How Much Did MX Technologies Raise? Funding & Key Investors

MX Technologies has successfully raised funds through four distinct funding rounds, with the latest being a Series C round led by TPG. The company has attracted a total of 35 investors, including notable names like Point72 Ventures and Pelion Venture Partners.

MX Technologies is a fintech platform that connects financial accounts and provides actionable financial data intelligence to help consumers achieve their financial goals. Keep reading to explore the intricacies of MX Technologies' fundraising journey and the investors backing this innovative platform.

What Is MX Technologies?

MX Technologies is a fintech company based in Lehi, Utah, specializing in connecting financial accounts and providing actionable financial data intelligence. The company operates in the banking, finance, financial services, and fintech industries.

Founded with the mission to automate the money experience, MX Technologies employs between 501 and 1000 people. The company serves over 13,000 financial institutions and fintechs, processing more than 170 billion transactions.

How Much Funding Has MX Technologies Raised?

1. Series C
   • Amount Raised: USD 300,000,000
   • Date: January 2021
   • Lead Investors: TPG
   • Valuation at Round: USD 1,900,000,000
   • Motivation Behind the Round: To scale operations, enhance data collection and data-enhancement capabilities, expand marketing efforts, hire more staff, and expand services internationally.
2. Series B
   • Amount Raised: USD 100,000,000
   • Date: June 2019
   • Lead Investors: Battery Ventures
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: Likely used for growth and expansion.
3. Series A
   • Amount Raised: USD 30,000,000
   • Date: April 2015
   • Lead Investors: USAA
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support early-stage growth and product development.
4. Seed
   • Amount Raised: USD 20,000,000
   • Date: June 2014
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To establish the company and develop initial products.

MX Technologies has raised a total of USD 450,000,000 with a current valuation of USD 1,900,000,000.

Key Investors

• TPG
  • Details: TPG is a global alternative asset firm. They have a diverse set of asset classes, including private equity, growth equity, real estate, and public equity.
  • Investment Focus Areas: Private equity, growth capital, real estate, credit, public equity
  • Notable Investments: Airbnb, Uber, Spotify
• Battery Ventures
  • Details: Battery Ventures is a global, technology-focused investment firm. They invest in technology and innovation across stages, from seed to buyout.
  • Investment Focus Areas: Technology, innovation, buyout
  • Notable Investments: Glassdoor, Wayfair, Nutanix
• USAA
  • Details: USAA is a diversified financial services group of companies. They primarily serve military members and their families.
  • Investment Focus Areas: Insurance, banking, investment services
  • Notable Investments: TrueCar, ID.me
• CapitalG
  • Details: CapitalG is the growth equity investment fund of Alphabet Inc. They focus on technology companies with a focus on data, artificial intelligence, and enterprise software.
  • Investment Focus Areas: Data, artificial intelligence, enterprise software
  • Notable Investments: Lyft, Stripe, Duolingo
• Greycroft
  • Details: Greycroft is a venture capital firm that invests in early and growth-stage technology companies. They focus on internet and mobile technology companies.
  • Investment Focus Areas: Internet technology, mobile technology, fintech
  • Notable Investments: Venmo, Braintree, The RealReal

What's Next for MX Technologies?

MX Technologies stands at the cusp of significant growth opportunities. With a robust valuation of $1.9 billion and a recent $300 million funding round, the company is poised to enhance its data collection and data-enhancement capabilities. This expansion will allow MX to scale operations and deliver more services internationally, tapping into a market of over 200 million consumers.

Future fundraising opportunities appear promising, given the strong investor interest and the company's aggressive growth plans. MX may attract further investments to support its technological advancements and international expansion. However, the company will need to navigate challenges such as competition from other fintech firms and regulatory hurdles associated with global operations.

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