BankTech

TPG and Alphabet’s CapitalG appointed on fintech data company MX board of directors

The recent appointments come after TPG recently led a $300 million MX funding round

TPG Co-CEO and Partner Jon Winkelried along with a general partner of Alphabet’s independent growth fund CapitalG were appointed to the board of directors of fintech data company MX.

Before joining the private equity giant TPG, Winkelried worked at Goldman Sachs for more than 27 years until he retired in 2009 as president and co-chief operating officer, according to a press release.

“MX is the leader in connecting financial institutions and technology companies with the world’s financial data and making that data actionable so organizations can grow their bottom line,” Winkelried said in a statement. “Data and innovation play a vital role in modernizing our financial system for today’s consumer, and we see MX as the engine driving that transition.”

Both TPG Growth’s Partner Mike Zappert and Derek Zanutto, who is the general partner at CapitalG, are also joining MX’s board of directors. CapitalG has invested in numerous fintech companies including Stripe, Robinhood, Credit Karma, Albert and LendingClub.

“I’ll be working closely with the MX leadership team to help organizations everywhere accelerate their digital roadmap and launch experiences, products, and services that transform how people interact with their money,” Zanutto said in a prepared statement.

MX helps the finance sector give data-driven money experiences with the goal of allowing banks, credit unions and fintechs to connect to financial data through account aggregation, bank APIs and transactional data enhancement. The company powers more than 2,000 financial institutions and has a combined reach of over 200 million consumers. And, it’s profitable.

The news comes after MX has raised $300 million in a Series C funding round which was led by a $150 million investment from TPG Growth, the middle market and growth equity investment arm of TPG. Lehi, Utah-based MX said in a previous interview it has increased its market valuation to $1.9 billion in the last 12 months. Its latest financing brings its total capital raised to just over $500 million since its 2010 inception, according to Crunchbase.

MX currently has more than 500 employees, according to a previous interview. Although the company wouldn’t disclose revenue numbers, since its last financing it has tripled the number of consumers connecting through MX and is processing 3 times the number of transactions on a monthly basis, Caldwell said in a previous email interview.

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