MX Technologies
Digital Banking
Lehi, Utah

Overall Rank: 45
Category: Banking Solutions
Category Rank: 8


  • Top Fintech Company of 2023


In the ever-evolving landscape of fintech, MX Technologies, Inc. has emerged as a formidable force, dedicated to reshaping the way we interact with financial data. Founded in 2010 by Ryan Caldwell and Brandon Dewitt, this Utah-based company has rapidly grown into one of the fastest-growing fintech innovators in the industry. With a mission to make financial data accessible and actionable for all, it is creating waves with its cutting-edge solutions and unwavering commitment to driving innovation.

With a team of over 500 dedicated professionals, it is driven by a shared vision of empowering individuals and businesses through the responsible use of financial data. At the heart of the company’s mission lies the ambition to build the most significant open finance ecosystem, a bold vision that aims to democratize financial information. This ecosystem is designed to foster innovation and enhance user experiences by providing secure and reliable access to financial data.

MX offers a suite of trusted open finance APIs, a cornerstone of their product offerings. These APIs are engineered to facilitate seamless and secure connections to financial data, opening up a world of possibilities for various applications. Whether it’s streamlining account opening processes, facilitating swift money movement, or improving underwriting practices, its’ APIs are the linchpin that makes it all possible.

Their rapid growth and success have been bolstered by the support of notable investors such as TPG, Point72 Ventures, and Pelion Venture Partners, who share their belief in the transformative power of open finance. With a focus on security, accessibility, and usability, MX Technologies’ platform is a game-changer for individuals and businesses.

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Key Products

Account Aggregation

At the foundation of MX’s solution portfolio lies Account Aggregation. This essential tool empowers users with a panoramic view of their financial landscape by securely connecting to various financial institutions and consolidating data from diverse accounts—be it bank accounts, credit cards, or investments. Gone are the days of juggling multiple logins; with Account Aggregation, users gain a comprehensive perspective of their financial health. The benefits are manifold—convenience, insights, and enhanced decision-making. Moreover, users can seamlessly track transactions and balances, leading to more informed financial planning and analysis.

Balance Checks

This is another pivotal offering by the company, designed with financial wellness in mind. This solution goes beyond the passive display of balances; it proactively monitors financial accounts for any changes, such as deposits, withdrawals, or fees, and promptly notifies users. This feature is not just about convenience; it’s a powerful tool for financial security and peace of mind. It empowers users to manage budgets effectively, prevent overdrafts, and stay vigilant against unauthorized transactions, all through timely alerts.

Data Access

This is a game-changer for businesses and developers seeking secure and reliable access to financial data. This product offers a suite of APIs that streamline integration with financial institutions, enabling various use cases. Whether it’s account verification, loan underwriting, or risk assessment, it simplifies the process and ensures the accuracy and reliability of financial information. It’s a scalable solution that caters to a wide range of applications, driving efficiency and innovation in financial services.

Personal Financial Management (PFM)

PFM by MX is the compass that guides individuals on their financial journey. This comprehensive solution combines data aggregation, analytics, and intuitive visualizations to empower users with a profound understanding of their finances. It helps users set financial goals, budget effectively, and track progress toward achieving their objectives. PFM isn’t just about numbers but financial insight, goal setting, and responsible financial planning.

Additional solutions offered by the company include Data Enhancement, Mobile Banking, and Financial Insights.

Customer Insights

MX Technologies has made it their mission to empower financial institutions with cutting-edge solutions, setting them apart as trusted partners and customers to some of the most reputable names in the industry, including M&T Bank, Cambridge Savings Bank, Maps Credit Union, and many others.

The company’s success story is a testament to its unwavering commitment to offering exceptional value to its customers. As Jeremy Takle, Managing Director of U.S. Branded Customer at Barclays, aptly states MX offers great value in every product to its customers, and it makes its experience easy to understand, easy to decide, and easy to act. 

One of the cornerstones of MX’s success lies in its ability to deliver an integrated platform that seamlessly bridges the divide between mobile and online banking. Geoff Lundfelt, President and CEO of Global Credit Union, attests to this by noting that the biggest difference his company saw between the MX offering and other offerings was its integrated platform for mobile and online banking, built on clean and enhanced data that is second-to-none. This commitment to clean, reliable data and rapid implementation sets MX apart as an industry leader, enabling financial institutions to stay agile and responsive to evolving customer needs.

Further on, the University Credit Union (UCCU) sought to transform member engagement and deepen its relationships by offering personalized financial insights. Collaborating with MX Technologies, they embarked on a journey that resulted in remarkable outcomes. MX Technologies helped empower UCCU to provide personalized financial management tools to its members. The result was not just enhanced customer loyalty but also a tangible improvement in financial well-being.


  • 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 Jim Magats, 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

Jim Magats, Chief Executive Officer

Magats’ illustrious career includes 18 years as a senior executive at PayPal Inc., where he played a pivotal role in the company’s transformation into one of the most valuable and innovative fintech giants globally. As PayPal’s Senior Vice President for Omni Payments Solutions, Magats oversaw the company’s open banking strategy and solutions, along with a vast partnership network involving more than 150 financial institutions and networks. His contributions to PayPal’s global expansion and success are a testament to his exceptional leadership and strategic acumen.

Wes Hummel, Chief Technology Officer

Hummel leads the company’s engineering and information security teams. With over 25 years of experience in building and leading global engineering teams, Hummel is a customer-focused technology leader of the highest calibre. Furthermore, before joining MX, he spent 14 years at PayPal, where he was responsible for shaping the company’s infrastructure and operations vision. His extensive background in technology leadership has been instrumental in MX’s continued growth and technological innovation.

Nandita Gupta, Chief Product Officer

Gupta oversees the company’s product and data science teams. With more than 25 years of experience leading product and engineering teams, Gupta has a distinguished career marked by her contributions to payment platforms, open banking capabilities, and the establishment of a world-class financial institution and fintech partnership network. Moreover, her accomplishments at PayPal, including the development of internal payment platforms and products responsible for significant transaction growth, highlight her deep expertise in the fintech landscape.

Brian Kinion, Chief Financial Officer

Kinion leads the finance organization of MX. His responsibilities encompass investor relations, financial planning and analysis, accounting, compensation, and deal desk operations. Before joining MX, Kinion was the CFO at Upwork, where he played a pivotal role in the company’s successful 2018 IPO and its continued growth as a publicly traded entity. Additionally, his financial leadership positions at Marketo and SuccessFactors underscore his expertise in driving financial strategies for high-growth companies.

Jane Barratt, Chief Advocacy Officer and Head of Global Public Policy

Jane Barratt is Chief Advocacy Officer and Head of Global Public Policy at MX. Jane 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.

Michael Whitacre, Chief Commercial Officer

Michael Whitacre is Chief Commercial Officer at MX. Michael leads the company’s sales, revenue, and customer success organizations. He has more than 30 years leading world-class revenue and sales organizations focused on helping drive business and customer outcomes for financial institutions, digital banks, and fintechs. Prior to joining MX, Michael spent 10 years at FIS, first as Senior Vice President, Global Financial Institution Group and later as Senior Vice President, Head of Sales for Core Banking in America. Prior to FIS, Michael held sales and leadership roles at Acxiom, Alltel Information Services, and ABB Switzerland Ltd.

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 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,, 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. 



Formerly known as Texas Pacific Group, this company is a global private equity firm renowned for its strategic investments across various sectors. With a diverse portfolio spanning technology, healthcare, and finance, its involvement with MX adds a significant dimension to the company’s growth strategy. Its vast resources, global reach, and industry insights make it a valuable partner for MX. Thus, this partnership is a testament to the company’s potential to revolutionize the financial data space and enhance the way individuals and businesses interact with their financial information.

Battery Ventures

Founded in 1983, it is a prominent global investment firm deeply committed to technology. With a presence in the United States, Europe, and Israel, the company is recognized for its collaborative and research-driven investment approach, engaging in early-stage, growth-stage, and buyout investments within the tech sector. It continues to actively deploy capital from its 14th flagship fund, Battery Ventures XIV, alongside its companion fund, Select Fund II. Moreover, Battery’s core areas of focus include Application Software, Infrastructure Software, Consumer Technology, Industrial technology, and Life Science Tools. 


The United Services Automobile Association (USAA) is a highly reputable financial services organization based in the United States. Founded in 1922 by a group of U.S. Army officers, it primarily serves current and former members of the military, as well as their families. Moreover, it offers a wide range of financial products and services, including banking, insurance, investments, and retirement planning. The company’s insurance offerings, including auto, home, and life insurance, are particularly popular among military personnel due to their competitive rates and comprehensive coverage options.

Key Milestones

  • 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

  • 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)



It is a stalwart competitor that specializes in providing financial data infrastructure, facilitating secure connections between consumers’ bank accounts and various fintech applications. The company plays a pivotal role in advancing open finance, empowering users to access their financial data from multiple institutions seamlessly. Its extensive network of financial institutions and its track record in enabling fintech innovation have cemented its status as a significant player in the field. Its comprehensive suite of offerings encompasses everything from account aggregation to payment initiation, making it a versatile competitor in the fintech space.


Personetics is the global leader in financial-data-driven personalized banking and customer engagement for financial services and the company behind the industry’s first Self-Driving Finance™ platform.


Yodlee is a web application software company that provides consumer-permissioned data aggregation – consolidating information from multiple accounts, e.g. credit cards, bank, investment etc., on one screen. Its business model also includes an analytics platform that enables insights for financial service providers.

Corporate Responsibility

In today’s corporate landscape, corporate responsibility is not just a catchphrase—it’s a commitment to fostering inclusivity, embracing diversity, and making a positive impact on society. MX Technologies, Inc., a trailblazing fintech company, exemplifies this commitment by weaving corporate responsibility into its very fabric.

Here, diversity is not merely a buzzword; it’s a driving force behind the company’s mission. The belief that embracing differences can lead to enhanced creativity and innovation is deeply ingrained in the company’s culture. By celebrating and valuing every individual’s unique background and perspective, MX creates an environment where employees feel secure in their sense of belonging.

The company recognizes the sacrifices and contributions of veterans, reservists, military spouses, and military families. The MX Honor initiative stands as a testament to the company’s commitment to supporting and encouraging this proud community. By offering resources, support, and opportunities, it not only acknowledges the unique challenges faced by military personnel and their families but also provides a platform for their continued growth and success within the company. Moreover, it seeks to create a culture of diversity, equality, and inclusion that extends a warm welcome to LGBTQ+ professionals within the organization. By providing a safe and supportive environment, it not only respects the LGBTQ+ community but actively champions its contributions, recognizing that diverse perspectives are essential for driving innovation and progress.

Additionally, MX Unite is an initiative that goes beyond words; it’s a call to action. It encourages, advocates, and educates on the challenges, initiatives, and stories of the BIPOC (Black, Indigenous, and People of Color) community. By shining a spotlight on these vital issues and experiences, MX Technologies demonstrates its commitment to advancing equality and equity, both within the organization and in society at large.

Lastly, The Women Initiatives Network (WIN) at MX empowers women within the organization and further promotes their success. This initiative recognizes that supporting and elevating women is not just about equality; it’s about unlocking the full potential of half the population. By fostering an environment where women can thrive, the company not only advances gender diversity but also taps into a rich pool of talent and leadership.

MX’s commitment to corporate responsibility is a testament to the belief that a diverse and inclusive workplace not only fuels innovation but also paves the way for a better and more equitable world. It doesn’t just lead in finance; it leads with compassion, empathy, and a commitment to making a difference.