Finance News

Fintech start-up MX appoints new CEO as firm prepares to promote or go public

Shane Evans, interim CEO of the fintech platform MX.

Courtesy: MX

Fintech start-up MX has named Shane Evans as its interim CEO while the company is preparing for an IPO or potential sale, CNBC has learned.

Evans, who joined the Utah-based startup in 2019 as chief revenue officer, will succeed founder Ryan Caldwell, who will take over as chairman, according to the company.

MX is one of the few infrastructure companies that has fueled the growth of the fintech ecosystem in recent years. Like the $ 13.4 billion start-up rival Plaid, the platform connects banks and fintechs using software called application programming interfaces. For example, it allows a Chase customer to transfer cash to a Robinhood account.

MX, valued at $ 1.9 billion in a round of financing last year, is preparing to list or sell for more than $ 5 billion, according to someone with knowledge of the situation.

The fintech firm has hired Goldman Sachs to advise it on potential buyers, Barron & # 39; s reported in August. Payment and technology companies, including Fiserv, are among the potential interested bidders, according to Barron & # 39; s.

Prior to joining MX, Evans was an executive at Qualtrics software company, which was later acquired by SAP for $ 8 billion. His job will be to prepare the company for the next phase while overseeing growth.

"I look forward to working closely with Shane as we develop the business, help companies connect to financial data, and harness the power of financial data to grow their businesses and the way people use their money to change, "Caldwell said in a statement.

Related Articles