U.S.-based money experience company MX announced on Tuesday it has partnered with digital asset verification platform FormFree to speed up loan approval processing and close more than one million loans. According to MX, FormFree improves lenders’ ability to make more informed decisions about borrowers and minimizes lenders’ risk while creating a seamless loan application experience for borrowers
“By using MX’s modern connections, the average aggregation time for FormFree connections decreased by 89 percent to 22 seconds from an average of 3 minutes and 30 seconds.”
While speaking about the partnership, Brian Francis, CTO of FormFree, stated:
“Our experience with MX providing modern, secure connections has been world-class. We’ve experienced so many positive outcomes from this rollout, including a huge decrease in the time it takes to complete an aggregation event. We attribute that to making the move to API and OAuth-based connections.”
Nate Gardner, Chief Customer Officer of MX, added:
“Through this partnership, MX supplies permissioned financial data to FormFree’s Passport, which provides the lender and the borrower a far greater user experience. This is only possible through the quality and speed of MX’s data connectivity and the accuracy of that data.”
As previously reported, MX powers more than 2,000 banks, credit unions, fintechs, and technology companies, as well as 85% of digital banking providers, with a combined reach of over 200 million consumers.
“MX is the source of the data and the data enhancement engine that powers all these experiences. The latest investment will be used to help organizations everywhere automate the money experience, which means using aggregated and enhanced data to make interacting with money as intelligent and personalized as shopping on Amazon, streaming music on Spotify, or driving a Tesla.”
The company recently raised $300 million in a Series C funding round led by TPG Growth with additional participation from new and existing investors including CapitalG, Geodesic Capital, Greycroft, Cota Capital, Canapi Ventures, Digital Garage, Point72 Ventures, and Pelion Venture Partners. Ryan Caldwell, Founder and CEO at MX, spoke about the company by noting he and his team are helping financial institutions and technology companies accelerate their digital roadmaps and launch next generation services and apps that will fundamentally transform how people interact with their money.