Silicon Slopes— MX, the leader in data-driven finance and creator of the money experience category, announced it has raised $300 million in a Series C funding round led by TPG Capital, with participation from new and existing investors including CapitalG,Geodesic Capital, Greycroft, Canapi Ventures, Pelion, Point72, and Digital Garage. In the last 12 months, the company has quadrupled its market valuation to $1.9 billion, powering more than 2,000 banks, credit unions, fintechs, and technology companies, as well as 85% of digital banking providers, with a combined reach of over 200 million consumers.
The financial industry is investing billions of dollars to create new experiences that will revolutionize how people interact with their money — how they save, spend, and invest. MX is the source of the data and the data enhancement engine to power all these experiences. The latest investment will be used to launch and power the Money Experience category — which means helping organizations everywhere deliver data-driven money experiences that make interacting with money as intelligent and personalized as experiences like shopping on Amazon, streaming music on Spotify, or driving a Tesla.
“The financial industry is at an inflection point as organizations look to become not only intermediaries, but true advocates for their customers by offering personalized insights and data-driven money experiences,” said Ryan Caldwell, Founder and CEO, MX. “Along with incredible partners, we are helping financial institutions and technology companies accelerate their digital roadmaps and launch next generation services and apps that will fundamentally transform how people interact with their money.”
MX helps organizations connect to the world’s financial data and turn raw, unstructured data into their most valuable asset — to deliver powerful, new experiences, increase top line growth, and build brand loyalty.MX enhances financial data by cleansing, categorizing and most importantly adding additional metadata that empowers organizations to reduce fraud, approve loans faster, and help customers save and invest smarter.
MX leads the industry with the most secure, reliable and direct API connections to the world’s top financial institutions and most advanced enhancement engine, using AI and machine learning to categorize transaction data with 98% coverage. To learn more about how MX is helping organizations of all sizes deliver new, data-driven money experiences, visit: www.mx.com.
About MX
MX, the leader in data-driven finance and creator of the Money Experience category, helps the financial industry deliver data-driven money experiences and improve the financial lives of millions of people. With MX, banks, credit unions, and fintechs can securely connect to the world’s financial data through account aggregation, bank APIs, and transactional data enhancement. Founded in 2010, MX is one of the fastest-growing fintech innovators, powering more than 2,000 financial institutions and 43 of the top 50 digital banking providers. To learn more, visit www.mx.com.
About TPG
TPG is a global investment firm that is dedicated to delivering differentiated returns for our investors and their beneficiaries, and we are committed to doing so with integrity. Our investment strategy embraces change, takes on complexity, and creates unique opportunities. Over our more than 25-year history, we have built an ecosystem made up of hundreds of portfolio companies and a value-added network of professionals, executives, and advisors around the world. This ecosystem drives insight and engagement, which are critical to our approach to investing, value creation, and culture. The value we place on insight is reflected in the rigor of our investment process and our deep, research-based approach to theme and sector development. We are active investors and engage deeply with our portfolio companies, bringing skilled executives and operating professionals to add value beyond capital and drive long-term performance. Our success depends on our people, and we build and sustain our world-class team by creating an inclusive, supportive culture within TPG that seeks excellence and encourages humility and transparency. To learn more, visit TPG’s website at www.tpg.com and on Twitter @TPG.
About CapitalG
CapitalG, Alphabet’s independent growth fund, invests in remarkable companies transforming the fields of consumer products and services, enterprise tech, cybersecurity, healthcare tech, insuretech, transportation and fintech. CapitalG partners with growth stage companies in their transition from startup to scale up through hands-on assistance from its in-house growth team and connections to Google’s engineering, product, marketing, sales and people operations experts worldwide. More than 2,000 Googlers and Alphabet leaders have already engaged with the companies in which we’ve invested, including Airbnb, Albert, Credit Karma, CrowdStrike, Duolingo, Lyft, MX, Oscar, Robinhood, Stripe, UiPath and Unqork, among others. Learn more at www.CapitalG.com.