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Maxwell raises $16.3M for mortgage tech

Maxwell, the digital mortgage platform, has recently elevated $16.3 million in its Series B funding round. Fin VC and TTV Capital have conducted this row along with Maxwell's current investors and the new partners. 

Sovereign's Capital, Thirdstream Partners, Cantos Ventures, Route 66 Ventures, and Anthemis Group are the standing partners. The Mortgage Collaborative Emerging Technology Fund, Prudence Holdings, and Rotor Capital are the fresh investors. The America-based network has accumulated a total valuation of over $20 million within eight months following its Series A financing round of $5 million.

As per the source, Maxwell aims to use the new capital to speed up product growth, brand recognition, and product and engineering employment. The firm plans to expand its scope to a range of small and medium-sized mortgage lenders concerning meeting consumer demand for software solutions that support community investors.

Maxwell was introduced in 2015 by homebuyers who were astounded by the lending process's difficulty for both consumers and lending groups. Listed on NASDAQ, In 2016, its framework made the loan system more flexible by centralizing record collection and borrowers' interaction. By recruiting a high-class group of technical professionals mortgage specialists, Maxwell now serves over 250 community lenders worldwide. The network has assisted the firm in facilitating over $100 billion in loan volume.

The company has launched the Maxwell Fulfillment Platform in the previous year, which helps small and medium-sized lenders change their processing and underwriting capability to meet business demands. Moreover, the corporation will have more than 200 staff and a monthly loan amount of $6 billion on its website. According to the company's statements, its loan officers are outperforming the market by 20%, and mortgages on their website close over 50% quicker than the national median.

With this current round of financing, Maxwell will invest intentionally and aggressively in the future to get a healthier, more reliable mortgage interface for local lenders and their customers. Besides, it channelizes achieving cutting-edge, creative technology to the lenders on its website, ensuring that they are the most cut-throat alternative in their community market.