Residential mortgage loan exchange startup MAXEX has raised $38m in in a funding round led by Moore Asset Backed Fund.
The company’s prior Series A round pulled in $35m from a number of private equity and venture capital firms including Ellis Capital, Fenway Summer Ventures and Bienville Ventures. The new investment brings the aggerate capital to over $73m.
Georgia-based MAXEX is a residential mortgage loan trading platform and exchange company which provides an improved service for the secondary market. The platform boasts centralisation, standardisation, transparency, automation and a streamlined settlement process.
The platform has traded more than $2.3bn of mortgage loans between more than 80 participants which include buyers and sellers ranging from bank and nonbank originators and Wall Street dealers.
MAXEX has supported 16 private MBS securitisations and is looking to have a broader public launch later in the year.
This capital injection will be used to bolster the platform’s exchange capabilities and counterplay structure. Funds will also be used to further build on its end-to-end cloud technology.
MAXEX CEO and chairman Tom Pearce said, “This next level of funding will enable us to further enhance our technology platform as the backbone for trading and settlement in the secondary mortgage market. We are pleased to have our new investors join our existing investor group as we prepare for a broader public launch.”
GreensLedge Capital Markets acted as the sole placement agent for the deal.
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