MX, the leading data platform for banks, credit unions, and fintechs, today announced a $100 million financing round. In addition, the company announced it has reached the 2,000 customer milestone with the signing of Synovus Financial Corp. as its newest customer.
Founded in 2010, MX is one of the fastest-growing fintech providers. In the nine years since its inception, the company has been averaging 65% year-over-year growth. Leading financial institutions are experiencing 4X growth in digital engagement and 5X growth in deposits as a result of MX-powered "clean data". This is data that is cleansed, categorized, presented, and usable.
MX's platform and products enable its clients and partners to easily collect, enhance, analyze, and act on financial data. Clients are able to understand their customers in real time, allowing them to provide an exceptional customer experience while also reducing costs. When built on MX's platform of clean data, clients see a 30% increase in NPS scores.
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, and will be used to support the company’s growth, forging new partnerships and investments, developing the next round of industry-leading innovations, and accelerating its hiring efforts.
The round was led by Battery Ventures, with participation from new investors H.I.G. Growth Partners, Point72 Ventures, Sorenson Ventures, Pelion Venture Partners, and Cross Creek Capital; from existing investors Industry Ventures, Digital Garage, TTV Capital, and Commerce Ventures; as well as from customers National Bank of Canada and Washington Federal Bank.
“The use of data is essential to every industry, including financial services, and we are thrilled to support MX in its mission to leverage data to help drive better customer experience and deeper engagement for banks, credit unions and fintechs; it leads to financial strength for everyone,” said Michael Brown, General Partner, Battery Ventures, and new MX board member. “The company is already powering some of the top financial institutions in the world and is uniquely positioned to provide the smart aggregation and insights that the financial industry will need.”
“MX has been growing rapidly while operating profitably the past two years. The financial industry is at an exciting inflection point and this funding will help fuel our growth exponentially,” said Ryan Caldwell, Founder and CEO of MX. “The strategic partners we selected give us even deeper market expertise while broadening our reach throughout the financial services industry. This investment further validates and gives fuel to MX’s vision to empower the world to be financially strong by changing the way financial institutions serve their customers – all starting with enhanced data.”
For more information, visit www.mx.com.