US-based financial data analytics platform developer MX attracted $100m on Tuesday from investors including internet company Digital Garage and financial services firms National Bank of Canada and Washington Federal Bank.
The round was led by technology investment firms Battery Ventures and also featured Pelion Venture Partners, Cross Creek Capital, Point72 Ventures, Industry Ventures, TTV Capital, Commerce Ventures, Sorenson Capital and HIG Growth Partners, an affiliate of HIG Capital.
Formerly known as MoneyDesktop, MX offers personal financial management and data analytics products that can be integrated with the infrastructure of banks and other financial services providers to track spending habits and evaluate financial data.
The capital will fund MX’s growth strategy, including its pursuit of new partnerships and investments, as well as accelerated recruitment and work on innovative features. Michael Brown, general partner at Battery Ventures, has joined its board of directors.
The company has now raised $175m in equity funding altogether, it said. Digital Garage had backed a $30m series A round in 2015 led by financial services group USAA, after a $20m seed round the previous year featuring TTV Capital, North Hill Ventures, Commerce Ventures and assorted angel investors.
MX founder and chief executive Ryan Caldwell said: “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.
“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.”