Digital mortgage platform Maxwell, which has raised over $20 million in the past eight months, has announced a $16.3 million Series B funding round led by venture capital firms Fin VC and TTV Capital.
With the funding, the Denver-based company aims to further penetrate the $4 trillion US mortgage market and accelerate digitization for small and midsized lenders. Maxwell is also planning to use the additional capital for product development and recruitment initiatives.
Since its inception in 2016, the startup has facilitated over $100 billion in loan volume to-date through its AI-powered platform. Last year, Maxwell expanded its team to over 200 employees and hit past $6 billion in monthly loan volume on its platform.
Rotor Capital, The Mortgage Collaborative Emerging Technology Fund, existing investors, including Anthemis Group, Route 66 Ventures, and Sovereign’s Capital, also participated in the round.
“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.”
“As markets shift and borrower expectations change, Maxwell will continue to simplify and modernize the mortgage process for community leaders 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,” said John Paasonen, Maxwell co-founder and CEO.