MX, a Lehi, Utah-based data facilitator for better banking, as per recent reports, has just closed a Series B financing round, raising $100 million in equity financing. The financing round was led by Battery Ventures, a Boston, Massachusetts-based venture capital, and private equity firm, and was participated by MX’ new investors: Growth Partners, Point72 Ventures, Sorenson Ventures, Pelion Venture Partners, and Cross Creek Capital; and existing investors: Industry Ventures, Digital Garage, TTV Capital, and Commerce Ventures; alongside its customers National Bank of Canada and Washington Federal Bank.
With this recent Series B round, MX has to date raised $175 million in total equity financing. The new investment imitates the importance, financial technology data, has on banks, credit unions, and other fintech companies. With this new investment, MX plans to forge in new partnerships and investments, hire new professionals to assist in its product development and customer growth.
“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,” states 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.”
“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,” states Ryan Caldwell, founder & 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.”