Announcing $52.5 Million in Additional Financing—and What’s in Store for Maxwell
We’re thrilled to announce that we’ve raised $52.5 million in additional financing from existing and new investors, including Wells Fargo Strategic Capital
Today, I’m thrilled to announce the exciting news that we’ve raised an additional $52.5 million in funding. Led by FinVC with participation from Wells Fargo Strategic Capital and existing investors Trinity Capital, TTV Capital, Prudence, and Rotor Capital, this capital will help us continue to hone and expand our suite of solutions designed to empower local lenders throughout the mortgage origination process.
Lending solutions that address tomorrow’s challenges
When we founded Maxwell back in 2015, we set out to arm local lenders with thoughtful solutions built to help them thrive. We believe technology that powers the people in the process can do more to transform housing finance. Maxwell, and our suite of solutions, is ideally situated to advance the industry given three critical market trends:
- Mortgage technology and borrower expectations have evolved rapidly in the last 10 years, with borrowers demanding a more technology-powered mortgage experience, while maintaining a human relationship with their lender.
- Large lending institutions as well as new digitally-enabled entrants are investing heavily to gain market share. For small to midsize lenders, the competitive landscape feels higher stakes than ever.
- A constantly evolving macroeconomic cycle is affecting lenders’ margins and borrower satisfaction. Every one of our lenders recognizes that borrowers have had a tough time—credit availability has remained tight, housing supply and prices continue to be a challenge, and the cost of getting a loan isn’t abating quickly enough.
Maxwell is committed to delivering solutions that address every part of our customers’ businesses. I admire our partners and other technology players in mortgage as we all work together to enable lenders to respond to the changing market.
Here at Maxwell, our team has been hard at work to extend our offerings specifically designed for the lenders that serve America’s communities. The past few years have been transformative. We’ve rapidly grown beyond our point of sale, raising over $70 million of investment capital in the last 16 months.
In March 2020, we launched Maxwell Fulfillment, offering a fully integrated processing, underwriting, and closing solution. In June 2021, we launched Maxwell Diligence, a technology-powered due diligence and quality control solution increasing efficiency and reliable results. A few months later, we announced Maxwell Capital, a dedicated investor providing additional access to the secondary market for small and midsize lenders, with meaningful margin gains.
These solutions make up the Maxwell Mortgage Optimization Platform: a suite of products that together change the game for every lender in our network. While each product at Maxwell is available à la carte, when used collectively, they offer powerful efficiency, scale, and agility. Backed by leading technology paired with deep industry expertise, the Maxwell Optimization Platform helps us pursue our mission of giving small and midsize lenders the permanent, disruptive financial advantage they need to compete in the mortgage market of tomorrow.
We exist to make our customers successful
With this additional capital, we plan to accelerate the value we offer throughout the lending process to the more than 300 lenders on our platform and their borrowers. To date, we’ve helped these lenders facilitate over $150 billion in loan volume, enabling them to close loans over 21 days faster than the national average. We believe that technology paired with human ability will allow lenders to not just be competitive as the industry evolves, but to be the best place for borrowers in every community to get their mortgage.
Local lenders play a vital role in providing access to credit, unparalleled service, and meaningful financial management for millions of people across the country. By empowering these lending teams to offload manual work, gain efficiency, and grow their businesses, we enable them do the important work of helping more people achieve the American dream of homeownership. In coming years, we believe small and midsize lenders, with their local knowledge, relationships, and relevance, will only become more important in meeting a wide range of borrower needs and expanding access to homeownership.
Along with all of our customers and technology partners, Maxwell will continue to aggressively pursue a future where borrowers get not just the best experience from their lender, but the best process and the best price. With new investors at our side, I’m incredibly excited to continue to arm lenders with the tools they need to tackle the industry’s challenges of today—and tomorrow.