Total amount raised
$450 Millions
Latest funding date
01/01/2021
Location
MX Technologies has successfully raised funds through multiple rounds, with the last funding round being a Series C round closed on January 13, 2021. The company has 35 investors backing it, including notable names like Point72 Ventures and Pelion Venture Partners.
Keep reading to explore the intricacies of MX Technologies' fundraising journey and the investors backing this innovative platform.
What Is MX Technologies?
MX Technologies, founded on March 1, 2010, is headquartered in Lehi, Utah. The company was established by Brandon Dewitt and Ryan Caldwell.
Specializing in financial data services, MX Technologies helps financial institutions and fintechs connect financial accounts, surface insights from transaction data, and build better money experiences. They offer solutions for data aggregation, cleansing, auto-categorization, and more.
With a workforce of between 501 and 1000 employees, MX Technologies partners with over 600 financial institutions and more than 30 digital, online, and mobile banking providers to deliver next-generation banking applications and solutions.
How Much Funding Has MX Technologies Raised?
- Seed Round
- Amount Raised: $20M
- Date: June 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial product offerings.
- Series A
- Amount Raised: $30M
- Date: April 2015
- Lead Investors: USAA
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's product capabilities and scale its operations.
- Series B
- Amount Raised: $100M
- Date: June 2019
- Lead Investors: Battery Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and development leading up to the Series C round.
- Series C
- Amount Raised: $300M
- Date: January 2021
- Lead Investors: TPG Growth
- Valuation at Round: $1.9B
- Motivation Behind the Round: To enhance data collection and data-enhancement capabilities, scale operations, and explore additional marketing avenues.
Total Amount Raised: $450M. Current Valuation: $1.9B.
Key Investors
- TPG
- Details: TPG is a global alternative asset firm with a focus on leveraged buyouts, growth capital, and venture capital. They led the $300 million Series C funding round for MX Technologies.
- Investment Focus Areas: Technology, healthcare, consumer products
- Notable Investments: Airbnb, Uber, Spotify
- Battery Ventures
- Details: Battery Ventures is a global, technology-focused investment firm. They led the $100 million Series B funding round for MX Technologies.
- Investment Focus Areas: Software, IT infrastructure, industrial technology
- Notable Investments: Glassdoor, Nutanix, Sprinklr
- USAA
- Details: USAA is a financial services group of companies serving military members and their families. They led the $30 million Series A funding round for MX Technologies.
- Investment Focus Areas: Financial services, insurance, banking
- Notable Investments: Not publicly disclosed
- CapitalG
- Details: CapitalG is an independent growth fund that has invested in companies like Airbnb, Lyft, Robinhood, and CreditKarma. They participated in the Series C funding round for MX Technologies.
- Investment Focus Areas: Growth-stage technology companies, innovative sectors
- Notable Investments: Airbnb, Lyft, Robinhood
- Greycroft
- Details: Greycroft is a venture capital firm that focuses on early and growth-stage investments. They participated in the Series C funding round for MX Technologies.
- Investment Focus Areas: Early and growth-stage technology companies
- Notable Investments: Venmo, Braintree, The RealReal
What's Next for MX Technologies?
MX Technologies stands at the cusp of significant growth opportunities. With a recent $300 million funding round, the company is poised to scale its operations and enhance its data capabilities. The launch of the "Money Experience Category" aims to personalize financial experiences, much like how Spotify curates music playlists. This initiative, coupled with the expansion of services internationally, presents a vast landscape for growth.
Future fundraising seems promising, given the company's increased valuation and the involvement of high-profile investors. As MX continues to innovate and expand, it is likely to attract further investment to support its ambitious goals. However, challenges such as maintaining service quality while scaling, navigating international markets, and staying ahead of technological advancements remain. The company's ability to address these challenges will be crucial in sustaining its growth trajectory.
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