Today, I’m thrilled to announce that we’ve completed our Series B: a $16.3 million funding round led by Fin VC and TTV Capital. Our existing partners Anthemis Group, Route 66 Ventures, Cantos Ventures, Thirdstream Partners, and Sovereign’s Capital also participated, along with new investors Rotor Capital, Prudence Holdings, and The Mortgage Collaborative Emerging Technology Fund. This is a meaningful funding round for the ways we’ll be able to accelerate more value to our customers and the borrowers they serve.
The seed for Maxwell was planted by a simple data point: Over 18,000 small to midsize mortgage lenders represent more than half of mortgage originations in the U.S., yet they lacked access to beautiful, impactful technology needed to scale their businesses. We wondered, could we create an efficient mortgage process by arming these lenders with intuitive, scalable solutions to compete against the industry’s largest players?
To learn more about their goals, challenges, and everyday realities, we spent a year speaking to thousands of lending professionals. Then, we set out to change the game for community lenders—those originating $300 million to $3 billion each year who were embedded in their local markets, helping their neighbors achieve homeownership.
When we launched Maxwell in 2016, our first customers were loan officers. The Maxwell toolset centralized document collection and communication with borrowers, making the mortgage process more transparent. Within months of launch, we had scaled to hundreds of loan officers. This gave us great feedback on our product — our buyers were our users. Their usage patterns told us we were on to something.
In 2017, we began to roll out that technology to the enterprise, serving entire lending teams. And today, Maxwell works for more than 250 community lenders nationwide and we’ve helped them facilitate over $100 billion in loan volume through our platform. We’ve invested significantly in tools to simplify the mortgage experience, such as QuickApply™, our loan application pre-fill technology, to create an intuitive, mobile-first experience for our lending partners. And in 2020, we introduced the Maxwell Fulfillment Platform, providing small to midsize lenders the flexibility to adjust their processing and underwriting capacity to meet market demands.
This was always our plan: to offer all the community lenders on Maxwell a suite of services, attainable through our collective scale, that meaningfully impacted their ability to serve their customers. Today, loan officers on Maxwell outproduce the market every month by 20%, and loans on our platform close over 50% faster than the national average. We’ve grown our team to over 250 values-aligned teammates who all invest daily to bring the power of transformation to our network of lending partners.
Investing in a better mortgage experience
In partnership with Fin VC and TTV, I’m eager to progress our vision to turn the tide of homeownership and spread financial empowerment, which we began with our point-of-sale. On most days, I feel like we are still just beginning our journey, even though it started nearly five years ago. There is still so much for us to achieve for our customers with this investment, including:
—Boosting the pace and measure of innovation across our product, design, and engineering teams to continue to transform the mortgage experience,
—Continuing to scale the Maxwell Fulfillment Platform with a focus on operational excellence, modular capacity, and technology-driven differentiation to serve the mid-market, and
—Exploring new ways to simplify the homeownership journey with the power of data and technology, in close partnership with the hundreds of lenders in our network.
With this latest round of funding, we will deliberately and rigorously invest in the future we initially set out to pursue five years ago: a better, more efficient mortgage experience for community lenders and their borrowers. That means arming the lenders on our platform with cutting edge, innovative technology that ensures they’re the most competitive option in their local market.