Maxwell, a U.S.-based digital mortgage and fulfillment platform for small to midsize mortgage lenders, announced on Thursday it raised $16.3 million Series B funding round led by Fin VC and TTV Capital with participation from Rotor Capital, The Mortgage Collaborative Emerging Technology Fund, and existing investors including Anthemis Group, Route 66 Ventures, and Sovereign’s Capital.
Founded in 2015, Maxwell states it empowers mortgage lenders to enhance borrower experience, increase efficiency, and improve their economics by intelligently automating workflow through its digital platform and technology-powered services. The company notes it uses AI to streamline and accelerate the mortgage process for community lenders and their borrowers.
“Maxwell helps more than 250 community lenders nationwide overcome the costs and challenges of the entire mortgage transaction, enabling their sales teams to outproduce the market by 20% each month and to enhance the borrower and real estate agent partner experience.”
Speaking about the company’s development, John Paasonen, Maxwell Co-founder and CEO, explained:
“As markets shift and borrower expectations change, Maxwell will continue to simplify and modernize the mortgage process for community lenders who impact the lives of homebuyers and homeowners across the United States, and ensure lenders on its platform are poised to be the most competitive in their market.”
Maxwell added it will use the Series B funding to accelerate product development, market penetration, and product and engineering recruitment to meet market demand for technology solutions that enable community lenders to achieve economies of scale to compete in the active mortgage lending market.