- MX, a data platform for banks and credit unions, announced it raised $100 million in funding
MX, a Lehi, Utah-based data platform for banks, credit unions, and financial technology (fintech) companies, announced it has raised $100 million in funding. The company also announced that it signed its 2,000th customer with the addition of Synovus Financial Corp.
This round of funding was led by Battery Ventures with participation from new investors H.I.G. Growth Partners, Point72 Ventures, Sorenson Ventures, Pelion Venture Partners, and Cross Creek Capital. Existing investors Industry Ventures, Digital Garage, TTV Capital, and Commerce Ventures also joined this round. And customers National Bank of Canada and Washington Federal Bank. also participated. Including this round, MX has raised a total of $175 million.
With the MX platform, banks, credit unions, and fintechs can easily collect, enhance, analyze, present, and act on financial data. And with MX’s platform and products, customers are able to understand their customers in real time and empower them to grow faster.
This new investment reflects the value of financial technology data for the company’s customers. And the funding will be used for supporting growth, forging new partnerships and investments, accelerating hiring efforts, and developing the next round of innovations.
“MX has been growing rapidly while operating profitably the past two years. The financial industry is at an exciting inflection point and this funding will help fuel our growth exponentially,” said MX founder and CEO Ryan Caldwell. “The strategic partners we selected give us even deeper market expertise while broadening our reach throughout the financial services industry. This investment further validates and gives fuel to MX’s vision to empower the world to be financially strong by changing the way financial institutions serve their customers – all starting with enhanced data.”
Banks, credit unions, and financial technology companies are currently experiencing upwards of 4X growth in digital engagement, 5X increase in deposits growth rate, and a 30% increase in NPS scores when built on MX’s platform of enhanced and aggregated data to enable banking’s digital transformation, according to internal studies of MX clients.
“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 unions and fintechs; it leads to financial strength for everyone,” added Battery Ventures general partner and MX board member Michael Brown. “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.”
