01 May MX Raises $30M in Series A Investment
MX, the personal finance startup formerly known as Money Desktop, has just inked a $30 million Series A funding deal led by a subsidiary of USAA. Tokyo-based VC firm Digital Garage also participated in the round.
This investment increases MX’s total funding to $50 million to further enable its online banking, mobile banking and financial institution partners.
MX plans to deepen partnership relations and advance its current product suite, featuring its Digital Money Management software, omnichannel framework, real-time data analytics and cross-platform marketing solution. Each product enables partners and clients to provide an individually tailored financial management experience – promoting financial intelligence and wellness for customers while driving critical additional revenue for partners and clients.
Five-time Finovate Best of Show award winner, MX currently bolsters more than 500 banks and credit unions through partnerships with industry-leading online and mobile banking providers. MX’s client base features financial institutions looking to revolutionize the customer banking experience in order to promote a robust customer-advocacy driven platform for money management.
“USAA invests in companies and start-ups to combine the best of external innovation with the best of internal innovation to better serve USAA’s members and mission,” said Vic Pascucci, head of Corporate Development at USAA. “MX offers a technology platform that pulls online and mobile banking channels together in a way that simplifies and enhances the customer experience. We see an opportunity for MX’s technologies to benefit our members, and our investment is one way we plan to explore that opportunity.”
Recognized as one of Fortune’s World’s Most Admired Companies in 2014 and 2015, USAA is known for being a true advocate for customers by providing customer-centric, innovative products and solutions that focus on facilitating the financial security of their members.
An early investor in Twitter, Digital Garage, Inc. specializes in helping companies, including HootSuite, LinkedIn and Path, expand internationally.
“MX provides the leading solution set in digital money management technology, and has grown to be a dominant force in the US, where financial technology is rapidly increasing in impact,” said Kaoru Hayashi, President and Group CEO of Digital Garage, Inc. “We are thrilled to assist in MX’s entry into the Japanese market, which is one of the leading centers for finance and banking in the world. We look forward to marshaling the full resources of the Digital Garage Group behind MX to bring industry-leading services to Japanese financial institutions hungry for full-stack solutions.”
“The financial industry is in the middle of a massive division of those financial institutions who are helping to usher in the surge of innovation that is long overdue and those that are completely unprepared for it,” explained Ryan Caldwell, Founder & CEO of MX. “We are thrilled to be partnered with and enabling those that are on the side of innovation, and we are humbled to be a critical part of making that shift possible. This industry will be unrecognizable in a matter of years, and the world, and those that helped lead the needed innovation, will be significantly better off as a result. Our alignment with these prestigious investors is just the beginning of an incredible surge forward for MX and the partners we serve.”
About MX
MX is fundamentally changing how people interact with their money by enabling its partners to become true advocates for their customers. MX is redefining the way financial institutions connect with account holders by enabling its partners to deliver omnibanking technologies that create and support a true centralized, powerful and engaging omnichannel experience. As one of the fastest-growing financial technology providers, MX drives customer-centric banking relationships by offering a platform upon which online banking partners, mobile banking partners and financial institution partners can create and deliver a next generation banking application and customer experience. By doing so, MX positions banks and credit unions at the forefront of the digital banking revolution and as account holders’ primary financial institution. MX is headquartered in the heart of Utah’s Silicon Slopes and currently partners with hundreds of financial institution partners and more than 30 mobile/online banking, core, and payment network partners.
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