Maxwell, a digital mortgage and fulfillment platform for small to mid-size mortgage lenders, has raised a $16.3 million Series B funding round led by Fin VC and TTV Capital. Rotor Capital, The Mortgage Collaborative Emerging Technology Fund and existing investors including Anthemis Group, Route 66 Ventures and Sovereign’s Capital also participated in the round. Maxwell has raised over $20 million in eight months after a $5 million Series A funding round in June 2020.
Maxwell uses artificial intelligence (AI) to streamline and accelerate the mortgage process for community lenders and their borrowers. Their AI automation, built on aggregated loan data from its network and real-time data insights, offload the manual tasks for loan officers, processors and underwriters of processing and underwriting to streamline the process. Loans on the platform close more than 50% faster than the national average.
“Maxwell has developed a breakthrough SaaS platform aimed at a fast-growing segment of the mortgage market,” said Peter Ackerson, general partner at Fin VC. “From our investments in SoFi and Figure, we’ve seen first-hand the impact modern industry leading technology capabilities and innovative business models can have on complex markets that are eager for change. As Maxwell continues to grow at a breakneck pace, they’ll continue to lead the innovation roadmap for the community lenders in their network, whether they do $50 million or $5 billion a year.”
The platform helps more than 250 community lenders nationwide overcome the costs and challenges of the entire mortgage transaction, enabling their sales teams to outproduce the market by 20% each month and to enhance the borrower and real estate agent partner experience, the company said.
“Community lenders are uniquely positioned for growth by delivering superior and tailored lending products to their markets. These lenders excel in their local knowledge, local relationships, and local relevance — strengths that will serve them well as Gen Xers and millennials seek homeownership in high numbers,” said John Paasonen, Maxwell co-founder and CEO. “As markets shift and borrower expectations change, Maxwell will continue to simplify and modernize the mortgage process for community lenders who impact the lives of homebuyers and homeowners across the United States, and ensure lenders on its platform are poised to be the most competitive in their market.”
Maxwell will use the additional capital to accelerate product development, market penetration and product and engineering recruitment to meet market demand for technology solutions that enable community lenders to achieve economies of scale to compete in the active mortgage lending market.
