$175 million total funding to date will be used to deliver next generation data solutions
SILICON SLOPES and LEHI, Utah – June 25, 2019 – MX, the leading data platform for banks, credit unions and fintechs, today announced a $100 million financing round. In addition, the company announced it has reached the 2,000 customer milestone with the signing of Synovus Financial Corp. as its newest customer.
The round was led by Battery Ventures, with participation from new investors H.I.G. Capital, Point72 Ventures, Sorenson Ventures, 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, and will be used to support the company’s growth, forging new partnerships and investments, developing the next round of industry-leading innovations, and accelerating its hiring efforts.
Banks, credit unions and fintech companies are experiencing upwards of 4X growth in digital engagement; 5X increase in deposits growth rate; and a 30 percent increase in NPS scores when built on MX’s platform of clean, enhanced, 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,” said Michael Brown, General Partner, Battery Ventures, and new MX board member. “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.”
“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 Ryan Caldwell, Founder and CEO of MX. “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.”
MX is the leading data platform for banks, credit unions and fintechs, 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 2,000 financial institutions and 43 of the top 50 digital banking providers. For more information, visit www.mx.com.
About Battery Ventures
Battery strives to invest in cutting-edge, category-defining businesses in markets including software and services, web infrastructure, consumer internet, mobile and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to private equity and invests globally from offices in Boston, the San Francisco Bay Area, London, Israel and New York. Further information on Twitter (@BatteryVentures) and at www.battery.com.