Magats is taking over at an interesting time: MX was preparing for an IPO or possible sale back in January, but market conditions have changed drastically.
Magats said in a Zoom interview this week that an IPO isn't imminent and that raising further funds isn't needed in the"foreseeable future."
"The focus is building great products and experiences and scaling them and doing it in a secure manner and working with the financial institution and partnership ecosystem," Magats said.He declined to comment on whether MX would need to reduce its headcount. have become widespread in the startup world as investors push them to harden their finances for tougher times ahead.
Magats spent 18 years at PayPal, helping its international growth and fostering partnerships with financial incumbents whoHe said he joined MX because he saw the potential for a two-sided network between traditional financial players and fintechs. "When I got to learn about MX and the mission, I got really excited because I think this is where fintech is going, around having an open, secure data platform where people can contribute data to and actually cultivate that data thereafter," Magats said.
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