Mortgage Fintech Maxwell Secures $52.5m in New Funding Round

Fazzaco learned that Maxwell, a digital mortgage platform has secured $52.5 million in new funding round, which was lead by Fin VC with participation from Wells Fargo Strategic Capital as well as existing investors Prudence, Rotor Capital, and TTV Capital.

This new funding will be used for hiring across product and engineering, sales and marketing, and all of its solutions-oriented businesses.

Maxwell's platform uses aggregated loan data and real-time data insights to reduce manual tasks and make it more economical for small to medium-sized lenders to provide mortgages to those underserved across the US. The company says that it has facilitated over $150 billion in loan volume to date through its platform, with revenue growth of 2,752% over the past three years.

Maxwell co-founder and CEO John Paasonen said: "Large online lenders are increasing their market share each year. For local and regional lenders to compete and survive, they need to digitally overhaul and enhance their processes. With their local knowledge, relationships, and relevance within their communities, these lenders have a chance to thrive in the coming purchase-driven market."