MX creator of the Money Experience category, has raised $300 million in a Series C funding round led by a $150 million investment from TPG Growth with additional participation from new and existing investors including CapitalG, Geodesic Capital, Greycroft, Cota Capital, Canapi Ventures, Digital Garage, Point72 Ventures, and Pelion Venture Partners, along with Regions Financial Corp.
In the last 12 months, the company has increased its market valuation to $1.9 billion, powering more than 2,000 banks, credit unions, fintechs, and technology companies, as well as 85% of digital banking providers, with a combined reach of over 200 million consumers.
“The financial industry is at an inflection point as organizations look to become not only intermediaries, but true advocates for their customers by offering personalized insights and data-driven money experiences,” said Ryan Caldwell, Founder and CEO at MX. “Along with incredible partners, we are helping financial institutions and technology companies accelerate their digital roadmaps and launch next generation services and apps that will fundamentally transform how people interact with their money.”
“Investing behind the digital transformation of traditional financial institutions is a key theme for our team and we are excited to lead the latest funding round for a company that is at the forefront of this market,” said Mike Zappert, Partner at 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.”
“Companies today need to leverage data strategically in order to sustain and grow their businesses. We believe that MX has the potential to do for the financial industry what Netflix did for streaming and Amazon did for shopping by leveraging data to create highly personalized, delightful customer experiences,” said Derek Zanutto, General Partner at CapitalG. “We’re thrilled to join MX on their journey to lead the Money Experience category.”
MX claims to help organizations connect to the world’s financial data and turn raw, unstructured data into their most valuable asset to deliver powerful new experiences, increase top line growth, and build brand loyalty.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.