Wells Fargo backs mortgage platform Maxwell in $52.5m financing round

Digital mortgage platform Maxwell has snared $52.5m from a recent funding round led by Fin VC.

The funding round was also financially backed by Wells Fargo Strategic Capital, Rotor Capital, TTV Capital and Prudence.

Founded in 2015, Maxwell was created to change the game for small and midsize mortgage lenders. The company’s digital mortgage platform powers hundreds of mortgage lending organisations across the US, including non-depository mortgage banks, to community banks, credit unions and brokers.

Maxwell has claimed it wants to ‘inject transparency and equality’ into the mortgage process and stated its platform means local and regional loan officers are able to outperform the market by over 20%.

The company said its platform uses aggregated loan data as well as real-time data insights to lessen manual tasks and make it more cost-effective for small-to-medium-sized lenders to provide mortgages to these undeserved across the US. To date, Maxwell claims it has facilitated over $150bn in loan volume to date through its platform.

According to Maxwell, it will use the newly raised capital on hiring across product and engineering and sales and marketing as well as all of its other solutions-oriented businesses.

Maxwell co-founder and CEO John Paasonen said, “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.”

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