USAA leads $30 million investment in PFM outfit MX

USAA leads $30 million investment in PFM outfit MX

Personal financial management startup MX - formerly MoneyDesktop - has raised $30 million in Series A financing, led by USAA via a subsidiary, with participation from Japanese incubator Digital Garage.

The new round of financing follows a $20 million investment last year, bringing the total sums raised by the company to $50 million.

The company says it plans to use the funds to deepen relationships with larger banks and expand into the Japanese market via the Digital Garage connection.

Vic Pascucci, head of corporate development at USAA, says: “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.”

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