Former Goldman co-president Jon Winkelried and Alphabet Enterprise Companion be a part of fintech start-up MX
Jon Winkelried, Co-CEO of TPG Capital, speaks during the Bloomberg Invest Summit on Wednesday June 7, 2017 in New York, USA.
Mischa Friedman | Bloomberg | Getty Images
Former Goldman Sachs co-president Jon Winkelried and a partner in Alphabet’s private equity fund CapitalG are joining the board of directors at fintech data start-up MX to grow the business ahead of a potential IPO, said CNBC Experienced.
Winkelried, who has been co-CEO of private equity firm TPG since 2015 after leaving Goldman in 2009, joins MX after TPG led a $ 300 million financing round at the company last month that led to the Start-up valued at $ 1.9 billion.
Also on the company’s board of directors are Mike Zappert, partner at TPG Growth, and Derek Zanutto, general partner at CapitalG, Google’s independent growth fund, Google’s independent growth fund that has invested in Stripe, Robinhood and Credit Karma.
MX is one of the few emerging companies committed to helping the U.S. financial industry catch up with technology giants for a better user experience. Like Plaid, whose $ 5.3 billion acquisition of Visa recently collapsed, MX is helping banks connect to fintech companies using software known as application programming interfaces, or APIs.
MX also helps its customers gain insights from customers’ transaction data. The company, based in Lehi, Utah, claims to have more than 2,000 banking and fintech customers and is used by 85% of digital banking providers.
“MX is leading the way in connecting financial institutions and technology companies to the world’s financial data and making this data actionable so that companies can increase their bottom line,” Winkelried said in a statement. “Data and innovation play an important role in modernizing our financial system for today’s consumers, and we see MX as the engine for that transition.”
TPG’s growth fund usually invests in companies that are one to three years away from going public, Zappert said in a telephone chat. The PE firm often helps its portfolio companies build management teams and take other steps prior to a public listing, he said.