The round was led by a USAA subsidiary and Tokyo-based VC Digital Garage. The company has raised a total of $50m in funding.
MX will be looking to build out its new head quarters in Utah and adding 150 new employees to its current headcount of 130. An investment from Digital Garage may help them expand overseas.
Much like Mint, Simple and others in the personal finance space, MX aims to make financial management easy for consumers by providing real-time monetary data from various banking institutions and money accounts. Most of these competitors work by scraping financial data and connecting to APIs to offer a snapshot of where you are financially. MX differs in that it powers a backend money-management solution to the existing infrastructure of these financial institutions. This allows customers of those institutions to see all their financial information in one place within their own banking platform, rather than on a third-party site like Mint.