX’s Connectivity products and solutions, guiding how MX connects end users to their financial data and how FIs and Fintechs do as well.
LinkedIn

Shayli Lones, VP Go to Market
Lones leads MX’s Go to Market team, driving brand strategy and demand for products and services that align with market needs.
LinkedIn

BECU Teams Up with MX to Help Low-Balance Members Save More

BECU Teams Up with MX to Help Low-Balance Members Save More

Financial data platform MX announced a collaboration with 1.2 million-member BECU (Boeing Employees Credit Union) to build a new mobile app feature called Quick Save that will help members boost their savings. Piloted last year with BECU members that had low savings account balances, Quick Save helps increase savings via an easy-to-use “slide to save” module that enables frequent, small dollar amount transfers.

“BECU is continually innovating and leveraging technology to improve our members’ experience and empower them financially,” BECU Director of Digital Strategy Liz Wagner explained. “It’s been inspiring to see Quick Save go from a concept to a fully functioning tool that members in this pilot are using to build their savings.”

The pilot project was conducted – and evaluated – in coordination with the Financial Health Network (FHN). Over the course of five months, FHN determined that BECU members using the new solution had transferred more than $2 million into savings accounts, representing an 18% increase in savings balance for the credit union’s low-balance savers, and a 26% increase in money movement via mobile transfers. Wagner credited the “combined power” of all three parties involved for both helping build and measure the effectiveness of the Quick Save offering, adding that the solution would “meaningfully improve our members’ financial health.”

Quick Save is only the latest example of the relationship that the Utah-based fintech and BECU have cultivated. More than five years ago, BECU went live with Helios by MX, a cross-platform framework that enables device- and platform-agnostic, full-featured digital banking.

“When it comes to mobile banking, every option we looked at functioned about the same,” BECU VP of Digital Banking Howie Wu said after the technology had been implemented. “We saw Helios as a chance to stand out and provide a very different experience.” Wu highlighted digital money management, aggregation, budgeting, and alert notifications among the offerings available via the framework – “all features that would enable our members to be financially strong,” Wu explained. Within 18 months of its deployment, BECU reported a 170% increase in billpay, a 56% increase in money transfers, and a 22% increase in check deposits.

Headquartered in Tukwila, Washington (a suburb of Seattle) and founded in 1935, BECU has assets of more than $26 billion. The institution is the largest credit union in Washington State and the fourth largest credit union in the U.S.

“BECU and MX have been aligned partners for years, both resolute in our determination to help strengthen the financial well-being of BECU members and their community,” MX Chief Customer Officer Nate Gardner said. He called Quick Save “yet another example of BECU’s wholehearted commitment to financial strength” as well as delivering “intelligent and personalized money experiences for the hundreds of thousands of members they serve.”

A multiple-time Finovate Best of Show winner, MX returns to the Finovate stage next month in September for FinovateFall in New York.

MX Integrates with Dwolla; Bambu and Moven Launch Strategic Partnership

MX Integrates with Dwolla; Bambu and Moven Launch Strategic Partnership

From the partnership between Best of Show winners MX and Dwolla that will enhance and automate account verification to the news of a strategic partnership between roboadvisor Bambu and Moven, collaborations between Finovate alums are filling the fintech headlines to start the week.

With MX and Dwolla, the partnership extends instant account verification coverage to 4,000+ institutions, making it easier for MX customers to connect securely to any deposit account. The integration also enables account verification through micro-deposits, which makes it possible for MX to offer verification for “nearly 100 percent” of deposit accounts in the U.S.

Enabling better access to micro-deposits by improving the verification experience is a key component of the integration. MX co-founder and CTO Brandon Dewitt underscored the importance of these deposits and the role they play in financial inclusion and serving the underbanked. “Micro-deposits have gotten a bad reputation in the industry, but the truth is for some of the population who bank with community credit unions or mid-sized institutions, it comes down to either using a micro-deposit or not having the ability to connect them to their accounts,” Dewitt said.

MX most recently demonstrated its technology on the Finovate stage two years ago at FinovateFall. The Lehi, Utah-based company won Best of Show for a live demo of its MX Enabled platform that helps financial institutions add to their offerings via connections with fintechs through MX’s API ecosystem. Earlier this month, MX launched a new suite of financial insights APIs and embeddable user interfaces to enable companies to pursue opportunities in open finance.

Dwolla won Best of Show in its Finovate debut in 2011 at FinovateSpring. The company announced just last week that it had raised $21 million in funding in a round led by Foundry Group that will help it continue to innovate in the B2B payments space.

“Partnering with MX will automate the verification experience and make it that much easier to verify a bank account,” Dwolla President and COO Dave Glaser said. “Together with Dwolla, MX has configured a new solution to ensure that millions of payments occur smoothly and easily each day. We couldn’t be more excited about this partnership and the impact it will have on millions of Americans.”


Giving average retail banking customers the kind of support typically available only to high net worth individuals is part of the motive behind the strategic partnership announced early this week between roboadvisor technology solution company Bambu and financial wellness technology platform Moven.

“Adding Bambu’s capabilities to Moven’s mobile-centric experience is well in-line with the needs of banks and fintechs to provide consumers with personalized, automatic investing to their product offerings,” Moven Chief Revenue Officer Bryan Clagett said. He noted that traditional banks still have a major impact and influence on their customers and, as such, they can and should do more – beyond banking – to enable their customers to better manage the entirety of their financial lives.

The new offering is designed to empower bank customers by allowing them to manage and plan their finances and investments more holistically. The goal is to provide customers with the equivalent of a digital CFO to help them better understand their spending patterns in order to increase savings and better manage their investments. This is a critical aspect of the new solution, which moves beyond simple robo-investing to give customers a more comprehensive view – and greater control – over their finances.

“We look forward to working closely with Moven as wealth and digital banking become more seamlessly connected,” Bambu co-founder and CEO Ned Phillips said. “Moven’s long history in digital banking and Bambu’s intelligent wealth APIs will provide a perfect platform for any financial institution focused on digital banking and wealth.”

Singapore-based Bambu made its most recent Finovate appearance last year at FinovateEurope in Berlin where the company demonstrated its BambuGo white label financial roboadvisor platform. Earlier this month, Bambu announced that it had acquired investment management technology company Tradesocio.

Making its Finovate debut more than eight years ago, Moven famously pivoted from a direct-to-consumer/neobank model to a focus on “smart banking and financial wellness” a little over a year ago. The company has teamed up since with fellow Finovate alums Q2 and Digital Onboarding, as well as with intelligent billpay company Blip Labs and digital asset manager NYDIG, to help them better engage their customers with actionable insights to enhance financial health.


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MX Unveils New Financial Insights APIs

MX Unveils New Financial Insights APIs

Connectivity and financial data enhancement innovator MX launched a new suite of financial insights APIs and embeddable user interfaces this week. The APIs will enable developers to quickly and securely bring MX-powered financial data into their solutions, helping companies pursue their open finance initiatives. MX also noted in their announcement that their offering will help firms accelerate time-to-market for financial wellness products – with personalized smart recommendations and insights built into the company’s app or website.

The API integrations and widgets now available enable companies to enjoy the benefits of MX-powered financial data without requiring them to build their own front-end solution. The embedded nature of the offering allows developers to add widgets to mobile banking and shopping apps, for example, without having to make major changes to the overall app or user experience.

“MX APIs and widgets make it easy for any company to embed financial insights and wellness tools into their current products and services,” MX Chief Product Officer Brett Allred said. “We’re making data-driven financial wellness tools more available and scalable than ever before by giving developers an easier and more secure way to connect financial data and help build products that power new money experiences for customers.”

Founded in 2010 and headquartered in Lehi, Utah, MX began the year with a $300 million Series C funding round that gave the company a valuation of $1.9 billion. Since then, the multiple-time Finovate Best of Show winner has forged partnerships with banks and credit unions including Libro Credit Union, First Hawaiian Bank, and AbbyBank. MX also this year has teamed up with Viva First to help the digital bank promote financial wellness in the Latino community. In April, MX collaborated with Moov to bring faster account verification to fintechs.

MX currently connects more than 16,000 financial institutions and fintechs with its data connectivity network. The company powers 85% of digital banking providers, as well as thousands of banks, credit unions, and fintechs, reaching more than 200 million financial services customers. Ryan Caldwell is co-founder and Chief Executive Officer.

MX and Moov Bring Instant Account Verification to Fintechs

MX and Moov Bring Instant Account Verification to Fintechs

MX, which began the year with a $300 million investment that boosted its valuation to $1.9 billion, is collaborating with developer-first payments platform Moov Financial to give fintechs and other companies instant account verification (IAV) and money movement.

“Moov is transforming the way fintechs enable account verification, money movement, and ACH payments through APIs,” MX cofounder and CTO Brandon Dewitt said. “We align with their mission to help fintechs and organizations focus on building amazing new experiences. Fintechs like Moov are a big reason why a massive digital shift is happening across the banking industry.”

Moov enables platforms, marketplaces, and software companies to embed payment functionality into their solutions, providing seamless money acceptance, storage, and disbursement. The combined, turnkey solution enhances the account verification process, providing a faster, more secure, and reliable experience for customers who are adding banking or payment functionality to their offerings.

“Whether you think of yourself as a fintech or not, every modern company is seeking a way to automate its process to accept, store, and disburse money,” Moov CEO Wade Arnold said. “Developers want the best user experience possible for their application. MX’s ability to provide fast IAV makes the payment experience swift and more seamless than it would have been without the joint solution.”

A multiple time Finovate Best of Show winner, MX provides connectivity and data enhancement for more than 16,000 financial institutions and fintechs – including 85% of digital banking providers. Among the Utah-based firm’s most recent collaborations is its partnership with AbbyBank. The $616 million asset community-owned bank launched its PFM solution – an embeddable digital money management tool powered by MX and offering budgeting, subscription tracking, debt management, and more – in March.

“With MX, AbbyBank is giving its customers across Wisconsin greater clarity into their personal finances,” MX Chief Customer Officer Nate Gardner said. “(It’s) exactly the kind of innovation, partnership and money experience that MX loves to enable through our powerful data platform.”

Founded in 2010, MX most recently demonstrated its technology at FinovateFall 2019.

Four Fintechs Crowned Unicorns in the First 3 Weeks of 2021

Four Fintechs Crowned Unicorns in the First 3 Weeks of 2021

There’s not much room in 2021 for 2020-style pessimism. Sure, if you look, you can find plenty of things to be negative about so far this year. However, one aspect of 2021 that’s giving fintechs hope is the recent uptick in valuations across the fintech sector.

Despite last year’s global events, many fintechs received valuations exceeding $1 billion. In fact, in December 2020 alone, four fintechs, including eToro, Creditas, PhonePE, and GoCardless, received unicorn status.

This year seems to be off to a similarly bullish start, with four fintechs becoming unicorns in just the first three weeks of 2021:

Digit Insurance

India-based Digit Insurance became India’s first unicorn of 2021 after the country saw 11 new unicorns in 2020. Just 15 days into the new year, and after raising $18.5 million, Digit Insurance unveiled a new valuation of $1.9 billion.

Divvy

Spend management startup Divvy received a valuation of $1.6 billion after its Series D round on January 5. The $165 million came from new investors PayPal Ventures, Whale Rock, Schonfeld, and previous backers NEA, Insight Venture Partners, Acrew, and Pelion. The pandemic has spurred increased traffic to Utah-based Divvy; the startup has experienced a 500% increase in monthly sign-ups since March 2020.

Mambu

SaaS banking platform Mambu earned its unicorn title after landing a $135 million investment on January 7. The boost gave the Germany-based company a post-money valuation of just over $2 billion. Mambu will use the funds to increase its presence in Brazil, Japan, and the U.S.

MX

The second fintech unicorn to come out of Lehi, Utah is fintech data company MX. Founded in 2010, MX raised $300 million in Series C funding on January 13, bringing the company’s total capital to $505 billion and boosting its valuation to $1.9 billion. Company CEO Ryan Caldwell said that MX will use the funds to hire more staff and improve its data collection and enhancement capabilities.


Photo by Stephen Leonardi on Unsplash

MX Raises $300 Million in Series C Funding; Becomes Fintech’s Latest Unicorn

MX Raises $300 Million in Series C Funding; Becomes Fintech’s Latest Unicorn

Some fintech observers may have gotten an inadvertent peek at the news yesterday. But today the big funding rumor has been confirmed: Less than a week after announcing its strategic partnership with fellow Finovate alum Hydrogen, money experience innovator MX is back in the fintech headlines with word of a $300 million fundraising.

TPG Growth led the round with a $150 million commitment. Also participating were existing investors CapitalG, Geodesic Capital, Greycroft, Canapi Ventures, Digital Garage, Point72 Ventures, Pelion Venture Partners, and Regions Financial Corporation. The Series C round takes MX’s total capital to $505 million and increases the firm’s valuation to $1.9 billion – making MX fintech’s latest unicorn.

In a statement, company CEO Ryan Caldwell said that in addition to hiring more talent, MX will use the capital to boost its platform’s data collection and enhancement capabilities. He specifically mentioned the importance of “scaling and finding additional ways to market” which underscores MX’s recent forays into embedded finance and its just-announced partnership with Hydrogen.

“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,” Caldwell explained. “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.”

MX helps businesses turn raw, unstructured data into valuable, insight-rich assets. This empowers them to build new solutions and services for their customers, drive growth, and boost brand loyalty. In addition to cleaning and categorizing data, MX’s technology adds key metadata that enables companies to better fight fraud, make faster loan approvals, and help their customers make better financial decisions.

In the funding announcement, Derek Zanutto of CapitalG praised MX’s ability to “leverage data strategically” and favorably compared MX’s potential impact on the financial industry to that of Netflix in the streaming content space and to Amazon in the e-commerce space. TPG Growth’s Mike Zappert noted that his firm was committed to investing in the digital transformation that is sweeping through financial services and sees MX as a big part of it. He called MX’s technology “a clear differentiator” that has delivered “tremendous growth for the Company over the last 12 months.”

MX currently works with more than 2,000 banks, credit unions, fintechs, and other companies, and includes 85% of digital banking providers among its partners. This has given the Lehi, Utah-based company a combined reach of more than 200 million consumers. A multiple Finovate Best of Show winner, MX last demonstrated its technology at FinovateFall 2019.