Mortgage fintech Maxwell closes $52.5m funding round

Digital mortgage platform Maxwell has raised $52.5 million in new funding led by fintech-focused venture capital firm Fin VC.

Maxwell co-founder and CEO John Paasonen

The round also saw participation from Wells Fargo Strategic Capital as well as existing investors Prudence, Rotor Capital, and TTV Capital.

The Denver-based start-up says it wants to inject transparency and equality into the mortgage process and claims its platform means local and regional loan officers can outperform the market by over 20%.

The fintech will spend the cash on hiring across product and engineering, sales and marketing, and all of its solutions-oriented businesses.

Maxwell’s suite of digitally-enabled solutions addresses the entire mortgage process from application to the secondary market.

The firm says its 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.

Maxwell says 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 says: “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.”

Founded in 2015, Maxwell claims more than 250 US mortgage lenders, banks, and credit unions use its platform.