MX, a Lehi-based platform providing solutions for finance management, data enrichment and identity verification, has named Jim Magats its new CEO, effective Aug. 17. Magats 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 a worldwide fintech. 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 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. ”
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. While based in Europe, he partnered with regulators on creation of the Payment Services Directive 2 banking standards for banks and fintechs.
“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 Magats. “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, who was named interim CEO and president in January 2022 following the appointment of Caldwell as executive chairman, will continue as a senior advisor, providing strategic counsel to Magats and the executive team.