MX Raises $100 Million In Series B Round
Today MX, a Silicon Slopes-headquartered company specializing in data management for banks, credit unions, and fintech companies announced the completion of a massive Series-B financing round. Founded in 2010, the closing of the round brings MX’s total equity financing to $175 million.
With the new investment, the company plans to use the funding to promote future growth by creating new partnerships and accelerating their hiring efforts. “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.
But perhaps most importantly―both to the nature of the industry and the desire for continued company growth―MX plans to develop additional next generation data solutions and will use the funding to do precisely that.
“The strategic partners we selected give us even deeper market expertise while broadening our reach throughout the financial services industry,” says Mr. Caldwell. “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.”
According to the internal studies conducted at MX, banks, credit unions, and fintech companies built upon the company’s data platform are experiencing upwards of 4X growth in digital engagement; 5X increase in deposits growth rate; and a 30 percent increase in NPS scores.
The $100 million, Series-B financing round was led by Battery Ventures, a global investment firm with a focus on innovative technologies. MX also received funding from new partners such as, H.I.G. Capital, Point72 Ventures, Sorenson Ventures, Pelion Venture Partners, and Cross Creek Capital. Existing partners like Industry Ventures, Digital Garage, TTV Capital, Commerce Ventures, National Bank of Canada, and Washington Federal also contributed.
“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, a general partner at Battery Ventures and a new MX board member.
In addition to the closing of the Series-B round, MX also announced an important milestone. Today, the company celebrates their 2,000th customer with the signing of Synovus Financial Corp. This, along with the massive financing round do well to reflect the continued value of financial technology data to banking and other financial institutions everywhere.