Maxwell Financial Labs, a provider of a digital cloud-based platform used by the mortgage industry, is getting a new $3 million round of funding led by Anthemis Group's investment arm.
Route 66 Ventures and Assurant also are participating in the funding of the platform, which hosts business-to-business workflows for lenders working with home buyers and Realtors.
The company's technology, which uses proprietary algorithms to help mortgage lenders manage workflow, could be increasingly attractive to users given the industry's interest in operating more efficiently as the percentage of their business in the purchase market grows.
Purchase loans are more work and deadline intensive than the refinances that previously represented more of the market's volume.
"Our commitment is to elevate growing mortgage lenders with unique technology to maximize the output from their teams," said John Paasonen, Maxwell's co-founder and CEO, in a press release.
There are more than 15,000 financial institutions on the platform, which automates documents and signatures, and has integrations with other mortgage technology providers. The platform has hosted more than $6 billion of mortgage volume since mid-2016, according to the company.
The three founders of Maxwell Financial Labs are Paasonen, a former director of corporate strategy at Paypal; Lance Pool, who has a design background and experience advising financial services companies on how to reshape products; and Rutul Dave, an entrepreneur involved in several startups.
Maxwell's platform was designed to address the three founders' discontent with arduous nature of the mortgage process, and based on conversations with hundreds of loan officers, home buyers and real estate agents, according to the company.