Fintech MX Names Interim CEO as It Weighs Sale or IPO

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Shane Evans, interim CEO of Fintech MX.

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Courtesy of MX/PR Newswire

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MX, a fintech startup expected to go public or sell, was named an interim CEO on Tuesday.

Shane Evans will replace MX co-founder Ryan Caldwell, who will become the startup’s executive chairman. said in a statement, Caldwell will continue to advise MX’s executive team and board on go-to-market, product development and long-term business growth.

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Evans joined MX in 2019 as its first chief revenue officer and was promoted to chairman in 2021. He also spent five years at Qualtrics.,
Which was SAP (ticker: SAP) sold for $8 billion Closed in an IPO in 2019 and again last year.

Evans said in the statement, “I am grateful for the opportunity to help lead MX through its next phase of growth, as we accelerate business and help organizations unlock the power of financial data. Huh.”

Founded in 2010, MX is a technology platform that helps banks and fintechs to connect and act on consumer and small-business financial data. Fintechs and banks pay to use MX’s technology to connect to consumer banking data. MX of Lehi, Utah, employs more than 700 people.

in August, baron’s reported that MX had hired Goldman Sachs to handle interest from potential suitors, including payments and large technology providers such as Fiserv (FISV). Special Purpose Acquisition Companies, or SPACs, had made offers to buy out startups as well. According to the report, the MX can sell for more than $5 billion.

Late last year, MX lost one of its co-founders. Brandon DeWitt, who also served as Chief Technology Officer, passed away in November From salivary cancer. He was 38 years old. Some believed that DeWitt’s departure could stifle any sale or IPO discussion.

However, according to a person familiar with the situation, the fintech is still considering all options, including an IPO or sale. “Any of those things could happen and nothing is imminent,” the person said.

Write to Louisa Beltran at [email protected]

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