B2B Payments

Financial Data Analytics Firm MX Lands $100M Investment

MX, a Utah-based technology startup offering a data cleansing and analytics platform for the finance sector, has just announced a $100 million investment.

Crunchbase reported Tuesday that Battery Ventures led the investment round in MX, while Point72 Ventures, Sorenson Capital, Pelion Venture Partners and other investors also participated. The funding comes as MX continues to build out its data solutions for financial institutions after initially launching in 2010 as a company offering banks a personal financial management solution they could provide to customers.

The company has evolved to focus on financial data, particularly as financial institutions struggle to cleanse and normalize data to be analyzed properly.  The company’s services include tools to address unreadable transaction data, which allows MX bank customers to gain a more accurate and holistic view into their customers and transaction behavior.

“People get incredible levels of service from Amazon, incredible recommendations … from Netflix,” MX CEO Ryan Caldwell told the news outlet. “Those types of companies are so data driven … so that they can help understand what you might do and be ready to serve you according to what you need, not just the products that they want to push toward you.”

The $100 million investment round brings the total amount raised by MX to $175 million, according to reports.

Caldwell did not give specifics but said the company has been profitable for about two years. The company plans to deploy the latest funding to focus on sales, marketing and growing its current customer base of about 2,000 businesses.

The investment announcement comes just days after Reuters reported on the trend of banks looking to monetize data, with traditional financial institutions like JPMorgan and Barclays turning to technology giants to explore opportunities in data analytics for applications like marketing, credit decisions and stock predictions.

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