MX said June 25 that it raised $100 million in financing led by Battery Ventures, with participation from new investors H.I.G. Capital, Point72 Ventures, Sorenson Capital, Pelion Venture Partners, and Cross Creek Capital. Existing investors participated in the round including Industry Ventures, Digital Garage, TTV Capital, and Commerce Ventures; as well as from customers USAA, National Bank of Canada and Washington Federal. MX provides financial data services.
MX Raises $100 Million in Series B Financing to Deliver New Data Solutions to Developers, Banks and Credit Unions
$175 million total funding to date proves the value of fintech data
SILICON SLOPES, Utah – June 25, 2019 – MX, the leading provider of financial services data, today announced a $100 million financing round led by Battery Ventures, with participation from new investors H.I.G. Capital, Point72 Ventures, Sorenson Capital, Pelion Venture Partners, and Cross Creek Capital; from existing investors Industry Ventures, Digital Garage, TTV Capital, and Commerce Ventures; as well as from customers USAA, National Bank of Canada and Washington Federal.
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 laser focused on the power of “clean data” – data that is cleansed, categorized, presented and usable.
“Clean data is the future of banking, and we are thrilled to support MX in their mission to use that data to help empower the digital transformation of banks and credit unions, resulting in financial strength for everyone,” said Michael Brown, General Partner, Battery Ventures. “MX is powering some of the top financial institutions in the world and is simply one of the most promising fintech companies we’ve ever seen.”
Banks, credit unions and fintech companies are experiencing upwards of 4X growth in digital engagement and 5X increase in deposits growth rate, when built on MX’s platform of clean and enhanced data, according to internal studies of MX clients.
“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.”
The investment further validates and gives fuel to MX’s ambitious vision to empower the world to be financially strong by changing the way financial institutions serve their customers – all starting with clean data.
MX is the leading provider of financial data services enabling its clients and partners to easily collect, enhance, analyze, present and act on financial data. Using MX’s platform and products, MX clients are able to understand their customers in real time like never before, allowing them to be truly customer centric, empowering them to grow faster and deliver an exceptional customer experience all while reducing costs. Founded in 2010, MX is one of the fastest-growing fintech providers, partnering with more than 1,800 financial institutions and 43 of the top 50 digital banking providers. For more information, visitwww.mx.com.