Residential mortgage loan exchange provider Maxex has closed a new $38 million funding round it will use to improve and expand various aspects of its platform, and hire new staff.
Moore Asset Backed Fund led the funding round, which is aimed at improving the company's exchange operations and counterparty structure, as well as financing a broader build-out of the platform as a whole.
"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," Tom Pearce, chairman and CEO of Maxex, said in a press release. "We are pleased to have new investors join our existing investor group as we prepare for a broader public launch."
The company's previous funding round brought in more than $35 million from a group of investors that included Ellis Capital, Fenway Summer Ventures, and Bienville Ventures.
Other companies supporting the startup include JPMorgan Chase, which entered a strategic partnership with Maxex late last year.
Maxex works with a group of more than 80 buyers and sellers that includes both bank and nonbank mortgage originators. It has traded more than $2.3 billion in mortgage loans, and contributed loans to 16 transactions in
The company also has more than 50 employees, and is adding senior-level staff positions in technology, operations, and sales and marketing.
Before joining Maxex, Pearce founded and was a managing partner at diversified holding and investment company McCallum Capital.
Pearce also previously was a member of the board at Five Oaks Investment Corp., a real estate investment trust that managed a portfolio of residential mortgage-related assets.
