Financial data startup MX announced a $300 billion Series C on Wednesday, valuing the company at $1.9 billion. MX powers the APIs connecting financial institutions across the country, helping them to offer their customers a more customized offering.
Financial data startup MX, which powers application programming interfaces connecting financial institutions across the country, hopes to upend the traditional, often outdated experience consumers face when they interact with banks and fintechs.On Wednesday, the Utah-based MX got one step closer to that goal when it announced a $300 million Series C fundraising round led by TPG Growth Fund and joined by CapitalG, Google parent company Alphabet's growth venture fund.
Caldwell said that MX actually did little courting of investors this time around, instead letting ideal backers come to the table and share their thoughts on the future of the industry.Additionally, Caldwell said, each of the investors had specific experiences that he thought could be leveraged at MX.
Caldwell said part of the influx of capital would go towards hiring engineering and product talent to help bring new MX tools to market and enable faster integration with banks and fintechs. "Once you've connected to that data, if you can't build a compelling experience, then you can't engage with the user long enough, you can't deliver the additional value," he continued.
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