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MX Picks Up $100 Million in New Funding

MX, a provider of financial services data, has announced a $100 million financing round led by Battery Ventures, with participation from new and existing investors including the Tokyo-based venture capital firm, Digital Garage, reports Sharon Kimathi of Fintech Futures (Finovate’s sister publication).

The Series B round brings the company’s total equity financing to $175 million. The new investment reflects the value of financial technology data to banks, credit unions and other fintech companies, while allowing MX to accelerate its already rapid product development and customer growth.

With this round, the company will continue to be focused on the power of data that is cleansed, categorized, presented and usable.

“The use of data is essential to every industry, including financial services, and we are thrilled to support MX in its mission to leverage data to help drive better customer experience and deeper engagement for banks, credit inions, and fintechs,” said Michael Brown, general partner at Battery Ventures. “(It) leads to financial strength for everyone.”

He added “The company is already powering some of the top financial institutions in the world and is uniquely positioned to provide the smart aggregation and insights that the financial industry will need.”

Aside from Battery Ventures, new investors HIG Capital, Point72 Ventures, Sorenson Capital, Pelion Venture Partners, and Cross Creek Capital, also participated in the round, alongside National Bank of Canada and Washington Federal.

“With our surge in growth, we are proud of the fact that we have operated profitably the past two years, leading naturally to this next round of funding,” said Ryan Caldwell, founder and CEO of MX.

“We could have raised several times this amount, but we simply didn’t need the capital. We are disciplined in our spending and building for the long term. This additional investment will be spent on continuing to grow MX’s high-performing sales team, building upon our industry-leading user experience and partnerships, releasing a new product category that will be forthcoming, and hiring more of the best talent in the industry.”

MX is scaling quickly, with 15% of banks and credit unions in the U.S. already adopting MX technology and user growth rising in the last 24 months.

Headquartered in Utah, MX most recently demonstrated its technology at FinovateFall 2017. A multiple Finovate Best of Show award winner, MX was founded in 2010.