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MX

  • What it is:MX is a financial data aggregation and services platform that helps financial institutions, fintechs, and businesses connect, analyze, and act on consumer financial data.
  • Best for:Large financial institutions, Established fintech companies, Companies needing banking infrastructure
  • Pricing:Starting from $15,000 annually (average)
  • Rating:85/100Very Good
  • Expert's conclusion:MX Is Well Suited as Banking Infrastructure for Enterprises That Prioritize Compliance, Reliability, and Data Quality Over Cost or Simplicity.
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Reviewed byMaxim Manylov·Web3 Engineer & Serial Founder

What Is MX and What Does It Do?

MX is a leading provider of financial data aggregation and services that enables financial institutions, fintechs and businesses to gather, enrich, analyze, display and make decisions based on financial information. MX provides personalized money experiences to customers by connecting to over 16,000 financial institutions and provides those experiences to more than 200 million consumers via partnerships with top digital banking companies.

Active
📍Lehi, UT
📅Founded 2010
🏢Private
TARGET SEGMENTS
Financial InstitutionsFintechsBanksCredit UnionsBusinesses

What Are MX's Key Business Metrics?

📊
16,000+
Financial Institutions Connected
📊
85% of market
Digital Banking Providers Powered
📊
200M+
Consumers Reached
📊
1,800+ financial institutions
Partners
📊
43 of top 50
Top Digital Banking Providers
📊
Portfolio company of H.I.G. Capital
Funding Status
Regulated By
SOC 2 Compliant(USA)

How Credible and Trustworthy Is MX?

85/100
Excellent

An established fintech leader for over 14+ years, extensive industry partners, and proven secure practices providing services to the majority of the country's financial institutions.

BREAKDOWN
Product Maturity95/100
Company Stability90/100
Security & Compliance90/100
User Reviews75/100
Transparency80/100
Support Quality85/100
TRUST SIGNALS
Connects 16,000+ financial institutionsPowers 85% of digital banking providersH.I.G. Capital portfolio companySOC 2 security compliance200M+ consumers reached

What is the history of MX and its key milestones?

2010

Company Founded

Co-founded by Ryan Caldwell in Lehi, Utah as an online platform to connect to various financial institution systems.

2011

Acquired MyJibe

Partnered with co-founder Brandon Dewitt's personal financial management company, MyJibe.

2021

Co-founder Brandon Dewitt Passed Away

Passed away after becoming one of the engineering leaders and co-founders of MX. He was well known for his passion for creating innovative products at MX.

2023

H.I.G. Capital Investment

Portfolio company of H.I.G. Capital; supports continued innovation and expansion of MX's financial data services.

How Much Does MX Cost and What Plans Are Available?

Pricing information with service tiers, costs, and details
☐Service$CostℹDetails🔗Source
Standard Plan$15,000 annually (average)Based on community transaction data for financial data APIsVendr
Enterprise/CustomUp to $90,000 annuallyPricing varies based on company needs and scaleVendr
API AccessCustom quoteContact vendor for pricing based on requirementsOfficial sources
Standard Plan$15,000 annually (average)
Based on community transaction data for financial data APIs
Vendr
Enterprise/CustomUp to $90,000 annually
Pricing varies based on company needs and scale
Vendr
API AccessCustom quote
Contact vendor for pricing based on requirements
Official sources

How Does MX Compare to Competitors?

FeatureMXQuilttWiseRebank
Core FunctionalityFinancial data APIs, account aggregationUnified open banking APIPayments & transfersBusiness banking
Pricing (starting)Custom (~$15K/year avg)Usage-based connected accounts$0.41 one-timeFree
Free TierNoNoNoYes
Enterprise FeaturesYes (SSO, scalable APIs)YesLimitedBasic
API AvailabilityYes (open banking APIs)YesYesYes
Integration CountHigh (banking infrastructure)Unified platformPayments-focusedBanking-focused
Support OptionsEnterprise supportBusiness supportStandardStandard
Security CertificationsTrusted secure APIsStandardPCI compliantStandard
Core Functionality
MXFinancial data APIs, account aggregation
QuilttUnified open banking API
WisePayments & transfers
RebankBusiness banking
Pricing (starting)
MXCustom (~$15K/year avg)
QuilttUsage-based connected accounts
Wise$0.41 one-time
RebankFree
Free Tier
MXNo
QuilttNo
WiseNo
RebankYes
Enterprise Features
MXYes (SSO, scalable APIs)
QuilttYes
WiseLimited
RebankBasic
API Availability
MXYes (open banking APIs)
QuilttYes
WiseYes
RebankYes
Integration Count
MXHigh (banking infrastructure)
QuilttUnified platform
WisePayments-focused
RebankBanking-focused
Support Options
MXEnterprise support
QuilttBusiness support
WiseStandard
RebankStandard
Security Certifications
MXTrusted secure APIs
QuilttStandard
WisePCI compliant
RebankStandard

How Does MX Compare to Competitors?

vs Quiltt

While both MX and Quiltt offer enterprise-grade financial data APIs and/or aggregation to large financial institutions and fintechs, they differ in their approach to open banking pricing models. MX offers its solutions using high-average contract values which indicates it is positioned as a premium service; while Quiltt offers its solution with usage-based pricing which makes it more accessible to a broader range of businesses.

MX is ideal for established institutions that require a robust data infrastructure; Quiltt is ideal for scalable and cost-effective API platforms for businesses of all sizes.

vs Wise

While both companies have solutions to enable bank connectivity APIs, MX primarily focuses on data access and banking infrastructure APIs; whereas Wise focuses on payment and transfer services internationally. MX is focused on serving banks and fintechs; Wise is focused on targeting international payments and is positioned at a lower price point.

MX is ideal for comprehensive financial data needs; Wise is ideal for cross border payments.

vs Plaid

Both MX and Plaid have developed bank connectivity APIs but MX emphasizes open finance APIs for institutions with a greater emphasis on security and is priced accordingly; while Plaid has broader developer adoption and a larger fintech ecosystem.

MX is ideal for institutional grade open banking; Plaid is ideal for developer-first fintech integrations.

What are the strengths and limitations of MX?

Pros

  • Trusted by top institutions — used by many leading financial institutions and fintechs
  • Provides secure data connections — considered to be the most trusted and secure open finance APIs
  • Provides comprehensive coverage — and connects to financial accounts reliably
  • Provides actionable insights — helps improve financial management and customer experience
  • Scalable infrastructure — supports enterprise needs and allows for custom pricing
  • Positions itself as the leading provider of financial data APIs

Cons

  • Provides custom pricing only — does not provide any self-serve pricing options
  • Has a high cost threshold — generally averages $15k/year and goes up to about $90k/year
  • Enterprise-focused — may be too much for smaller businesses or startups
  • Does not publish pricing or feature information — requires vendor contact
  • Does not allow for a free trial — limits ability to evaluate for lower risk
  • Complex sales process — requires direct sales engagement from MX to receive a quote

Who Is MX Best For?

Best For

  • Large financial institutions — Enterprise-grade APIs for secure data access — trusted by top banks for accessing sensitive financial data
  • Established fintech companies — Scalable infrastructure for financial data aggregation and insights
  • Companies needing banking infrastructure — Specialized open banking APIs — reduces development costs
  • Organizations prioritizing security — Proven secure connections — for sensitive financial data

Not Suitable For

  • Startups and small businesses — High pricing minimums — consider Quiltt or Plaid's free tiers instead
  • Individual developers — Enterprise sales process — use developer-friendly APIs like Plaid
  • Payment-only use cases — Data-focused platform — consider Wise or Stripe for payment-related needs

Are There Usage Limits or Geographic Restrictions for MX?

Pricing Model
Custom enterprise contracts only, avg $15K-$90K/year
Free Tier
Not available
Free Trial
Not publicly offered
Setup Fee
No setup fee
API Rate Limits
Custom based on contract
Geographic Availability
Primarily US-focused financial institutions
Target Customers
Financial institutions and fintechs

Is MX Secure and Compliant?

Secure Open Finance APIsMost trusted and secure APIs for financial data connections and account aggregation
OAuth Token StandardsSupports FDX standards using OAuth tokens to replace screen scraping
Trusted by InstitutionsUsed by top financial institutions indicating enterprise-grade security
Partner API SecurityImproved security through API partnerships between banks and fintechs

What Customer Support Options Does MX Offer?

Channels
Available on mx.com/contact-us for clients and non-clientstermsofuse@mx.com for privacy concerns; help articles for clients(801) 669-5500 for headquartersSelf-service knowledge base for MX clients
Hours
Business hours (not explicitly stated)
Satisfaction
Not available in public sources
Specialized
Data Privacy Team for privacy concerns
Business Tier
Enterprise clients access help articles and product support
Support Limitations
•Non-clients must contact their financial provider for technical issues
•No live chat or dedicated phone support channels listed
•Support primarily through forms and self-service for clients

What APIs and Integrations Does MX Support?

API Type
REST APIs via MXConnect platform with standardized interfaces
Authentication
Token-based authentication, pre-built flows for secure connections
Webhooks
Real-time push protocol support (at least hourly), on-demand pull protocol
SDKs
Not mentioned; focus on direct API integration
Documentation
Comprehensive guides at developer.mxconnect.com
Sandbox
Developer hub with guides for testing integrations
SLA
Not publicly specified; emphasis on reliable connections
Rate Limits
Not detailed in public sources
Use Cases
Account aggregation, transaction data access, identity verification, payments, data enrichment for banking apps

What Are Common Questions About MX?

MX is an open banking API aggregator — providing secure data connectivity to financial institutions through standardized APIs

MX provides REST APIs through MXConnect — with real-time push and on-demand pull protocols for connecting to account data, transactions, and verification services

Handles authentication, data normalization, and compliance — eliminates screen scraping for reliable connections

MX has an emphasis on official API partners and multi-sourced aggregated data (for reliability) vs. Screen Scraping. MX also offers Data Enrichment and Normalized Insights for Banking Experiences.

MX uses Secure Token Auth for its API Connections and has Regulatory Compliance Handling built-in. This allows financial providers to have control of who shares what data and how that data is shared, without having to store credentials.

Yes, MX Connect provides developers with comprehensive Developer Documentation and Support for Core Use Cases such as Account Aggregation, Transactions, and Identity Verification Across Institutions.

Clients of MX can find Help Articles and Submit Issues Via Contact Form. Non-Clients Should Contact Their Financial Provider Directly. If you have privacy concerns, please email termsofuse@mx.com.

The MXConnect Developer Hub Offers Guides and Documentation for Quickly Testing Integrations.

Is MX Worth It?

MX is a mature Open Banking API Platform focused on providing Secure, Reliable Data Connectivity for Financial Institutions and Fintechs. MX’s emphasis on Official API Partnerships and Data Normalization positions it well for Building Compliant Aggregation Experiences. Although Pricing Details Are Not Clearly Defined, MX’s Infrastructure Is Enterprise Grade.

Recommended For

  • Financial Institutions Building Digital Banking Platforms
  • Fintechs Needing Reliable Bank Connectivity Without Screen Scraping
  • Enterprises Requiring Data Enrichment and Compliance Handling
  • Developers Building Aggregation Services Across Multiple Institutions

!
Use With Caution

  • Small Startups – MX’s Pricing Model May Be Prohibitive For Many Startups
  • Teams Needing Consumer-Direct Integrations – B2B2C Focus
  • International Expansion – Primarily US Centric Coverage

Not Recommended For

  • Budget Constrained SMBs Seeking Simple Integrations
  • Non-Financial Use Cases Outside of Banking Data
  • Projects Requiring Real-Time Payment Rails Beyond Aggregation
Expert's Conclusion

MX Is Well Suited as Banking Infrastructure for Enterprises That Prioritize Compliance, Reliability, and Data Quality Over Cost or Simplicity.

Best For
Financial Institutions Building Digital Banking PlatformsFintechs Needing Reliable Bank Connectivity Without Screen ScrapingEnterprises Requiring Data Enrichment and Compliance Handling

What do expert reviews and research say about MX?

Key Findings

The MXConnect developer platform is designed to provide an enterprise-level open banking API with a strong emphasis on the safe collection, enrichment, and provision of aggregated and normalized data. The MXConnect developer platform is also used by many of the largest institutions, such as CIBC, to provide standardized connectivity across multiple protocols. A primary goal of the MXConnect developer platform is to replace screen scraping with official partnerships with financial institutions.

Data Quality

Good - solid information from official website, developer portal, and customer lists. Limited details on pricing, rate limits, SLAs, and exact bank coverage.

Risk Factors

!
To receive pricing information, you will need to contact sales.
!
The specific data coverage and rate limits are not publicly available.
!
Due to the fact that it is an enterprise focused solution, this product may not be suitable for smaller teams or organizations.
Last updated: February 2026

What Are the Best Alternatives to MX?

  • •
    Plaid: Plaid is currently the leading consumer-facing bank API aggregator. They have the most comprehensive coverage of financial institutions, they are the easiest to onboard as a developer and they offer the most transparent and affordable pricing. However, they rely heavily on screen scraping. This makes them the best option for fintech companies looking to develop consumer applications quickly. (plaid.com)
  • •
    Finicity (Mastercard): Finicity is an enterprise open banking platform with robust capabilities to aggregate data and support compliance. While Finicity has a similar B2B2C business model to MX, their coverage strength differs. This makes Finicity the best option for institutions that prioritize high-quality data and formal partnerships. (finicity.com)
  • •
    Yodlee: Yodlee has been an established aggregation platform since its inception and offers global coverage, advanced data analytics and a very mature ecosystem. While Yodlee's pricing can be somewhat opaque, it is the best option for large enterprises who require extensive normalization and insights. (yodlee.com)
  • •
    Teller: Teller offers a low-cost, open source-friendly bank API with simple REST endpoints to access accounts/transactions. Teller takes a developer-first approach and is ideal for technical teams that want to work at a high level of abstraction and maintain total control over the system. (teller.io)
  • •
    Salt Edge: Salt Edge is a global open banking platform that is compliant with PSD2 and offers more than 5000 connections. With a strong focus on Europe, Salt Edge offers certification advantages that other platforms cannot match. As such, Salt Edge is the best option for businesses requiring international compliance requirements. (saltedge.com)

What Are MX's Api Performance Metrics?

70%+
Connection Traffic via OAuth APIs
500K+
Active Connections
80+%
Market Readiness
6 weeks or less
Integration Time

What Are MX's Financial Institution Coverage?

50,000+
Data Connections
70%
OAuth API Traffic Coverage
500K+
Active Connections
80+% ready
Market Coverage

What Data Access Capabilities Does MX Offer?

Account Owner Identity

Securely verifies the ownership of a user's account through the use of secure API access.

Transaction History

Allows consumers to share their transactional data securely across all of their accounts.

Account Aggregation

Encompasses multiple financial accounts in one place, allowing users to connect and view their accounts.

Balance Checks

Provides real-time account balance verification through secure API access.

Account Statements

Offers users access to their account statements using API data requests.

Instant Account Verification (IAV)

Verifies user accounts in seconds using secure connections.

What Is MX's Authentication Methods Status?

OAuth APIsTokenized, credential-free secure access (70% of traffic)
FDX StandardsBuilt to FDX 4.1 specifications for secure data sharing
Token-based AccessBi-directional permissioned data sharing without credentials
Consumer Consent DashboardGrant, manage, and revoke access control

What Regulations and Standards Does MX Comply With?

FDX StandardsBuilt to latest FDX specifications including 4.1
Section 1033Supports compliance obligations for data sharing
Open Banking StandardsConsumer-permissioned secure data access
FinTech Breakthrough Award2025 Best Open Banking API

What Developer Tools Does MX Offer?

MX Platform APIAccess to full suite of MX products and services
MX PortalOpen-source solution for customer data sharing control
Self-Service PortalAccelerate third-party onboarding with templates
MX PathData connectivity API for cores, apps, and systems
FDX-Compliant APIsBuilt on open standards for fast integration

What Data Enrichment Features Does MX Offer?

Built-in Analytics

Empowers users with actionable insights derived from API data to grow their business.

Account Aggregation

360-degree view of consumer finances across institutions

Consent Management

Monitor and manage data sharing for compliance and insights

Real-time Data Access

Live connectivity to financial accounts without credentials

Personalized Insights

Unlock growth opportunities through data visibility

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