Fintech start-up MX names new CEO as firm prepares for sale or IPO

Investing News

Shane Evans, interim CEO of fintech platform MX.
Courtesy: MX

Fintech start-up MX has named Shane Evans its interim CEO as the company prepares for an initial public offering or possible sale, CNBC has learned.

Evans, who joined the Utah-based start-up in 2019 as chief revenue officer, is replacing founder Ryan Caldwell, who will become executive chair, according to the company.

MX is one of a handful of infrastructure companies that have helped facilitate the growth of the fintech ecosystem in recent years. The platform, like $13.4 billion startup rival Plaid, links banks and fintechs with each other using software called application programming interfaces. That helps a Chase customer send cash to a Robinhood account, for instance.

MX, which was valued at $1.9 billion in a funding round last year, is preparing for a public listing or a sale for more than $5 billion, according to a person with knowledge of the situation.

The fintech company hired Goldman Sachs to advise it on potential acquirers, Barron’s reported in August. Payments and technology companies including Fiserv are among potential interested bidders, Barron’s reported.

Before joining MX, Evans was an executive at software company Qualtrics, which was later acquired by SAP for $8 billion. He will be tasked with preparing the company for its next phase while continuing to oversee growth.

“I look forward to working closely with Shane as we continue to build the business, help organizations connect to and harness the power of financial data to grow their business, and transform the way people engage with their money,” Caldwell said in a statement.

Articles You May Like

Time for Electrics to Perform for Ford Motor Stock
ContextLogic Chart Shows Why Hope Is Not a Strategy
Spider-Man’s Success Won’t Make AMC Stock a Good Buy
China’s Uber, DiDi Has a Strong Future Ahead
Amortization vs. Depreciation: What’s the Difference?