MX raises $30m as it plans Asian expansion

Digital money management providers MX has announced that it has raised $30 million in Series A financing, paving the way for an extension into Asia.

MX specialises in improving financial institutions by developing omnibanking technologies that enable and support a versatile omnichannel experience. The management firm has partnerships with 500 banks and credit unions across the United States.

Based in the Silicon Slopes of Utah, MX plans to use the new investment to improve upon a range of its digital products, such as its digital money management software, which allows MX’s partners to provide its customers with an individually tailored financial management experience.

The chief investment came from USAA, a financial services firm specialising in helping soldiers or families that have served in the United States military.

‘‘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,’’ said Vic Pascucci, head of Corporate Development at USAA.

USAA were not the only company to invest in MX during the funding round. Tokyo-based incubator Digital Garage invested in MX, laying the foundations for the company’s expansion into Asia.

‘‘We are thrilled to assist in MX’s entry into the Japanese market, which is 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,’’ said Kaoru Hayashi, President and Group CEO of Digital Garage, Inc.



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