MX, a US-based fintech has raised $100 million from venture capitalists and other investors, led by Battery Ventures.
The Series B round brings a total of $175 million to the company in equity financing. The new investment shows the value of financial technology data to institutions, including banks, credit unions, and other fintech companies. It also allows MX to boost its already fast product development and customer growth.
With this round, MX will continue to focus on the power of cleansed, classified, presented, and available data.
Michael Brown, the general partner at Battery Ventures said they base their support to MX on the belief that “clean data is the future of banking.” Battery Ventures is excited about fintech’s mission of using that data to help empower banks and credit unions in their digital transformation, which would foster financial strength for every institution.
“MX is powering some of the top financial institutions across the world and it is one of the most promising fintech companies Battery Ventures has ever seen,” Brown added.
MX founder and CEO Ryan Caldwell said, “the company had been looking forward to this financing round after it experienced a surge in growth and enhanced profitability the past two years.”
Apart from Battery Ventures, new investors Cross Creek Capital, HIG Capital, Pelion Venture Partners, Point72 Ventures, and Sorenson Capital, also joined the financing round, together with Washington Federal and the National Bank of Canada. The existing Tokyo-based venture capital firm Digital Garage also joined the round.
MX is scaling at an impressive rate with its user growth rising in the last 24 months. Around 15% of banks and credit unions in the US are already adopting the company’s technology.
With the signing of Synovus Financial Corp., its newest customer, the fintech has reached its 2,000-customer milestone.