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Data Aggregator MX Lands $100 Million in Series B

MX brought in $100 million in a fundraising effort designed to accelerate the company's growth.

Data aggregator MX raised $100 million in a Series B financing round, according to the company, bringing its total equity financing to $175 million. Concurrently, it has signed 2,000 customers, comprising banks, credit unions and financial technology firms. Synovus Financial Corporation is the firm’s newest customer. 

“MX has been growing rapidly while operating profitably the past two years. The financial industry is at an exciting inflection point and this funding will help fuel our growth,” said Ryan Caldwell, founder and CEO of the firm. The announcement comes shortly after Plaid announced one of the first jointly developed solutions it had built, called Investments, following its acquisition of Quovo

For MX, the fresh capital will be used to grow the company through new partnerships and investments and accelerating its rate of hiring new staff. The funding round was led by Battery Ventures and saw some new investors, including H.I.G. Growth Partners, Cross Creek Capital and Sorenson Ventures. 

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