MX raises $100m for data tech boost
MX, a provider of financial services data, has announced a $100 million financing round led by Battery Ventures, with participation from new and existing investors including the Tokyo-based venture capital firm, Digital Garage.
The Series B round brings the company’s total equity financing to $175 million. The new investment reflects the value of financial technology data to banks, credit unions and other fintech companies, while allowing MX to accelerate its already rapid product development and customer growth.
With this round, the company will continue to be focused on the power of data that is cleansed, categorised, presented and usable.
“Clean data is the future of banking, and we are thrilled to support MX in their mission to use that data to help empower the digital transformation of banks and credit unions, resulting in financial strength for everyone,” says Michael Brown, general partner at Battery Ventures. “MX is powering some of the top financial institutions in the world and is simply one of the most promising fintech companies we’ve ever seen.”
Aside from Battery Ventures, new investors HIG Capital, Point72 Ventures, Sorenson Capital, Pelion Venture Partners, and Cross Creek Capital, also participated in the round, alongside National Bank of Canada and Washington Federal.
“With our surge in growth, we are proud of the fact that we have operated profitably the past two years, leading naturally to this next round of funding,” says Ryan Caldwell, founder and CEO of MX.
“We could have raised several times this amount, but we simply didn’t need the capital. We are disciplined in our spending and building for the long term. This additional investment will be spent on continuing to grow MX’s high-performing sales team, building upon our industry-leading user experience and partnerships, releasing a new product category that will be forthcoming, and hiring more of the best talent in the industry.”
MX is scaling quickly, with 15% of banks and credit unions in the US already adopting MX technology and user growth rising in the last 24 months.