Bloomberg Law
Oct. 26, 2021, 11:45 AM

Wells Fargo, Fin VC Back Maxwell as Valuation Hits $450 Million

Gillian Tan
Gillian Tan
Bloomberg News

Maxwell, a startup that operates an online platform catering to mortgage loan officers and smaller lenders, raised $28.5 million in equity funding from investors led by venture firm Fin VC and Wells Fargo Strategic Capital.

The capital injection values the Denver-based company at $450 million, a person with knowledge of the matter said.

“We’re really focused on modernizing the mortgage market, particularly for small and mid-sized lenders serving America’s communities,” Maxwell co-founder and Chief Executive Officer John Paasonen said in an interview. Funding will be spent on technology innovation and hiring sales, marketing, engineering and product staff.

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