Maxwell—a tech startup focused on streamlining process for small-to-mid-sized mortgage lenders—has raised $52.5 million in a funding round led by Fin VC with participation from Wells Fargo Strategic Capital and existing investors including Prudence, Rotor Capital and TTV Capital.
This latest raise was an additional set of funding to their $16.3 million Series B round back in March 2021 and not a brand new Series C round.
Founded in 2015, Maxwell is helping modernize the mortgage market by introducing more transparency and equality. Its suite of digitally-enabled software solutions streamlines the entire mortgage process—making it faster, cheaper and more efficient for more than 200 different local and regional mortgage lenders across the country.
Maxwell’s proprietary platform—which is built on a foundation of aggregated loan date and real-time data insights—increases productivity by reducing time-consuming manual tasks for loan officers and underwriters. To date, Maxwell has facilitated over $150 billion in loan volume through its platform.
Over the past 3 years, Maxwell’s revenue has increased by 2,752%—making it the 15th fastest-growing software company in the United States—and the company has experienced rapid growth—expanding its workforce by 14x.
Small to midsize lenders remain the only banking presence in 1 out of 5 U.S. counties and generate half of all loans for the $4 trillion U.S. mortgage market. Yet despite these staggering numbers, small to midsize lenders bear a disproportionate brunt of market compression. The U.S. mortgage industry—a sector long plagued by slow technological advancement—is poised for rapid modernization and Maxwell is prepared to solve the slow technical process issues that small to midsize lenders face on a daily basis.
By enhancing team efficiencies, Maxwell’s digital solutions allow lenders to close loans 13 days faster than the national average of 47 and boost loan officer performance in the market by over 20%.
Earlier this year, Maxwell also launched Maxwell Capital—a tool that acts as a dedicated buyer for lenders’ loans to give them access to competitive rates that can then be passed on to borrowers—as well as Maxwell Diligence—which allows lenders to outsource their quality assurance and due diligence services to reduce risk and errors.