Denver-based startup Maxwell, an online platform for mortgage loan officers and small lenders, raised $52.5 million in funding. The cash injection includes $28.5 million in equity funding from Wells Fargo and venture firm Fin VC.
Maxwell announced the funding on their Facebook page.
The additional funding comes on top of the $16 million it raised in its Series B round seven months ago. The money will be used to advance their tech, as well as hire sales, marketing, engineering, and product staff.
The company’s goal is to change “lender operations and borrower expectations” by making mortgage applications, processing, and underwriting more efficient.
“We’re really focused on modernizing the mortgage market, particularly for small and mid-sized lenders serving America’s communities,” Maxwell co-founder and CEO John Paasonen said.
Paasonen was named a 2019 Rising Star and 2020 Tech Trendsetter by HousingWire for leading his Fin-tech team to over $20 billion in mortgage volume. Under his leadership, Maxwell more than tripled its size every year.
“We started Maxwell as borrowers who were frustrated with the experience of getting a mortgage,” Paasonen told HousingWire.
“We spoke to well over 1,000 mortgage professionals before launching our software. We brought packs of Red Bull and sat side-by-side with a number of mortgage professionals to deeply understand their pain points.”