We couldn’t be more thrilled to announce our most recent funding round: $3 million led by the Anthemis Group, a global fintech investor, with participation from Route 66 Ventures, Assurant, Inc., and our existing investors. The press release has all the details. Most of all, we’re grateful for our customers and partners who have been the true source of inspiration and growth in our business over the last 12 months since we launched. We’re aiming to change the mortgage industry by making the lives of the people who work in it — loan officers, loan officer assistants, processors and underwriters — happier and more successful by streamlining their work.
The team that has gathered at Maxwell is phenomenal. I stand back amazed at their ability to continue to build uncanny solutions to some pretty hairy problems in the mortgage experience. Here are three examples.
First, we understand that a mortgage is as much about the data as it is about the process. Through machine learning across our network of loans, and our own proprietary algorithms, we’re able to accelerate the pace at which borrowers can be qualified and eventually close their loans. We’re in the early stages of participating in a revolution in how better data can reduce inefficiency, minimize error, and improve industry margins. It’s no wonder in the last year we’ve facilitated over $6 billion in mortgage volume across hundreds of lenders.
Second, most mortgage institutions work in a fractured way across their teams, across different technology platforms and disjointed communication channels. Maxwell has been successful by going deep with key partners who share the perspective of an open ecosystem, such as LendingQB, Plaid, Docusign, Box and Equifax, along with tools we’ve developed in-house, to together synchronize the experience for our common clients. Further, our mobile abilities enable lenders and their borrowers to securely and quickly manage loans on the go. The result is nothing short of delightful, with loans closing over 45% faster in Maxwell than the national average.
Finally, there’s a lot of unhappiness in the mortgage industry. Many borrowers compare getting a loan to dental surgery or even the stress of losing a close friend. Ouch! So, at Maxwell, we focus on delighting people. It’s weaved into our culture, our executional cadence and even our name. One of our values is Embracing the Whole Person, and we believe that putting people first a superpower that can’t be replaced. Every NPS score and comment from a user gets broadcast to the entire team, and we’re all held accountable in our goals to deliver NPS growth. And, well, our name Maxwell was picked because it’s a human name. Our business cards should remind us why we do what we do: for people.
As incredible as these advances have been, as we like to say around here: we’re just getting started.