Magats joins MX after 18 years as a senior executive at PayPal. In his most recent position, he led the company’s open banking strategy and solutions as senior vice president for omni payments solutions.
Magats says the company intends to “deepen and extend our collaborations with financial institutions and fintechs” in addition to “fostering wider involvement in the global economy through innovative products, use cases, and services,” in a statement regarding his hiring.
MX is building an open finance ecosystem to make financial data “accessible and actionable for everyone”. The company utilises APIs to connect to and verify data for hundreds of use cases including account opening, money movement and underwriting.
Shane Evans, the temporary CEO of the business, will stay on at MX as a senior advisor to Magats and the executive group.
On August 17, 2022, he will begin in his new position and join the company’s board of directors.
He also led the product and tech teams that were in charge of PayPal’s merchant-facing products, such as Braintree and Zettle, as well as the payment platforms that underpin PayPal Check Out and Venmo, while working with regulators to develop the Payment Services Directive 2 (PSD2) banking standards for banks and fintechs.