Fintech mortgage solutions platform among fastest-growing private firms

It takes its place on prestigious list

Fintech mortgage solutions platform among fastest-growing private firms

For the second consecutive year, Maxwell Financial Labs has been included in the “Fastest-Growing Private Companies in America” list released by Inc. magazine.

The fintech mortgage solutions platform came in at 164th on the annual Inc. 5000 list – 10 notches lower than in last year’s iteration of the list. The company also secured spots as the 14th fastest-growing financial services company and seventh fastest-growing company in Colorado, the city where it’s headquartered.

According to Inc. magazine, companies making the list are ranked according to percentage revenue growth from 2018 to 2021. To qualify, companies must have been founded and generating revenue by March 31, 2018. Scott Omelianuk, editor-in-chief of Inc., said the significance of making the list is heightened given current market challenges: “The accomplishment of building one of the fastest-growing companies in the US, in light of recent economic roadblocks, cannot be overstated,” he said in a prepared statement. “Inc. is thrilled to honor the companies that have established themselves through innovation, hard work, and rising to the challenge of today.”

Maxwell co-founder and CEO John Paasonen (pictured) conveyed his excitement in having Maxwell join those rarified ranks: “We’re honored to appear on the 5000 list for the second year in a row,” he said in a prepared statement. “Our inclusion on the list reflects both the tireless work our team has put into launching and growing our suite of solutions and the value that those solutions have brought to the local lending segment. Our goal has always been to support the lenders that serve America’s communities through changing market cycles. Maxwell’s sustained growth is especially rewarding because it validates the impact we’re able to provide, even against rising competition and economic challenges.”

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Subsequently reached by telephone for more insight, Paasonnen ticked off recent product launches illustrating the company’s growth. “Since 2019, we made a decision to go much deeper into the mortgage value chain,” he told Mortgage Professional America, listing recent launches of Maxwell Fulfillment in early 2020, Maxwell Diligence about a year ago and Maxwell Capital some eight months back. “So, now we’re far more than a point of sale,” he added. “We have technology and capabilities that span the entire mortgage origination value chain.”

In the time since the company’s founding – “It was just three of us and a PowerPoint,” Paasonnen said with a chuckle – the company has grown to employ some 300 people while counting “multiple hundreds” of lenders among its clients. “We’re not a lender,” he said. “But the amount of data and volume we’re able to see and bring the benefit of scale to our customers is pretty cool.”

Maxwell officials boast of the company’s status as the only fintech mortgage solutions platform designed and built by an integrated team of engineers and mortgage processors, underwriters, and closers, noting its role to modernize the mortgage industry for hundreds of small to midsize lenders. The firm recently launched its Private Label Origination to provide expanding and emerging lenders with the tech infrastructure needed to enter and scale in the mortgage market. Moreover, the company has launched Maxwell Español, a bilingual mortgage platform for lenders to better serve Spanish-speaking borrowers.

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Maxwell’s fintech solutions address the entire mortgage process, from intake of application and loan fulfillment to due diligence, QC and secondary market trading. Powered by machine learning and automation, the platform empowers rather than replaces boots-on-the-ground workers, helping lenders improve their margins and offering a path to homeownership for millions of people from all credit backgrounds. To date, company officials say, the platform has facilitated more than $170 billion in loan volume and currently partners with more than 300 lenders to help their loan officers close more than 15% more loans per month while outperforming the market by 20%, officials said.

What’s more, the company in the past year has released multiple solutions, including Maxwell Capital, a secondary market investor for small and midsize lenders who originate an average of $200 million to $2 billion a year; Maxwell Processor Edge, which uses machine learning to accelerate mortgage processing and detect data discrepancies before underwriting; and, most recently, Maxwell’s Spanish-language loan app, a bilingual option that allows lenders to better serve the growing Hispanic American market. The company raised $52.5 million in additional funding led by venture firm Fin VC and Wells Fargo Strategic Capital in October 2021.

“We’re really honored and excited to lift the banner for mortgage in the Inc. 500 list,” Paasonnen said. “It’s pretty cool.”