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.”
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.