Rize and MX Announce Partnership to Better Assist FinTechs

Following a record-breaking year for the FinTech sector that saw several high-profile investment rounds, initial public offerings, and breakthroughs, 2022 has picked up where 2021 left off. However, so far, this year seems to be one filled with mergers and acquisitions, as several such deals have recently been announced. At the same time, while some startups are joining forces in more permanent ways, many others are working in tandem less formally.

For example, recently, the financial data platform MX and embedded banking platform Rize announced a new partnership. By creating a single API, the combined services will further help FinTechs, neobanks, and other companies build and launch financial products. Together, Rize and MX expect to be able to reduce development times as well as costs for their respective customers.

In recent years, both MX and Rize have found success in their own rights — although the former is notably larger. Utah-based MX has raised a total of $450 million to date including a $300 million Series C round last year while Virginia’s own Rize has seen investments totaling $13.4 million following an $11.4 million Series A in September. Most notably, according to MX, their services currently power 85% of digital banking providers that reach more than 200 million consumers. As for Rize, they’ve also recently announced partnerships with Walnut Insurance and TrueNorth among others.

Sharing a bit of how the partnership with MX came to be, Rize’s founder and CEO Justin Howell explained, “As we tackle the enormous goal of rebuilding the financial infrastructure, our vision of making a company’s task of integration as simple as possible has aligned perfectly with that of MX. Now developers and data providers can spend less time developing and more time focusing on their customers.”

Meanwhile, MX’s EVP of Partnerships Don Parker said of the arrangement, “Our partnership with Rize is all about developing new financial products and services through one API. By cutting the associated time and costs of development, we’ll open up MX functionality to a wider range of fintech companies and organizations already working to improve financial strength and access to quality financial tools.”

Once again, while it’s easy to imagine that FinTech startups are all in competition with each other, this MX-Rize partnership shows that there’s plenty of opportunity for strategic team-ups. What’s more, the result of these two FinTechs working together is a more beneficial platform for future startups to build their products with. Because of this, the announced partnership seems like a true win for all involved and continues what’s sure to be another blockbuster year for financial technologies.


Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Robinhood Reveals More Details on Upcoming Retirement Account

After officially announcing plans for retirement accounts during an earnings call last month, Robinhood has now revealed more details about the upcoming feature and opened a waitlist for customers. First, Robinhood Retirement will offer both Roth and Traditional IRAs to users. With these accounts, customers will be able to invest in stocks and ETFs. Additionally, accountholders will be able to craft a custom portfolio and will be able to view...

Discover Announces 5% Bonus Categories for First Quarter of 2023

The popular Discover It card — which features 1% on all purchases as well as a slate of bonus rotating categories each quarter — has revealed what purchases will earn cardholders that 5% bonus starting January 1st. For the first quarter of 2023, Discover It cardholders can earn 5% back on grocery store, drug store, and select streaming service purchases. However, there are a few asterisks to note with this offer....

AllWork Raises $4.9 Million From FINTOP Capital 

A FinTech focused on freelancer payroll has closed a significant early-round investment. This week, AllWork announced that it had raised a $4.8 million round. The Series A was led by Nashville-based FINTOP Capital with no other participants. As a result of the transaction, FINTOP's Chris Haley and Rick Holton will join AllWork's board of directors. Previously, AllWork closed a $3.8 million seed round in 2019, bringing their to-date funding total to $8.7...