US-based financial technology developer MX obtained $30m yesterday for a series A round led by financial services group USAA that also featured internet holding company and incubator Digital Garage.
MX, previously known as MoneyDesktop, has created a real-time money management and financial data analysis platform that can be built on banks and credit unions’ existing web infrastructure, enablign them to enhance the online services they provide to customers.
To date, MX’s offering has been integrated with some 500 financial institutions. The company will use the series A funding to strengthen these partnerships and to develop more features, while Digital Garage will assist MX with an expansion into Japan.
MX raised $20m in seed funding in November 2014 from TTV Capital, North Hill Ventures and Commerce Ventures, as well a range of angel investors.
Vic Pascucci, head of corporate development at USAA, said: “MX offers a technology platform that pulls online and mobile banking channels together in a way that simplifies and enhances the customer experience.
“We see an opportunity for MX’s technologies to benefit our members, and our investment is one way we plan to explore that opportunity.”