MX Raises $30 Million in Series A Investment

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Five-time Best of Show award winner, MX, has boosted its total capital to more than $50 million with this week’s raise of $30 million. The Series A round was led by USAA (via a subsidiary), and featured participation from existing investor Commerce Ventures and new investor Digital Garage, based out of Tokyo.

TechCrunch’s coverage of the fundraising cites Pitchbook’s valuation of the company formerly known as “MoneyDesktop” at more than $270 million after this week’s investment.

The strategic implications of the investment in MX include the opportunity to bring its personal/digital finance management technology to the more than 10 million customers of USAA. Vic Pascucci, head of corporate development at USAA, said, “We see an opportunity for MX’s technologies to benefit our members, and our investment is one way we plan to explore that opportunity.”

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With Digital Garage onboard, MX will leverage the firm’s experience in helping companies like Twitter expand overseas to do some international expansion of its own. President and Group CEO Kaoru Hayashi called MX “a dominant force in the U.S.” and referred to financial institutions in Japan as being “hungry for (the) full-stack solutions” that MX can provide.

Headquartered in Provo, Utah (“the heart of Utah’s Silicon Slopes”), MX specializes in helping banks and financial institutions provide omnichannel, “customer-centric” banking experiences. MX was founded in 2010 by Ryan Caldwell (CEO), and partners with more than 500 FIs and 30 online banking, core, and payment network providers. Providing a “truly cross-platform” experience—the company’s last demo at FinovateFall 2014 featured the platform running on more than eight different devices—MX is better able to ensure that their technology will integrate seamlessly with an FI’s current system and processes.

Categories: MX

Finovate Alumni News

On Finovate.com

  • MX Raises $30 Million in Series A Investment

Around the web

  • Encap Security to support Samsung fingerprint scanner as part of version 3.0 of its Smarter Authentication technology. See Encap at FinovateSpring 2015 next month in San Jose.
  • Dutch banking group ABN AMRO to deploy wealth-management solution, WealthSuite, from Temenos.
  • Top Image Systems wins recognition at 2015 IT Innovation Awards (IT Innovationspreis) for MobiPAY.
  • PayPal partners with Tillster, an online ordering platform.
  • Green Dot names MasterCard its exclusive transaction processor and network gateway.
  • American Banker: New Moves by Coinbase, Ripple Advance Digital Money Tech.
  • Currency Cloud appoints former Deutsche Bank CIO, Mitchel Lenson, as a non-executive director.
  • IP Commerce launches new version of Commerce Sync to automatically transfer sales info from a POS system or e-commerce solution into accounting software on a daily basis.
  • InComm partners with Russian internet giant Mail.Ru Group.
  • Stratos now shipping its all-in-one smart credit card. Come see Stratos at FinovateSpring in San Jose.
  • Open Source Project.com features Open Bank Project.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

 

Finovate Alumni News

On Finovate.com

  • Prosper Pulls in $165 Million in Funding, Boosting Valuation to $1.9 Billion

Around the web

  • Digital Insight releases Android smartwatch functionality with Wright-Patt Credit Union.
  • Australian Banking Finance features Avoka CEO Derek Corcoran.
  • Louisville business blog features Onovative. Catch them at FinovateSpring 12/13 May 2015.
  • MX releases first look at its AppleWatch.
  • Linqto’s Personal Banker receives Overall Most Innovative Award in Barlow Research Associates’ 2015 Monarch Awards for in business banking.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Finovate Debuts: StreetShares Helps Small Businesses Raise Capital
  • FinovateSpring 2015 has sprouted! Check out our first Sneak Peek, featuring 7 presenting companies.

Around the web

  • Backbase adds Payveris’ suite of payment APIs to the Backbase Open Banking Marketplace.
  • Evans Bank to deploy core banking technology from FIS.
  • Xignite teams up with ChartIQ to launch new market-data widgets.
  • Heckyl Technologies featured in e27’s list of 10 ‘need-to-know startups’ in Singapore and India.
  • Backbase adds MX’s PFM and account aggregation to the Backbase Open Banking Marketplace.
  • Wharton Fintech blog: How Betterment is Redefining the Retail Investment Landscape.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

  • Business Standard looks at the partnership between TradeHero and OANDA.
  • P2Binvestor reaches $50 million invoices-funded milestone.
  • Ripple Labs adds former State Department policy official, Anja Manuel, as advisor.
  • peerTransfer picks Digital River to provide payment processing.
  • Trustev Wins Most Disruptive Technology Award at SXSW.
  • WattzOn to participate in Georgetown University Energy Prize competition to help communities reduce energy consumption.
  • Toopher raises $200,000 of planned $300k financing round.
  • Fifth Third Bank launches online money movement solution from CashEdge.
  • Finovate Debuts: How Bitbond Leverages Bitcoin to Benefit Borrowers and Lenders.
  • Madrid-based Banco Mare Nostrum implements MicroStrategy as its analytics standard to drive analysis and insight for its employees.
  • American Banker features David Pinski’s move from a bank to a startup, Zumigo.
  • Payment Week interviews Cardlytics on how big data is changing consumer engagement.
  • American Banker: Ripple Labs hires Anja Manuel, a former U.S. State Department official, as company adviser.
  • Ovum names Kony a leader, recognizes it for its comprehensive cloud-based mobile solution.
  • ThreatMetrix enhances TrustDefender Mobile to help businesses meet new payment card industry data security standards.
  • Spring and All: FinovateSpring 2015 Presenters Revealed!

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News– February 20, 2015

  • Finovate-F-Logo.jpgInComm to offer Hip Digital access to selection of gift cards and delivery options.
  • Betterment Raises a Fresh $60 Million in Round Led by Francisco Partners.
  • FPS GOLD Partners With MX for Personal Financial Management.
  • US News features MaxMyInterest, Moven, and Level Money in a feature on money-saving and simplifying tools.
  • Alkami Technology Brings its Digital Banking Platform to Patelco Credit Union.
  • Samsung Acquisition of LoopPay Puts Apple Pay on Notice.
  • FIS earns new ISO certification.
  • TheStreet.com column on new security technologies for banks features EyeVerify and Digital Insight.
  • EVO offers processing to underserved direct response merchants.
  • Moneyweb mentions Entersekt’s role in South African-based fintech.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News– January 15, 2015

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgFiserv launches its mobile card management app, CardValet.
  • Monitise teams up with the MoneyPass Network to offer Mobile Money services and card control functionality.
  • Misys adds DTCC connectivity to its Regulatory Reporting Service.
  • Partnership between MasterCard and Movistar brings mobile money service to Peru.
  • Benzinga columnist profiles Market Prophit in his look at Apple, Facebook, and JP Morgan.
  • Yodlee now powering 80 financial solutions for smbs.
  • PlanetBiometrics profiles Neil Costigan, BehavioSec CEO.
  • D3 Banking reveals 2015 plans to release digital offering for bank’s SMB customers & launch SaaS-based offering.
  • Kony receives the highest scores in 3 out of 4 use cases in New Gartner Report: Critical Capabilities for Mobile Application Development Platforms.
  • TIO Networks partners with City of Baltimore to launch mobile phone bill payments for residents.
  • James Dotter, Utah Business’ 2013 CFO of the Year, joins MX as CFO.
  • FreeAgent offers £5k tax bill prize to ease Self Assessment woes.
  • Algomi reports strong growth, plans to triple U.S. staff.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News– November 4, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgOberthur and SecureKey announce collaboration to enable secure cloud transactions.
  • Zopa reports £250 million lent in 12 months.
  • Xendpay eliminates fee for overseas bank-to-bank transfers.
  • MX boosts its funding total to $20 million with new investment.
  • Xpenditure announces two new partnerships, US expansion.
  • Financial Advisor profiles robo-advisor, iQuantifi.
  • SK Planet teams up with Celcom Axiata Bhd to form joint-venture company, Celcom Planet.
  • Programmable Web takes a look at Feedzai’s anti-fraud API.
  • EyeVerify announces Eyeprint ID v2.0 to launch in January on iOS and Android.
  • Fidor Bank and Kraken join forces to launch specialized bank for crypto currencies.
  • TipRanks CEO and co-founder Uri Gruenbaum discusses financial accountability in a CNBC panel discussion.
  • Dragon Wealth named Euromoney Magazine’s Best Wealth Management Innovator in Asia.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

MX Takes its Funding Total to $20 Million with New Investment

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The amount was undisclosed, but the latest investment for MX (formerly MoneyDesktop) reportedly takes the company’s total capital to $20 million.

“We are thrilled to be partnered with those that are on the side of innovation,” Ryan Caldwell, MX CEO and founder said in a statement. “And we are humbled to be a critical part of making that shift possible.”

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More is known about the investors than the investment – though the company’s previous funding total of more than $11 million suggests that the current investment is around $8-9 million. Speaking for one of the investors, TTV Capital’s Mark Johnson, referred to MX as “the kind of innovation and company that only comes along so often,” and praised how MX was able to deliver a “truly engaging” experience across platforms.
Also participating alongside TTV Capital were Commerce Ventures and North Hill Ventures.
Formerly known as MoneyDesktop, MX specializes in helping banks provide cross-platform banking and financial management experiences to their clients and customers. A Finovate multiple Best of Show award winner, MX launched a pair of products in September – Helios and WideNet. These technologies not only provide FIs with the technology they need to make their banking apps deployable on a wider variety of devices. They also make it possible for FIs to reach beyond their current customer base and expand their market reach.
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“For the first time in banking history,” Caldwell explained from the Finovate stage last month. “not only your account holders, but non account holders (can) download and use your app. This allows you to quickly, easily, and cost-effectively cast a wide net across all the potential account holders you don’t yet have, but want.”
In addition to the funding news, MX announced seven new clients with assets of $74 billion combined.
  • America First Credit Union
  • ATB Financial
  • BECU (Boeing Employees Credit Union)
  • Cadence Bank
  • LGFCU (Local Government Federal Credit Union)
  • Washington Federal
  • Wilson Bank and Trust
MX was founded in 2010 and is headquartered in Provo, Utah. See the company’s award-winning, multi-device demo from FinovateFall 2014.
Categories: MX