MX is a data-driven finance company that helps organizations connect to financial data and transform raw, unstructured data into valuable assets. The company enhances financial data by cleansing, categorizing and adding metadata so partners can build new experiences and increase top-line growth. MX's platform is designed to reduce fraud, speed loan approvals and help customers save and invest smarter. The company intends to use the proceeds from its $300M Series C to expand operations and broaden its business reach. In the last 12 months MX was valued at $1.9 billion and now powers more than 2,000 banks, credit unions, fintechs and technology companies, including 85% of digital banking providers. Its combined reach exceeds 200 million consumers. MX provides a platform that enables banks, credit unions, and fintechs to collect, enhance, analyze, present and act on financial data to understand customers in real time and drive growth. The company reports clients on its platform see up to 4X growth in digital engagement, a 5X increase in deposit growth rate, and a 30% increase in NPS according to internal studies. MX recently signed its 2,000th customer with the addition of Synovus Financial Corp. Management says the company has been operating profitably for the past two years. The new funding will support growth, forge new partnerships and investments, accelerate hiring, and develop the next round of innovations. Including the latest round, MX has raised a total of $175 million to date. MX (formerly Money Desktop) provides a backend money-management solution that lets banks and other financial institutions show customers consolidated, real-time account data inside their own platforms rather than on third-party sites. The company differentiates from consumer apps like Mint by powering institutional integrations and offering a framework to simplify bank integration. MX plans to use the new funding to rapidly build out that backend with larger financial institutions and to pursue international expansion opportunities via partner Digital Garage. The startup is expanding operations, building new headquarters in Lehi, Utah, and plans to add about 150 employees to its current roughly 130, with most hires in engineering and additional sales and client services hires. MX reported customer growth of 200–300 percent and will leverage strategic investor USAA to help reach that firm's more than 10 million customers. The company has raised a total of $50 million to date and will use proceeds to accelerate product development and customer onboarding. MX (formerly MoneyDesktop) provides a platform that delivers a centralized digital money-management and omnibanking experience for banks, credit unions and fintech partners. The company enables partners to offer cross-platform online and mobile banking that strengthens customer relationships and positions institutions as primary financial providers. MX says it partners with hundreds of financial institutions and more than 30 mobile/online banking, core and payment network partners, and recently added seven large institutions totaling $74 billion in combined assets. Headquartered in Utah’s Silicon Slopes and led by CEO and founder Ryan Caldwell, MX emphasizes rapid innovation in the enterprise SaaS and financial-technology markets. Financially, the company has avoided highly dilutive rounds while accelerating growth; its total funding has reached $20 million following the recent close. MX aims to continue expanding its omnichannel capabilities and partner base to deepen account-holder engagement.

Total raised

$430M

Funding rounds

4

Latest round

Series C

Latest activity

Jan 2021