Latest unicorn: $300M funding round gives Utah-based fintech company MX $1.9B valuation

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LEHI — Utah-based fintech company MX has become Silicon Slope’s next unicorn after a staggering $300 million funding round quadrupled its valuation to $1.9 billion — making it one of the largest private companies in the Beehive State.

MX, which was founded in 2010, works behind-the-scenes to aggregate data for banks that give the consumer a better user experience. If you’ve ever been shaken by a transaction showing confusing letters and numbers and think it must be fraud, you’ll appreciate MX’s data cleansing, which takes all of that away and replaces it with the company’s name. That’s just one example of how MX is working to make finances easier for everyday life, according to CEO and founder Ryan Caldwell.

“We’re actually not just guiding your finances, but we’re able to help automate more and more of it to help the user understand what they need to do next; and eventually there’s not going to be a bank that will continue to thrive or exist that won’t be leveraging this data to a really strong degree,” he said.

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