Startup City Magazine

MX Draws in $30 Million Series A Funding from USAA and Digital Garage

Bangalore: The personal finance startup MX, which was previously known as Money Desktop raises $30 million in series A funding led by USAA via a subsidiary, with participation from Digital Garage, Inc. This hike in financing brings the total funding of the company to $50 million. Following these investments, MX foresees to strengthen its partnerships with other firms and take forward its present product package comprising of various solutions. Each of these solutions facilitate the company’s clients and partners to offer a customized financial management familiarity providing financial benefits for the customers while drawing supplementary revenue for the partners and the clients. Trailing the footprints of Mint, Simple and so on who are in the domain of personal finance, MX envisions to make financial management consumer friendly by endowing real-time financial data reports inclusive of that of various banking establishments and funds.

MX provides a backend financial management key to the pertaining infrastructure of different monetary institutes thereby allowing their customers to obtain all their financial knowledge from their own banking portal. “MX provides the leading solution set in digital money management technology, and has grown to be a dominant force in the U.S., where financial technology is rapidly increasing in impact,” asserted Kaoru Hayashi, President & Group CEO, Digital Garage, Inc.

“USAA invests in companies and start-ups to combine the best of external innovation with the best of internal innovation to better serve USAA’s members and mission,” Vic Pascucci, Head of Corporate Development at USAA quotes. “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”, he added.

USAA which had earlier invested in Twitter, Digital Garage, Inc. has earned the reputation of being a righteous supporter for its clientele as it offers customer-based pioneering products and elucidations with the intention to ease the monetary safekeeping of the members of various organizations. This leading finance institute has helped biggies like HootSuite, LinkedIn and Path to expand globally.  


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