MX Raises $300 million in Series C round.
Data platform MX has raised $300 million in a Series C funding round.
The latest round was led by a $150 million investment from TPG Growth with additional participation from new and existing investors including CapitalG, Geodesic Capital, Greycroft, Canapi Ventures, Digital Garage, Point72 Ventures, and Pelion Venture Partners, along with Regions Financial Corp, according to the company.
The latest round of funding follows a $100 million Series B round in June 2019 led by Battery Ventures. The additional funding will be used primarily to increase the company’s collection and data-enhancement capabilities, says Ryan Caldwell, founder and chief executive of MX.
“At this point, it’s really about scaling and finding additional ways to market,” he says.
MX helps banks, credit unions, and fintechs gather, analyze, and enhance financial data, bolstering their efforts to reduce fraud, approve loans faster, and help customers save and invest smarter.
MX, which has about 550 staffers and has more than tripled its headcount in the past two years, plans to continue hiring aggressively, Caldwell says. The company will also use the funds to deliver more services internationally. It has operations in Canada, and in talks with partners in other countries, Caldwell says.
In the last 12 months, the company has increased its market valuation to $1.9 billion, powering more than 2,000 banks, credit unions, fintechs, and technology companies, as well as 85% of digital banking providers, with a combined reach of over 200 million consumers, according to a company press release.
