Since its founding in 2015, WebMax, a digital mortgage solution provider, has been working to expedite the borrowing process by developing dynamic online lending tools. Recently, WebMax received part of a $3 million investment by Ben Franklin Technology Partners that was distributed among select companies across Southeastern Pennsylvania.
This investment from Ben Franklin Technology Partners follows WebMax’s announcement of adding four C-Level executives as the company closes its seed round and enters Series A round of funding next year.
With some of the early stage seed money, WebMax’s Marketing Manager Joe Pekula said they’ve been able to add more product developers to improve the product and make it “flawless”. Once they complete the team, they plan adding new strategic partnerships with different technology companies, and also turning their focus to a new product that is currently in the very early stages, and the details of which are being kept under wraps.
Mortgage companies are happy to pay for leads, but they want to know how to get more applications through their systems, Pekula said. To that end, WebMax is working on a strong lead generation product that will integrate with Start, their digital POS.
“One of the bigger products that we’re introducing—and right now it’s on a test basis right now with one of clients and we’ve seen a lot of success with it—is this lead generation product where we’re generating leads through social media platforms and different touch points for mortgage lenders to work with these leads that come in.”
It’s not all about product, though. WebMax has also used the seed funding to put some reforms in place for their employees, such as perks and benefits that make it a more enjoyable workplace, which goes a long way to keeping current employees happy as well as attracting top talent.
“Generally speaking, 2019 we feel is going to be a really successful and big year for us,” Pekula said. “We plan on growing our development team, our marketing team, improving strategies throughout the entire company, so I think 2019 is definitely going to be a really good year for WebMax.”
Ben Franklin Technology Partners has been funding businesses in the region of southeastern Pennsylvania for more than 30 years. They have a track record of investing in innovative technology-based firms, and the process requires a lengthy due diligence process.
Rather than being a hindrance, however, Pekula said that the process is a good thing for companies vying for the funding.
“The vetting process is actually seen as like a seal of approval that this is a company that’s on the up and up,” he said.
As anyone operating within a start-up knows, getting investors on board is a completely separate beast to running the company. Pekula said that the fact that WebMax has been able to use their digital mortgage products to service more than 35 mortgage companies in just three short years has really opened up the conversation for investors.
“It’s something that we can hat on. Every time we start the conversation or introduction with investors, we tell them we’ve been working with 35 different mortgage companies, we’ve been servicing $31.5 billion in loan volume in the last few years, [and] those are some of the bigger achievements to WebMax. But I would definitely say that employee satisfaction is on the up as well, and then just that our team has expanded in the last year. I think we’ve added five to 10 new people, especially on the development side of things, so we’re really able to add to improving our current products, making them good, and then being able to focus on future products down the road.”