Open Banking (or Open Finance) provider MX has appointed former PayPal executive Jim Magats as its new CEO, effective August 17, 2022. Magats will also join the MX Board of Directors.
Ryan Caldwell, founder and Executive Chairman of the Board of Directors, MX, issued the statement on the appointment:
“Jim Magats brings a wealth of experience and knowledge about how to deliver high-impact financial solutions and products for consumers, merchants, and financial organizations, along with a vast network of partners and customers at the world’s leading financial institutions and fintechs. We have tremendous confidence in Jim’s ability to lead the organization through the next phase of our growth in establishing our leadership in the open finance economy, helping organizations of all sizes access and act on financial data to improve customer outcomes and grow their businesses.”
While at PayPal, Magats served as the company’s Senior Vice President for Omni Payments Solutions, which included overseeing the company’s open banking strategy as well as a partnership network of more than 150 financial institutions.
Magats joined PayPal in 2004, participating in its global expansion. While based in Europe, Magats worked with regulators on the creation of the Payment Services Directive 2 (PSD2) banking standards for banks and Fintechs. He also helped to improve PayPal’s relationships with banks and payment networks and built open, API capabilities to make it easier for customers to make digital payments. Magats also worked on PayPal’s merchant-facing products, including Braintree and Zettle, as well as the payment platforms that power PayPal Check Out and Venmo.
Magats said that after 18 years at PayPal, he is incredibly excited to join MX, a company on a mission to build the open finance economy:
“We are going to deepen and extend our partnerships with financial institutions and fintechs to fuel the next wave of innovation while fostering greater participation in the global economy through new products, use cases, and services.”
Shane Evans, who was named Interim CEO and President in January 2022 following Caldwell’s transition to Executive Chairman of the Board of Directors, MX, will continue as a senior advisor.
Caldwell said the entire team is deeply appreciative of Evans and his leadership during the past seven months. Evans called the experience an honor of a lifetime.