Less than a year after investing in MX Technologies, USAA has partnered with the startup to provide personal financial management tools to its 11.4 million members.
MX, in Silicon Slopes, Utah, announced Tuesday that it has struck a multiyear deal on data aggregation with USAA, a bank focused on members of the military and their families. Such services are intended to help customers improve their financial health by giving them better insights into their spending, saving and investing habits.
The $71 billion-asset USAA, in San Antonio, has made PFM a priority. In October it rolled out its Financial Readiness Score, which gauges financial health based on things like debt, retirement savings and budget. It also paired with Coinbase, a bitcoin exchange, to integrate its application program interface, which lets customers monitor their Coinbase wallet on USAA's digital platforms.
MX says its analytics tools would also give USAA the ability to better focus its sales efforts on advice and products.
The companies did not disclose financial terms of the deal. USAA led a $30 million funding round last year. At that time, USAA nodded to the possibility that the investment could lead to USAA offering the company’s services.
"MX offers a technology platform that pulls online and mobile banking channels together in a way that simplifies and enhances the customer experience," said Vic Pascucci, then-head of corporate development at USAA, at the time of the investment. "We see an opportunity for MX's technologies to benefit our members, and our investment is one way we plan to explore that opportunity."