BankTechM&A / Funding

Profitable MX closes on $300 million to grow fintech data platform

MX powers over 2,000 financial institutions, has a combined reach of over 200 million consumers and is now valued at $1.9 billion

Fintech data company 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 alternative asset giant TPG.

Lehi, Utah-based MX says 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 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 funding round also had participation from existing and new investors including CapitalG, Geodesic Capital, Greycroft, Cota Capital, Canapi Ventures, Digital Garage, Point72 Ventures, and Pelion Venture Partners, along with Regions Financial Corp. 

MX will use this funding to help businesses automate the money experience by using aggregated data. The company wants interacting with money to be as personalized and smart “as shopping on Amazon, streaming music on Spotify, or driving a Tesla,” according to a press release. 

MX CEO Ryan Caldwell said in an email interview to FinLedger that MX enhances financial data by “cleansing, categorizing, and producing additional metadata that empowers financial institutions to reduce fraud, approve loans faster, and help customers save and invest smarter.” 

“While companies like Amazon use data to create more spending (because you bought this, you should buy this), MX uses data to help consumers save,” he added.

In the past 18 months, MX has more than doubled its workforce and currently has more than 500 employees. 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 the email interview.

Additionally, MX currently operates in the U.S. and Canada, but is in talks with partners in other countries. Although the company did not specify which countries. 

Mike Zappert, partner at TPG Growth, said in a statement that investing in the digital transformation that’s occurring behind traditional financial institutions is a central theme for TPG Growth.

“MX’s technology stack is a clear differentiator and has delivered tremendous growth for the Company over the last 12 months. We look forward to building on this success by working with the team to partner with even more of the world’s most innovative brands to develop, launch, and power personalized money experiences,” Zappert said in the statement. 

Meanwhile, FinLedger reported Tuesday that another fintech data platform, Plaid, is no longer going to be acquired by Visa.

This article has been recently updated with comments from MX CEO Ryan Caldwell.

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