Magats brings more than 25 years of experience leading groundbreaking product, technology, and partnership teams in financial services, including more than 18 years as a PayPal executive
LEHI, Utah, July 28, 2022 /PRNewswire/ -- MX, the leader in Open Finance, announced today that Jim Magats has been named Chief Executive Officer, effective August 17, 2022. He will also join the MX Board of Directors. Magats joins MX following 18 years as a senior executive at PayPal Inc., where he helped spearhead the organization's transformation into one of the most valuable and innovative fintech companies in the world. He also served as a member of PayPal's 12-person Operating Group charged with ensuring that the organization met its strategic and financial targets.
"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," said Ryan Caldwell, Founder and Executive Chairman of the Board of Directors, MX. "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."
Most recently, Magats served as PayPal's Senior Vice President for Omni Payments Solutions, which included overseeing the company's open banking strategy and solutions, as well as a partnership network of more than 150 financial institutions and networks. Magats first joined PayPal in 2004 and was instrumental in PayPal's successful global expansion. While based in Europe, he partnered with regulators on creation of the Payment Services Directive 2 (PSD2) banking standards for banks and fintechs. Later, he and his teams helped to transform PayPal's relationships with banks and payment networks and built open, secure API capabilities to make it easier for their customers to make digital payments. More recently, his scope included leading the product and technology teams responsible for PayPal's merchant-facing products, including Braintree and Zettle, as well as the payment platforms that power PayPal Check Out and Venmo, processing over $1.2 trillion per year.
"Financial data is the lifeblood of a connected economy, and nobody helps organizations access and act on financial data better than MX. Our opportunity to make financial data accessible and actionable is global, extends across verticals, and has the potential to make a positive difference in the lives of billions of people," said Jim Magats, Chief Executive Officer, MX. "After 18 amazing years at PayPal, I'm incredibly excited to join MX, a company on a mission to build the open finance economy and empower the world to be financially strong. 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 was named Interim CEO and President in January 2022 following the appointment of Ryan Caldwell as Executive Chairman of the Board of Directors, MX. Evans will continue as a senior advisor, providing strategic counsel to Magats and the executive team.
"I know that my Co-Founder Brandon Dewitt and the entire founding team are deeply appreciative to Shane Evans for his critical leadership over the past seven months as Interim CEO and president," said Caldwell. "Shane has led MX through a period of unprecedented growth, change, and healing as an organization. On behalf of the Board of Directors and the entire MX family, we thank Shane for his dedication to our mission, our people, and our customers."
"It was an honor of a lifetime to lead MX following the tragic passing of our dear friend and co-founder Brandon Dewitt and the transition of Ryan Caldwell to Executive Chairman of the Board of Directors," said Shane Evans, interim CEO and President, MX. "The MX team is stronger than ever, and the business is well positioned to lead the open finance economy under Jim's leadership."
"Shane is a tremendous leader who has positioned MX exceptionally well. Speaking for the Board of Directors, we could not have asked for a more dedicated leader. He not only stepped up for the company during these past 7 months since the tragic passing of Brandon Dewitt; he has been a meaningful partner throughout his 3-year tenure at MX," said Derek Zanutto, general partner, CapitalG. "We are thrilled to welcome Jim Magats as MX's new CEO. His deep financial services experience, stature within the ecosystem, exceptional network, and passion for leading high-growth, high-impact teams will accelerate MX's trajectory as a leader in Open Finance."
About MX
MX Technologies, Inc., a leader in Open Finance, makes data accessible and actionable for everyone. MX is building the largest open finance ecosystem to help drive innovation and improve experiences through secure and reliable access to financial data. MX combines trusted open finance APIs with enhanced financial data to quickly and securely connect to and verify data for hundreds of use cases including account opening, money movement, and underwriting. To learn more, follow us on Twitter @MX or visit www.mx.com.
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