Utah-Based Data Analytics Company MX Secures $100 Million

Last week, Utah-based MX announced that it has successfully completed a $100 million Series B financing round. The enterprise banking-focused data analytics company was founded in 2010 and has raised $175 million in total equity capital with this latest round of financing.

MX’s Series B financing round was led by technology-focused global investment firm Battery Ventures. New strategic partners H.I.G. Capital, Point72 Ventures, Sorenson Ventures, Pelion Venture Partners and Cross Creek Capital also participated alongside existing partners Industry Ventures, Digital Garage, TTV Capital, Commerce Ventures, National Bank of Canada and Washington Federal.

Become a Subscriber

Please purchase a subscription to continue reading this article.

Subscribe Now

MX has indicated that it intends to use this new funding to accelerate future growth through the creation of new partnerships and increased hiring efforts. As Ryan Caldwell, MX’s founder and CEO, stated: “MX has been growing rapidly while operating profitably the past two years. The financial industry is at an exciting inflection point and this funding will help fuel our growth exponentially.” Indeed, at the same time that MX announced its successful funding efforts, its 2,000th customer—Synovus Financial Corp.—was also announced.

More specifically, MX has plans to further develop next-generation data solutions using this latest funding—and its choice of strategic partners in the round will help further than goal. As Caldwell notes, “The strategic partners we selected give us even deeper market expertise while broadening our reach throughout the financial services industry…this investment further validates and gives fuel to MX’s vision to empower the world to be financially strong by changing the way financial institutions serve their customers – all starting with enhanced data.”

The company’s investors support this vision. Michael Brown, general partner at Battery Ventures and (following his company’s latest investment) a MX board member, was enthusiastic about MX’s prospects: “The use of data is essential to every industry, including financial services, and we are thrilled to support MX in its mission to leverage data to help drive better customer experience and deeper engagement for banks, credit unions and fintechs; it leads to financial strength for everyone.”

The news of this successful funding comes as MX continues to thrive in its sector. Speaking with Crunchbase News recently, Caldwell indicated that his company has been cash flow positive and profitable for approximately two years—though he would not offer specifics about revenue or valuation.