Profile

Since 2010, MX has remained committed to its mission – empowering the world to be financially strong. MX Technologies, Inc., delivers end-to-end solutions to financial services providers that transform data into value for organizations and consumers at every step-from connecting accounts to data enhancement to customer analytics to creating engaging mobile and digital experiences. MX improves business and consumer outcomes by helping businesses to reliably verify data, add context to financial data, surface insights that drive growth, and deliver personalized money experiences to improve customer engagement and retention

Visit www.mx.com

Key Products

MX Data Access enables financial institutions and other data providers to help consumers connect to all the financial providers they use to manage their money, including banks, credit unions, payment providers, and fintech apps. MX’s Data Access is an interoperable FDX API platform that works with all data intermediaries and provisions access on behalf of the customer from data providers to data recipients.

MX Customer Analytics leverages enhanced transaction data and actionable consumer insights to help financial providers increase deposits and engagement by identifying cross-sell opportunities, achieving a higher ROI on marketing spend and campaigns, and predicting and preventing customer churn. Powered by artificial intelligence and machine learning, it combines consumer-permissioned and enhanced transaction data into a centralized, comprehensive set of intelligent models, dashboards, and analytics tools all of which can be easily embedded into marketing automation platforms and CRMs.

MX Financial Insights delivers embedded insights supported by artificial intelligence and machine learning to protect, inform, and guide consumers with personalized guidance, offers, and recommendations based on behaviors and financial data. Consumers can dive deeper into their financial data with dynamic insights and recommendations such as duplicate payment tracking, spend comparisons, and savings opportunities.

Customer Insights

MX Client Case Studies

• WaFd Bank: https://www.mx.com/case-studies/wafd-bank/


• Informative Research: https://www.mx.com/case-studies/informative-research/


• Suncoast Credit Union: https://www.mx.com/case-studies/suncoast-credit-union/


• YNAB: https://www.mx.com/case-studies/ynab/


• Apiture: https://www.mx.com/case-studies/apiture/

Statistics

• Founded: 2010


• No. of employees: 500


• Locations: 2 (Utah, United States and India)


• Funding: $475M


• Acquisitions: 2 (MoneyReef and MyJibe)


• Financial institutions and fintech connections: 13,000+


• Processed transactions: >170B

Rating and Commentary

Utah-based company, MX Technologies Inc. has established itself as a leading player in the fintech and innovation industry with financial partners across the globe. With a clear focus on introducing innovative APIs, the company has demonstrated remarkable performance and made significant contributions to the competitive fintech sector.

Under the leadership of Ryan Caldwell, the company has demonstrated a strong commitment to innovation and customer-centric solutions, reflecting its dedication to transforming the fintech landscape. Magats has expanded the company’s reach, developed innovative solutions, fostered a culture of innovation, and formed strategic partnerships. His strategic approach and understanding of customer needs have strengthened the company’s position and accelerated its growth.

In a competitive arena with rivals like Plaid and Codat, it has further managed to stand out by consistently delivering cutting-edge technology, free data access, and financial management services. Its ability to navigate this competitive landscape speaks to its industry expertise and innovative approach. Trusted and funded by global investment giants like TPG and Point72 Ventures, its financial stability and growth potential are underscored. The confidence shown by these prominent investors further solidifies the company’s position in the market.

The company’s approach and strategic partnerships have further enabled it to expand its reach and access new markets, providing a solid foundation for growth. This can be noted in its strategic acquisition of companies like Money Reef and MyJibe. With a strong leadership presence and a culture of innovation, it has positioned itself as a trusted and preferred choice in the competitive fintech industry, driving its ongoing success despite the presence of formidable competitors.

MX Technologies' Video

Key Executives

Ryan Caldwell is the Founder and CEO of MX. He also currently serves as the Executive Chair of the MX Board of Directors. Before founding MX in 2010, Ryan built and successfully exited several technology startups, as well as consulted in Silicon Valley, Singapore, and London for some of the world’s leading companies including Visa and Microsoft.

Crystal Anderson is the Chief of Staff and Vice President of Enterprise Strategy and Operations at MX. She has 20 years experience in digital and financial product management and product design including 16 years at H&R Block where she was the Vice President of Financial Services. Crystal holds a Bachelor’s Degree in Journalism and completed the Master’s program in Speech Communication at the University of Central Missouri.

Wes Hummel is Chief Product and Technology Officer at MX. Wes joined MX in 2022 and leads the company’s engineering and information security teams. He is a customer-focused technology leader with more than 25 years of experience building and leading global engineering teams. Prior to joining MX, Wes spent 14 years at PayPal where he was responsible for the company’s infrastructure and operations vision and strategic direction. Prior to joining PayPal, Hummel spent 8 years as a software engineer at Clarity Communications Systems and 5 years at Motorola.

Jane Barratt is Chief Advocacy Officer and Head of Global Public Policy at MX. Jane joined MX in 2018 and is a long-time investor and champion of financial strength. In her role, Jane collaborates with financial institutions, regulatory bodies and industry groups to ensure people have better financial outcomes via secure access to their data. She is a financial educator through LinkedIn Learning. Prior to MX, Jane was CEO of GoldBean, and spent two decades driving growth for Fortune 500 companies.

Shawn Lindquist is Chief Legal Officer at MX. Shawn oversees and supports all legal aspects and functions of MX in helping drive the company’s continued growth, category expansion, and market leadership. With more than 25 years of experience, Shawn has served as a C-suite executive for four public companies, all of which he helped to navigate through significant growth and expansion stages and IPOs. Prior to that, Shawn was corporate securities attorney at Wilson Sonsini Goodrich & Rosati.

Don Parker is Executive Vice President of Partnerships at MX. Don works with the leading digital banking providers in the U.S. and Canada that offer MX services to their customers. Prior to MX, Don served as Director of the Association for Financial Technology (AFT), a resource for networking and professional development for companies and professionals serving U.S. financial institutions.

Brian Kinion is Chief Financial Officer at MX. He oversees the company’s finance organization, including investor relations, financial planning and analysis, accounting, compensation, and deal desk. Prior to MX, Brian was the Chief Financial Officer at Upwork, spearheading the company’s 2018 IPO and continued growth as a public company. Prior to Upwork, he held financial leadership positions at Marketo and SuccessFactors.

Felix Quintana is Chief Information Officer of MX. Felix oversees all aspects of MX’s IT infrastructure including business applications. In his more than 20 years experience in information technology, Felix served as CIO of Academy Mortgage Corporation, and held leadership roles at Western Governors University and Data2Logistics. Felix received a Master of Science in Information Systems from the University of Utah.

Organisational Culture

The company stands tall with an impressive Glassdoor rating of 3.7 out of 5 stars, based on over 300 employee reviews. Such an accolade is not merely a numerical figure but a reflection of an organization genuinely invested in its employees’ voices and experiences. It goes above and beyond in providing its employees with a comprehensive benefits package that extends far beyond traditional offerings.  

Recognizing the importance of striking a balance between work and life, Technologies grants its employees flexible time off, enabling them to manage their work commitments while enjoying valuable personal time. Moreover, the company prioritizes the health and well-being of its team members by providing free health insurance, lifting a significant financial burden from their shoulders. Committed to the well-being of its workforce, it also extends its support with free mental health care options and additional financial and legal services.

In the dynamic world of modern workplaces, the essence of a company’s success often lies within its organizational culture—a complex blend of values, beliefs, and practices that define the work environment and influence its achievements. At MX Technologies, Inc., this culture is not just a concept; it’s a living testament to the company’s unwavering commitment to its employees, earning it recognition as one of the best places to work in 2022. Its dedication to fostering a positive and inclusive workplace culture resonates in numerous ways, offering a glimpse into what makes this company truly exceptional:

Furthermore, MX acknowledges the significance of family and offers generous parental leave and family-first benefits, allowing employees to put their loved ones first during pivotal life moments. Along with this, the firm recognizes the unique challenges faced by working parents and steps in with childcare support to alleviate the responsibilities of balancing work and family life.

The company values the growth and development of its employees, exemplified through its commitment to professional development and tuition reimbursement, enabling team members to chase their career aspirations with confidence. It further shares its success with employees by offering stock options and performance-based bonuses, aligning individual and company goals.

MX Technologies’ culture is a testament to the importance it places on work-life balance, well-being, professional growth, and financial stability. It’s a culture where employees are not mere cogs in the machine but cherished members of a thriving community. It’s a place where innovation flourishes, driven by the empowerment of its workforce. It’s an environment where success is celebrated as a collective achievement, and every team member has a voice.

Board Members

Ryan Caldwell

Caldwell stands as the Founder and Executive Chair of MX, and his journey with the company is deeply rooted in its inception. Not only did he co-found MX in 2010, but he also assumed the role of CEO, driving the company’s early growth and success. Today, as the Executive Chair and Chairman of its Board of Directors, he continues to play a pivotal role in shaping the company’s strategic direction and vision.

Peter Kight

Kight is an entrepreneur who has served as a board member at MX since 2015. With more than two decades in the finance sector, he continues to serve as a board member in many reputed companies like Bill.com and REPAY, and as an angel investor in Commerce Ventures. Furthermore, he serves as a proprietor at Torbreck Vintners, Quivira Vineyards & Winery, and Wine Creek LLC.

Nathan McKinley

McKinley is the Vice President and Head of Corporate Development of USAA. He became a part of MX’s board of directors in 2006 and continues to advise the company about venture capital, acquisitions, and strategic growth. Moreover, with over three decades of professional experience, McKinley also served as a board member at CafeX Communications, ID.me, and currently also serves as a board member at BillGO.

Derek Zanutto

Zanutto is a General Partner at CapitalG who has served as a board member at MX since 2021. With a professional experience of over a decade and more, he is a part of the Board of Directors at many reputed companies such as Collibra, Armis, and Databricks. Moreover, with an MBA from Harvard Business School and has been a strategic investor at UBER, Airbnb, and Creative Artists Agency. 

Investors

MX raised $300 million in a Series C funding round in January 2021 led by a $150 million investment from TPG Growth with additional participation from new and existing investors including CapitalG, Geodesic Capital, Greycroft, Cota Capital, Canapi Ventures, Digital Garage, Point72 Ventures, and Pelion Venture Partners, along with Regions Financial Corp.

Key Milestones

• MX was listed in IDC’s 2024 Top 100 FinTech Rankings on September 9, 2024.


• MX was named to CNBC’s World’s Top Fintech Companies List for the second year on July 10, 2024.


• Inspire in Utah named MX to 100 Companies Championing Women List on July 5, 2024.


• Utah Business Named MX’s Crystal Anderson to its 2024 30 Women to Watch List on May 30, 2024.
  
  • Dwolla selects MX to power account verifications and aggregation for modern money management on March 26, 2024.


• MX was named to Forbes annual Fintech 50 list on February 13, 2024.


• On September 14, 2023, MX named Michael Whitacre as the Chief Commercial Officer.


• MX was listed in IDC’s 2023 Top 100 FintTech Rankings on September 11, 2023.


• Utah Business named the company on the State’s Fastest-Growing Company List for the 7th Year in August 2023.


• In August 2023, MX was named to CNBC’s Inaugural World’s Top Fintech Companies List 2023.


• On July 27, 2023, Finastra partnered with MX to deliver personalized financial management tools and insights for consumers.


• On July 6, 2023, the firm was recognized on the Forbes Fintech 50 List for 2023.


• Best Egg partners with MX to deliver financial insights and expanded financial data aggregation capabilities to consumers on March 9, 2023.


• On September 11, 2022, MX introduced a new mobile banking SDK for companies to build, customize, and scale their mobile banking apps.


• MX Named to 2024 Forbes Fintech 50 List on February 13, 2024


• The Financial Technology Report Names MX in Top 100 Financial Technology Companies of 2023


• On October 18, 2023 MX named Jane Barratt as Chief Advocacy Officer and Head of Global Public Policy

News and Press Releases

• May 30, 2024: New MX Study Finds 64% of U.S. Consumers Prefer to Pay Bills Manually Each Month (Read)


• September 12, 2024: MX Survey Says Bad Mobile Banking Experience Could Make Consumers Look Elsewhere (Read)


• August 2, 2023: Financial Health Network and BECU Lead Study Powered by MX (Read)


• July 7, 2023: Moneyhub and MX Enhance Financial Wellness Through Open Finance (Read)


• May 10, 2023: MX Delivers Free Data Access Solution to Help Financial Institutions Provide Tokenized API Connections and Unlock Customer Insights (Read)


• November 9, 2022: Sila, MX announce tokenized integration for bank account verification (Read)


• June 8, 2022: Acceleration of Open Finance Fuels Growth of MX Partner Network (Read)


• March 26, 2024: Dwolla Selects MX to Power Account Verifications and Aggregation for Modern Money Movement (Read)


• March 6, 2024: Ahrvo Labs Leverages MX to Transform Identity Verification and Transaction Risk Management (Read)


• February 7, 2024: Trustly Integrates MX Data Enhancement to Deliver Better Consumer Shopping and Underwriting Experiences (Read)


• February 1, 2024: MX and Jack Henry to Enable a More Secure Data Sharing Experience (Read)


• January 30, 2024: MX Survey Shows 23% of U.S. Consumers Open a New Financial Account at Least Once per Year (Read)


• January 23, 2024: MX Customer Analytics Delivers Actionable Insights for Financial Providers to Better Understand and Serve Customers (Read)

Competitors

• Plaid


• Personetics


• Yodlee

Corporate Responsibility

MX’s vibrant culture is driven by a shared purpose among their 500+ team members and guided by a core set of values. They are focused on building a culture that enables everyone to be at their best — where innovation is everywhere, feedback is both constructive and kind, and trust forms their foundation. They encourage everyone to work and grow together through development opportunities, mentorship, and employee resource groups.

MX’s mission is made possible by cultivating an environment where everyone is celebrated for their differences and feels secure in their sense of belonging. Embracing their diversity allows us to be more creative and innovative in bringing open finance solutions to the world, fueling a better understanding of consumer relationships with money, and enabling financial inclusion.

MX’s values aren’t just words on their wall. They work tirelessly to create financial solutions that will transform the face of the financial industry and people’s lives as a whole. They believe they have a shot at advancing humankind — and they’re determined to take it. Their values guide their aspirations:

• Purposeful Contribution


• Exuberance for Life


• Founder Mindset


• Foundation of Trust


• Cognizance


• Iterative Innovation