MX, which develops a suite of aggregation and analysis tools for financial institutions, raises $100M Series B led by Battery Ventures
MX, a Utah-based software firm developing a suite of aggregation and analysis tools for financial institutions, today revealed that it's secured $100 million …
Context & Ripple Effects
MX's $100M Series B lands mid-wave of big Utah data-infrastructure rounds: Health Catalyst had just raised $100M at a $1B valuation in February 2019 ($100M for health-care analytics), and MX itself would go on to raise a $300M Series C at a $1.9B valuation eighteen months later (its $1.9B Series C). The B round is the midpoint of that arc.
Battery Ventures is the through-line investor: it leads this round and years later returns to the same Salt Lake City ecosystem to lead Jump's $20M Series A for AI tools aimed at financial advisors (Battery's later Jump bet).
First-order effects
- MX gains $100M to scale its aggregation and analysis suite for financial institutions, with Battery Ventures taking a lead position in what becomes one of the state's most valuable software companies.
Second-order effects
- Rivals selling into the same bank data layer — such as Even Financial, which raised $25M months later from Citi Ventures and MassMutual Ventures (Even Financial's API round) — must compete against a far better-capitalized aggregator for institutional customers.
Third-order effects
- The pattern points toward financial institutions consolidating their data infrastructure around a small set of heavily funded platform vendors, with Utah compounding as a recognized hub for enterprise data software.
The trend: Venture capital is concentrating on data-aggregation platforms sold directly to banks and credit unions, turning Utah into a repeat source of billion-dollar enterprise-data companies.