H.I.G. Growth Partners Invests in MX Technologies
BOSTON – June 26, 2019 – H.I.G. Growth Partners (“H.I.G.”) is pleased to announce that it has invested in the Series B growth financing for MX Technologies (“MX” or the “Company”), the leading data platform for banks, credit unions and fintechs.
Founded in 2010 and based in Lehi, Utah, MX enables banks, credit unions, and fintech companies to collect, enhance, analyze, present, and act on their financial data in real time. The Company recently reached the 2,000-customer milestone and partners with 43 of the top 50 digital banking providers. MX’s $100 million Series B financing round reflects the value of its technology and data to its financial customers, and will be used to support the Company’s growth, forging new partnerships and investments, developing the next round of industry-leading innovations, and accelerating its hiring efforts.
Banks, credit unions and fintech companies are experiencing upwards of 4X growth in digital engagement; 5X increase in deposits growth rate; and a 30 percent increase in NPS scores when built on MX’s platform of clean, enhanced, aggregated data to enable banking’s digital transformation, according to internal studies of MX clients.
“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,” said Ryan Caldwell, Founder and CEO of MX. “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.”
“MX is revolutionizing how data and data analytics are used by banks and credit unions,” said Scott Hilleboe, Managing Director of H.I.G. Growth Partners. “By bringing the data to center stage, financial institutions are changing how they run their own businesses and changing how they serve their customers. It’s part of the disruption of an entire industry.”
About MX Technologies
MX is the leading data platform for banks, credit unions and fintechs, enabling its clients and partners to easily collect, enhance, analyze, present and act on financial data. Using MX’s platform and products, MX clients are able to understand their customers in real time like never before, allowing them to be truly customer centric, empowering them to grow faster and deliver an exceptional customer experience all while reducing costs. Founded in 2010, MX is one of the fastest-growing fintech providers, partnering with more than 2,000 financial institutions and 43 of the top 50 digital banking providers. For more information, visit www.mx.com.
About H.I.G. Growth Partners
H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global private equity investment firm with over $31 billion* of equity capital under management. H.I.G. Growth seeks to make both majority and minority investments in strong, growth oriented businesses located throughout North America, Europe and Latin America. H.I.G. Growth Partners considers investments across all industries, but focuses on certain high-growth sectors where it has extensive in-house expertise such as technology, healthcare, internet and media, consumer products and technology-enabled financial and business services. H.I.G. Growth strives to work closely with its management teams to serve as an experienced resource, providing broad-based strategic, operational, recruiting, and financial management services from a vast in-house team and a substantial network of third-party relationships. For more information, please refer to the H.I.G. website at www.HIGgrowth.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.