MX (formerly MoneyDesktop) a financial technology provider that enables omnichannel banking for its online banking, mobile banking and financial institution partners, recently took a round of venture capital bringing its total raised to $20 million and announced partnerships with seven forward-thinking clients.
The most recent close included fintech powerhouses TTV Capital, North Hill Ventures and Commerce Ventures, all of which have deep roots in financial innovation and focus exclusively on financial technology companies including GreenDot, Bill.com, and Cardlytics. Other notable MX investors include Nobutaka Mutaguchi (TPP Capital), Fraser Bullock (Sorenson Capital), Peak Ventures, Greg Warnock (Plus550 & Mercato Partners – Fusion-io, Control4), Rick Alden (Skullcandy), Zach James (Zefr), Todd Pederson (Vivint) and Josh James (Domo & Omniture).
“It’s an honor to be recognized by so many top-tier investors and thought-leaders, especially in the financial technology space as well as the high growth enterprise SaaS markets, who fully recognize the inevitable impact of MX’s vision,” said Ryan Caldwell, CEO and founder of MX. “The financial industry is in the middle of a massive division of those players who are ushering in the monumental shift that is long overdue and those that are completely unprepared for it. We are thrilled to be partnered with those that are on the side of innovation and we are humbled to be a critical part of making that shift possible. This industry will be unrecognizable in a matter of years and the world will be significantly better off as a result.”
“Our firm specializes in financial technology investments and after discovering how MX built such a powerful platform that is clearly only at the beginning of delivering what it is capable of, we knew we had to invest in MX,” said Mark Johnson of TTV Capital. “MX provides a framework that empowers its partners to offer a truly engaging, cross-platform digital money management experience that other vendors are not only unable to compete with, but essentially renders entrenched PFM competitors irrelevant. This is the kind of rapid innovation and company that only comes along so often.”
MX also announced the addition of seven large multi-billion dollar financial institutions clients, totaling a combined asset size of $74 billion: Cadence Bank, Washington Federal, BECU, LGFCU, Wilson Bank and Trust, America First Credit Union and, their first international client, ATB Financial.
“These institutions are positioning themselves to be the primary financial institution and advocate for current and potential account holders, allowing their digital banking experience to become the gateway to building and strengthening deep and real customer relationships,” said Caldwell. “It’s exciting to see institutions recognize that it is critical that they take action immediately to enable a centralized ultimate banking experience, securing relationships that will otherwise be largely and increasingly disintermediated by their competitors in just a matter of months.”
Because of its unique market position, extremely rapid growth, and quality of its solution, MX has been able to avoid any highly dilutive rounds of investment while at the same time significantly bolstering its investor list. With MX’s total funding reaching $20 million from high value investors and with the addition of these new industry leading clients, MX continues to accelerate rapidly in growth, influence and opportunity.