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

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

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

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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, connects banks and fintechs to each other using software called application programming interfaces. For example, it helps a Chase customer send cash to a Robinhood account.

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

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Fintech company hired Goldman Sachs to advise on potential acquaintances, Barron’s Reported in August. According to Barron’s report, payments and technology companies including Fisher are among the potential interested bidders.

Prior to 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 the development.

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

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