Two of Finovate’s most innovative alums – open finance/Money Experience specialist MX and financial data infrastructure company Hydrogen – have teamed up in an integration partnership that will make it easier for fintech developers to create sophisticated apps in minutes.
With access to account aggregation and enhanced data courtesy of MX’s financial data APIs, Hydrogen’s clients will be able to embed and secure accurate financial data connections into their solutions. The integration, according to Hydrogen, will improve the efficiency and cost savings of the development process by more than 80% – a major goal of the integration.
“We are very excited to formally launch this partnership with MX,” said Mike Kane, co-founder of Hydrogen. “As we tackle the enormous, embedded finance opportunity, our combined years of experience in working with financial institutions and technology companies made this a natural partnership for us.”
As part of the agreement, users of Hydrogen Money and Cards solutions (supporting PFM/BFM and card issuance functionality, respectively) will also be able to access additional MX solutions, including the company’s automated financial management and ML-powered insights, as well as MX’s account connections for money movement.
Calling the partnership a “perfect match on so many levels,” MX EVP of Partnerships Don Parker said that working with Hydrogen will help MX grow in the embedded finance market, which he called “an increasingly important opportunity” for the company. “The partnership opens up MX functionality to even more fintech companies and organizations that are already working to improve financial strength and access to quality financial tools,” Parker said.
Lehi, Utah-based MX most recently demonstrated its technology at FinovateFall in 2019. The multiple-time Best of Show winner showed how its MX Enabled platform helps financial institutions add to their product offerings by linking them with third-party fintechs through MX’s API ecosystem. More recently, MX forged partnerships with VyStar Credit Union and credit education company Borrowell. This spring, the company discussed how it developed a free, open-sourced loan application portal to facilitate PPP funds at the onset of the global health crisis.
Hydrogen made its Finovate debut in London in 2018. Headquartered in New York, the company announced a strategic investment from FINLAB, a new incubator created by EML Payments, back in November. Also last fall, Hydrogen announced that it had been selected for Plug and Play’s 2020 Winter fintech cohort, and unveiled partnerships with fellow Finovate alum Dwolla and market data services provider Barchart.
We featured Hydrogen’s report on the rise of payments-as-a-service in fintech in June.