MAXEX Raises $38 Million in New Capital
The mortgage loan exchange provider will use the new capital to improve its platform and expand its operations
MAXEX, a residential mortgage loan exchange provider, announced it raised $38 million in its latest funding round.
Moore Asset Backed Fund led the charge, issuing the lion’s share of the capital.
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The company previously raised more than $35 million in its Series A funding round from private and venture investors including Ellis Capital, Fenway Summer Ventures and Bienville Ventures. With the rounds combined, MAXEX has raised a total of $73 million in capital since its founding in 2013.
“MAXEX has been quietly building technologies that will revolutionize the $2 trillion per annum secondary mortgage trading market and level the playing field for all participants," MAXEX CEO and Chairman Tom Pearce said in a statement.
MAXEX says it will use the funding to expand its exchange operations and counterparty structure. The company says it will also use the capital to continue building out its cloud-based platform.
"This next level of funding will enable us to further enhance our technology platform as the backbone for trading and settlement in the secondary mortgage market. We are pleased to have our new investors join our existing investor group as we prepare for a broader public launch," he added.
So far, MAXEX has been operating with a limited pool of participants and has traded roughly $2.3 billion of mortgage loans within this pool of about 80 sellers and buyers ranging from bank and nonbank originators to Wall Street dealers.
According to its release, MAXEX is working on a broader public launch which it hopes to initiate before year’s end.