CheckFree founder Kight backs PFM outfit MX
21 September 2015 | 4114 views | 1
CheckFree founder Pete Kight has invested $4 million in and joined the board of MX, a fintech firm that promises to use data to help banks win their rivals' account holders.
Kight, who sold CheckFree to Fiserv in 2007 for $4.5 billion, also takes on the role of "close advisor" to MX's own founder and CEO, Ryan Caldwell.
Founded in 2010, MX works with more than 550 banks and credit unions, as well as around 30 digital banking providers, to help win over the most profitable customers by gathering, aggregating cleansing and categorising data.
Earlier this year, the startup - formerly MoneyDesktop - raised $30 million in Series A financing, led by USAA via a subsidiary, with participation from Japanese incubator Digital Garage.
Says Kight: "Based on the technology in place, and what is currently under development, MX has the potential to be the signal firm that moves the financial services industry fully into the digital age."
Adds Caldwell: "Kight giving his time and attention to MX is a solid validation for the MX team and what we are building. Kight is a bold advocate for innovation, and his insights have already accelerated MX's growth."