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Fintech start-up MX names new CEO as agency prepares on the market or IPO

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Shane Evans, interim CEO of fintech platform MX.

Courtesy: MX

Fintech startup MX has named Shane Evans as its interim CEO as the company prepares for an IPO or potential sale, CNBC has learned.

Evans, who joined the Utah-based startup in 2019 as chief revenue officer, succeeds founder Ryan Caldwell, who the company says will become chairman of the board.

MX is one of a few infrastructure companies that have contributed to the growth of the fintech ecosystem in recent years. The platform, like $13.4 billion startup rival Plaid, connects banks and fintechs using software known as application programming interfaces. For example, a Chase customer can transfer 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.

The fintech firm hired Goldman Sachs to advise on potential buyers, Barron’s reported in August. According to Barron’s, potential buyers include payments and technology companies like Fiserv.

Before joining MX, Evans was an executive at software company Qualtrics, which was later acquired by SAP for $8 billion. His job will be to prepare the company for its next phase while overseeing growth.

“I look forward to working closely with Shane as we continue to grow the business, help organizations connect and use financial data to grow their business, and transform the way people manage their money bypass,” Caldwell said in a statement.

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