Banking and FinTech data platform MX has more than doubled its outside funding thanks to a $100m Series B investment round led by Battery Ventures.
New investors HIG Growth Partners, Point72 Ventures, Sorenson Ventures, Pelion Venture Partners, and Cross Creek Capital also took part in the round, as did existing backers Industry Ventures, Digital Garage, TTV Capital, and Commerce Ventures.
The Series B round brings the company’s total equity financing to $175m.
MX claims that banks, credit unions and FinTech companies are experiencing upwards of 4x growth in digital engagement, 5x increase in deposits growth rate and a 30 percent increase in NPS scores when using the company’s platform of clean, enhanced, aggregated data.
The startup helps financial institutions and FinTechs to better use their data, improving theirs means to collect, enhance, analyse, present and act on financial information. Its products include data enhancement, analytics, personalised marketing, financial data API, wealth and investment data, and account and identity verification.
Battery Ventures general partner Michael Brown said, “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.
“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.”
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