Fintech Industry Legend Pete Kight Joins MX Team as Key Advisor and Board Member While Also Investing $4M

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Sep 21, 2015, 08:00 ET

SILICON SLOPES, Utah, Sept. 21, 2015 /PRNewswire/ -- MX, a fintech company that makes it possible for banks and credit unions to win their competitor's most profitable account holders, announced that Pete Kight, founder and sole CEO of the electronic bill pay pioneer CheckFree, has joined the MX team as a close advisor to MX's founder and CEO, Ryan Caldwell. As a further indication of his commitment to MX and its mission, Kight also joins the board of directors and has made a significant personal investment in the business.

Kight brings 34 years of record-breaking industry experience to the MX team. Kight developed CheckFree's industry-shaping electronic financial management tools for business and personal use, acquiring more than 100 patents for innovations in fintech. As a result, Kight catapulted CheckFree to $1 billion in annual revenue and 4,700 associates in nine countries before selling the company to Fiserv in 2007 for $4.5 billion dollars, one of the highest value transactions in fintech history. Kight is using his vast industry experience to amplify the MX trajectory.

"MX picks up where CheckFree left off, driving innovation forward for financial institutions with revolutionary digital solutions," said Kight. "They're moving the industry, and they clearly are the technological leader in the current competitive landscape. Based on the technology in place, and what is currently under development, MX has the potential to be the signal firm that moves the financial services industry fully into the digital age."

At its core, MX is driven to quickly move consumers into understanding and control of their banking lives. This vision is realized by working with digital, online and mobile banking partners and financial institutions using technology that aids in attracting, capturing and advocating for individuals, businesses and investors. The result promotes financial intelligence while driving critical additional revenue for financial institutions.

"In an age of digitally-driven consumer empowerment, financial institutions need partners like MX more than they might realize," Kight said. "Leading financial institutions know that unless they exceed account holder expectations, they risk losing ground to new competitors in the fintech space. There is no better way to establish leadership on the digital front than by partnering with technology innovators such as MX. Organizations that cannot or will not embrace the vision and tools developed by companies like MX will not thrive in the next decade."

Kight also serves on the board of directors at Huntington Bancshares Incorporated and Blackbaud. Previously, he served on the board of directors for Fiserv (2010-2012), Akamai, Inc. Technologies (2004-2012) and Manhattan Associates (2007-2011).

Ryan Caldwell, founder and CEO of MX states, "Pete Kight has had one of the largest impacts on financial services in the last few decades. We choose our partnerships with strategic precision, and having Kight join our board is a tremendous honor. Kight giving his time and attention to MX is a solid validation for the MX team and what we are building." Caldwell continues, "Kight is a bold advocate for innovation, and his insights have already accelerated MX's growth. Our combined efforts enable banks and credit unions to achieve a level of competitive strength previously unseen and will ultimately position banks and credit unions at the forefront of customer advocacy, financial freedom and forever alter the landscape of the financial services industry."

Pete Kight joins an impressive list of MX investors, advisors and entrepreneurs:

USAA
Digital Garage
Nobu Mutaguchi (TPP Capital Advisors)
TTV Capital
North Hill Ventures
Commerce Ventures
Subtraction Capital
Fraser Bullock (Sorenson Capital)
Josh James (Omniture and Domo)
Jeff Kearl (Stance & Skullcandy)
Greg Warnock (Plus550 & Mercato Partners)
Rick Alden (Plus550 & Skullcandy)
Todd Pederson (Plus550 & Vivint)

About MX
MX enables banks and credit unions to achieve record breaking growth by winning their competitor's most profitable account holders. As one of the fastest-growing fintech providers, MX drives customer-centric banking relationships by gathering and providing data upon which online and mobile banking partners and financial institutions can create and deliver next generation banking applications and solutions.

Founded in 2010, MX delivers data aggregation, data cleansing, auto-categorization, classification, money management, custom API, data analytics, marketing, UI and more. In addition, MX offers an extensive array of client services, ranging from training to custom marketing services. MX currently partners with more than 550 financial institutions and more than 30 digital, online and mobile banking providers — designating MX as a proven powerhouse in the fintech space.

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SOURCE MX