Skip to main content

Maxwell Raises $16.3M In Series B Funding

Mar 29, 2021
Maxwell Logo.
Director of Events

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.

About the author
Director of Events
Navi Persaud is Director of Events at NMP.
Mar 29, 2021
More from
Angel AI Launches Free Credit Repair

Angel Ai declared June 24 as Your Financial Independence Day in a press release

Jun 24, 2024
Figure Launches TBA Market For Non-Agency Loans

Currently handling only HELOCs, Figure Connect has new products coming soon, says Chief Capital Officer.

Jun 12, 2024
Fidelity National Financial Names Jason Nadeau As Chief Artificial Intelligence Officer

Nadeau joined Fidelity National Financial in 2018, serving as Chief Digital Officer

May 23, 2024
Planet Home Lending Welcomes New Executive Vice President And Chief Information Officer

Bill Shuler brings a diverse background in IT leadership and mortgage consulting to the role

May 21, 2024
Automation Attracts Investors Who Love Homogenous Loan Pools

Human-free underwriting promises to expand primary and secondary, non-agency markets

May 02, 2024
Raising An Ai Brainchild In The Mortgage Industry

Angel Ai takes on the next five years with a new ‘do and functions to boot

May 02, 2024