附近上门

Fintech data company aims to connect people with their financial data in a way that automates their 鈥渕oney experience.鈥�

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Buoyed by a $300 million Series C round of funding, the Lehi, Utah-based company’s goal is to make interacting with money similar to shopping on , streaming movies on or music on , , co-founder and CEO of MX, told 附近上门 News.

鈥淢X is at the epicenter of leveraging data to create positive money experiences,鈥� he said. 鈥淚n the financial services industry, they are not using data to help the user come up with what they need to do next with their money. Accounts go down to zero without any warning. We are connecting data, and since we know the nature of the transaction and know the customer concerns, we can prompt them with the right warning.鈥�

The company, founded in 2010, is already working with more than 2,000 financial institutions and 43 of the top 50 digital banking providers, Caldwell said.

led the investment with $150 million and was joined by new and existing investors including , , , , , along with . The investment quadruples MX鈥檚 valuation to $1.9 billion, according to the company.

, general partner at CapitalG, said this is his firm鈥檚 first investment in MX. He generally looks at big data, and one of the trends within is the challenge of wrangling data and making sense of it.

Customers don鈥檛 have the time to go through all of the data to make decisions–they want to find a return on investment off the data quickly. Within that broader thesis, the financial services sector provided an opportunity to take data generated from that daily spend on coffee or online purchase to drive decisions, and any platform that makes sense had the potential to transform the whole category, Zanutto said in an interview.

鈥淢X had a unique position across the data pipeline where they could change the way financial services companies leveraged their data,鈥� he added. 鈥淚n talking to customers without MX, we learned that they struggled to make sense of the data and tried to either build internally and wasted money, or did it externally, but pieced data together. With MX, there is a true platform right out of the box.鈥�

Including the new funding, MX has raised a total of $475 million, which includes a in 2019, according to 附近上门 data.

The Series B funding enabled the company to take its vision to the next step. Instead of just connecting data, MX developed a way to predict what the user needs to worry about with its Pulse product, Caldwell said.

Now with the Series C funding, the company will increase that money experience, getting better data and analytics to understand the consumer, as well as hire additional talent to execute on that, he added.

鈥淭he category of money experience is exploding, and we are in a lucky position to continue to deliver on that vision,鈥� Caldwell said. 鈥淚t is an exciting time–99 percent of the journey is ahead of us, not behind us.鈥�

Meanwhile, , partner from TPG Growth, said in a written statement that a theme for his firm’s investment is “the digital transformation of traditional financial institutions.”

“MX’s technology stack is a clear differentiator and has delivered tremendous growth for the company over the last 12 months,” he added. “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.”

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