Data-driven FinTech MX bags $300m in its Series C round, increasing its valuation to $1.9bn

MX, which empowers organisations to automate data-driven money experiences, has scored $300m in its Series C.

TPG Growth acted as the lead investor, contributing $150m of the total capital raised in the round. The remaining equity was supplied by new and existing investors CapitalG, Geodesic Capital, Greycroft, Cota Capital, Canapi Ventures, Digital Garage, Point72 Ventures, Pelion Venture Partners and Regions Financial Corp.

Over the course of the past year, the company has increased its valuation to $1.9bn.

With the funds, the FinTech will further its goal of automating the money experience for organisations.

Its platform is used by over 2,000 banks, credit unions, FinTechs and technology companies, as well as 85% of digital banking providers.

MX founder and CEO Ryan Caldwell said, “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.

“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.”

MX is helping organisations to connect financial data and transform unstructured data into a valuable asset. Its product suite includes open finance, account and identity verification, analytics, financial feed insights, personal finance management, personalised marketing, data aggregation, wealth and investment, and more.

CapitalG general partner Derek Zanutto said, “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.”

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