Blend And MX FinTechs Land $300 Million Investments

Blend and MX, which are both FinTech startups, separately announced that they have each landed $300 million in funding.

“Money experience” company MX said it has landed $300 million in a Series C funding round, which was headed up by a $150 million investment from TPG Growth in addition to participation from new and current backers, according to an announcement.

MX said it will use the infusion to help organizations digitize the “money experience,” leveraging data to make “interacting with money as intelligent and personalized as shopping on Amazon, streaming music on Spotify or driving a Tesla.”

“Along with incredible partners, we are helping financial institutions and technology companies accelerate their digital roadmaps and launch next-generation services and apps that will fundamentally transform how people interact with their money,” MX Founder and CEO Ryan Caldwell said in the announcement.

Digital lending technology provider Blend said it closed a $300 million Series G funding headed up by Tiger Global and Coatue, according to an announcement. The company said the funds will go toward expansion and investment in offerings for FIs.

“No consumer dreams about applying for a home equity line of credit or a mortgage — they’re looking to create a dream kitchen or purchase their first home. We are helping our lenders be there as trusted advisors for their customers at every one of life’s milestones,” Blend Founder and CEO Nima Ghamsari said in the announcement.

Blend says it is developing a technology platform for consumer banking, which includes a connected infrastructure for deposit accounts, consumer loans and mortgages, in addition to a mortgage platform that lets people finish the home finance process in one location.

Ghamsari previously told PYMNTS that as there is a jump in the demand for mortgages, Software-as-a-Service (SaaS) technologies can meet the needs of individuals throughout the banking spectrum, regardless of whether they go to marquee names like Wells Fargo or to credit unions for loans. “The idea of using data, rather than documents, is foundational to our company,” Ghamsari previously noted.