Maxwell Raises $16.3M In Series B Funding – NMP Skip to main content

Maxwell Raises $16.3M In Series B Funding

Navi Persaud
Mar 29, 2021
Maxwell Logo.

Maxwell raised $16.3 million in a 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 now raised more than $20 million in eight months after a $5 million Series A funding round in June 2020.

According to a press release, Maxwell plans to use the additional capital to accelerate product development, market penetration, and product and engineering recruitment. The company hopes to meet the market demand for technology solutions that enable community lenders, extending its reach to a number of small and midsize mortgage lenders.

Loan fulfillment accounts for 50% of mortgage costs, according to the press release. Since the 2008 mortgage crisis, most new digital entrants focus on the application process. Maxwell currently helps more than 250 community lenders nationwide weed through the cost and various obstacles throughout the entire mortgage transaction.

“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.

“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.”

Maxwell facilitated over $100 billion in loan volume to-date through its platform. In 2020, the company grew its team to over 200 employees and surpassed $6 billion in monthly loan volume on its platform.

Notably, this funding represents the first strategic investment from The Mortgage Collaborative’s new venture capital fund, TMC Emerging Technology Fund LP, which aims to capture opportunities driven by rapid technological change in the mortgage sector.

Published
Mar 29, 2021
More from
Tech
Metaverse & Blockchain Are Hottest Emerging Trends In Real Estate

In 2021, over $31 billion was invested in real estate technology companies.

Tech
May 25, 2022
Openn Launches Pilot with bridgeMLS For Sales In California

Agents in Northern California, Bay Area will be able to list property and accept offers using the platform. 

Tech
May 24, 2022
All-Cash Offer Fintech Ribbon Expands Into Arkansas

Crye-Leike real estate agency to serve as first partner in the state.

Industry News
May 23, 2022
FirstClose Receives $35M Investment From Lateral

Fintech says it will use the investment to expand its growing financial services footprint.

Industry News
May 18, 2022
Zillow Group Bids Fond Farewell To iBuying

Reports solid 1Q 2022 earnings in part from selling off all but 100 homes left from Zillow Offers unit.

Industry News
May 05, 2022
Offerpad Earnings Continue To Set Records

Digital home buyer and seller reported revenue soared 384% in 1Q 2022 as it sold a record number of houses.

Industry News
May 04, 2022