Open finance firm MX hires former PayPal exec Jim Magats as CEO
Utah-based fintech MX Technologies has named PayPal veteran Jim Magats as its new chief executive officer (CEO) to lead its next phase of growth.
He will start his new role on 17 August 2022 and will also join the firm’s board of directors.
Magats joins MX from PayPal, where he spent 18 years as a senior executive. He most recently served as the company’s senior vice president for omni payments solutions, where he oversaw the company’s open banking strategy and solutions.
While at PayPal, he also partnered with regulators on the creation of the Payment Services Directive 2 (PSD2) banking standards for banks and fintechs and led the product and tech teams responsible for PayPal’s merchant-facing products, including Braintree and Zettle, as well as the payment platforms that power PayPal Check Out and Venmo.
Speaking on his appointment, Magats says the firm is planning to “deepen and extend our partnerships with financial institutions and fintechs” while “fostering greater participation in the global economy through new products, use cases and services”.
The company’s interim CEO Shane Evans will continue at MX as a senior advisor for Magats and the executive team.
MX is building an open finance ecosystem to make financial data “accessible and actionable for everyone”. The company utilises APIs to connect to and verify data for hundreds of use cases including account opening, money movement and underwriting.