This latest round was a strategic one that will help MX to rapidly build out this backend with larger financial institutions, according to Caldwell. As an investor, USAA, one of the largest banking institutions in the United States, has incentive to help the startup work with its more than 10 million customers. In return, MX offers USAA a simplified personal finance solution that can “enhance the customer experience,” according to USAA.
The investment from Digital Garage offers another strategic opportunity for MX – helping it go overseas. Digital Garage was instrumental in helping other technology companies like Twitter and Path expand internationally and can offer a possibly lucrative opportunity for MX to get into the Japanese banking market – one of the leading centers for finance and banking in the world.
“We look forward to marshaling the full resources of the Digital Garage Group behind MX to bring industry-leading services to Japanese financial institutions hungry for full-stack solutions,” Digital Garage president Kaoru Hayashi said in a statement about the funding round.
MX is already preparing for what might come next by building out new headquarters in Lehi, Utah and adding 150 employees to its current 130. Most of those hires will be in engineering in order to work on building a framework to help banks and other financial institutions integrate and automate personal financing into their platforms.
“We’re helping banks be truly cross-platform. Sometimes banks struggle with integrating us into their current offering. We now offer a framework that makes this process much easier. This is part of what we’ve been developing,” Caldwell said.