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Digital mortgage software provider Maxwell raises $3 million to fund growth

More than doubles amount of capital previously raised

Maxwell, a provider of digital mortgage software and a winner of HousingWire Magazine’s 2017 HW Tech100 as one of the housing industry’s top tech companies, announced this week that it just completed a funding round that more than doubled the amount of capital the company had previously raised.

In this latest round of funding, Maxwell raised $3 million, bringing its total capital raised to $5 million.

According to details provided by Maxwell, the funding was led by ​the​ ​investment​ ​arm​ ​of​ ​Anthemis​ ​Group,​ ​a​ global investor that appears to growing its presence in the U.S. mortgage market.

Anthemis Group also recently took part in a $7 million Series A round of funding for Matic Insurance Services, a digital homeowners insurance agency that allows mortgage borrowers to buy homeowners insurance during the mortgage transaction.

Interestingly, Anthemis’ investment in both companies isn’t the only way that Maxwell and Matic are connected.

Earlier this year, Maxwell and Matic announced a partnership that integrates Matic’s homeowners insurance software into Maxwell’s platform.

The companies say that the integration allows borrowers to receive customized homeowners policy options in seconds and help Maxwell's clients close loans faster.

Also participating in Maxwell’s most recent capital raise were ​Route66​ ​Ventures​ ​and​ ​Assurant, the insurance giant,​ ​along​ ​with Maxwell’s​ ​existing​ ​Silicon​ ​Valley​ ​and​ ​New​ ​York​ ​investors.​

Maxwell said the new funding will help the company to “capitalize​ ​on​ ​its​ ​accelerating​ ​growth​ ​and​ ​to​ ​further​ ​increase​ ​its​ ​pace​ ​of​ ​innovation.​”

In a release, the company said that since its launch in mid-2016, its ​platform​ ​has​ ​facilitated over​ ​$6​ ​billion​ ​in mortgages, equivalent​ ​to​ ​the​ ​volume​ ​of​ ​a​ ​top​ ​25​ ​lender.

“Our​ ​latest​ ​funding​ ​round​ ​shows​ ​strong​ ​investor​ ​confidence​ ​in​ ​Maxwell’s​ ​mission​ ​to power​ ​people​ ​in​ ​the​ ​mortgage​ ​industry​ ​with​ ​technology,” John​ ​Paasonen,​ ​Maxwell’s co-founder​ ​and​ ​CEO, said.​ ​“Our​ ​commitment​ ​is​ ​to​ ​elevate​ ​small​ ​and​ ​midsize​ ​mortgage​ ​lenders with​ ​unique​ ​technology​ ​to​ ​maximize​ ​the​ ​output​ ​from​ ​their​ ​teams,​ ​putting​ ​relationships back​ ​at​ ​the​ ​center​ ​of​ ​their​ ​business​ ​strategy,​ ​ultimately​ ​creating​ ​experiences​ ​that​ ​their homebuyers​ ​and​ ​referral​ ​partners​ ​love.”

Sean Park, founder and managing partner of the Anthemis Group, said that Maxwell’s potential is what drove the company to invest.

“It was clear to us that Maxwell is defining this category with their technology and their thought leadership,” Park said. “As mortgage lenders invest in customer experience, Maxwell has become the backbone of some of the best mortgage experiences and is now an essential platform for mortgage lenders that want to harness both their people and their technology to compete in the changing mortgage market.” 

[Update: This article is updated to more accurately describe Anthemis Group.]

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