Dallas-based Deposits.com, a fintech and customer experience platform, is partnering with Utah-based MX to help advance the pace of financial inclusion in underserved communities, according to a news release.
According to the release, the partnership will “level the playing field for community banks, credit unions, and community developers seeking financial innovation and inclusion.
“Partnering with MX is transformative in advancing our ongoing mission of financial inclusion for the underbanked and underserved,” Deposits.com CEO Joseph Akintolayo said in the release. “Our goal is to eliminate the barriers to entry for digital banking, deliver exceptional experiences with money, and reshape the banking access narrative for underserved communities. … Our partnership with MX moves this future into the present.”
According to the FDIC’s How America Banks biennial survey, the average percentage of unbanked minority households is significantly higher than non-minority unbanked households. That number can be as high as 13% and 14% in the Latino/Hispanic and Black communities.
“By creating a digital banking experience that will provide accurate, personalized financial advice for Black American and Latino communities, we’re furthering the advancement of financial inclusion,” Jane Barratt, Chief Advocacy Officer at MX, said in the release.
MX connects more than 16,000 financial institutions and fintechs and powers 85% of digital banking providers, as well as thousands of banks, credit unions, and fintechs, with a combined reach of over 200 million consumers.
Last year, it raised $300 million in a funding round led by Fort Worth and San Francisco-based PE firm TPG Capital, giving it a valuation of $1.9 billion as companies and investors seek to bet on the fast-growing e-commerce sector.
