Capital – Nikke 2 Thu, 30 Sep 2021 21:21:40 +0000 en-US hourly 1 Capital – Nikke 2 32 32 Australian vaccine diplomacy tested as COVID slams Papua New Guinea Thu, 08 Apr 2021 02:38:35 +0000

SYDNEY – Papua New Guinea has long seemed to have escaped the worst of the coronavirus crisis. But an increase in the number of cases since February has brought the remote Pacific island’s largest hospital to the brink of collapse.

For the country’s much larger neighbor, Australia, the outbreak is seen as a serious threat as well as a critical moment in a wider campaign of “vaccine diplomacy”.

“If the infections continue at the same rate… it won’t be long before we reach a staff level where it is not possible to continue the health service,” said Professor Glen Mola, Senior Gynecologist and for a long time. member of staff at Port Moresby General Hospital in the capital. “It is absolutely mind-boggling.”

Papua New Guinea has around 500 doctors for its 9 million people, or one in 17,000. Coronavirus cases have tripled in one month, bringing the total to 5,349 with 49 deaths, and low testing rates may hide the true scale of the outbreak. Prime Minister James Marape believes a quarter of the population could be infected.

The virus is now invading hospital staff. In a single week, 120 staff at the General Hospital contracted COVID-19 and were forced into isolation.

After a photo of a dying woman in the hospital parking lot circulated on social media, the facility’s CEO warned that such deaths were possible.

The risks extend beyond the coast of Papua New Guinea: to the south, the Australian state of Queensland has seen a record number of cases in its hotel quarantine program and has the most active infections in the country. The majority of positive cases in hotel quarantine are people who have returned from Papua New Guinea.

While Australia has handled the pandemic well, outbreaks in its hotel quarantine system have highlighted the precarious nature of this success. In Victoria state, quarantine failures were responsible for 768 deaths, more than 18,000 infections and months of strict containment in Melbourne last year. As far as Queensland is concerned, the state’s cultural, geographic and economic link with Papua New Guinea means that the island’s struggle poses a real and current danger.

The Australian government has pledged to help Papua New Guinea contain the epidemic. He has sent nearly 8,500 doses of vaccine to immunize frontline workers in his former colony and plans to distribute more once he begins to scale up local production of the AstraZeneca vaccine.

These efforts are only a small part of Australia’s vaccine diplomacy in the Pacific. As a member of the Quad – an informal but increasingly publicized group with the United States, India and Japan – he pledged A $ 100 million ($ 76 million) to help distribute $ 1 billion vaccines to countries in Asia and the Pacific Islands by the end of 2022. This is in addition to the Australian Regional Vaccine Access and Health Safety Initiative of A $ 523 million for the Pacific and the South East Asia.

A woman washes clothes in the village of Hanuabada in Port Moresby harbor in this 2018 file photo. Papua New Guinea has about one doctor for every 17,000 people. © Reuters

Even after the crisis at its doorstep has been resolved and the pandemic has subsided, some analysts expect Australia to play a critical role in helping the Pacific region repair the economic damage and move forward. before. It competes for influence with China, which in January expressed its willingness to supply vaccines to Pacific states as well.

The Australian government already has its “Pacific Step-up” initiative, unveiled by former Prime Minister Malcolm Turnbull in 2016. The policy aims to strengthen regional engagement in the region and counter Beijing’s growing weight.

At the heart of this “escalation” is Australia’s Pacific Infrastructure Finance Facility, which will finance infrastructure through a combination of A $ 1.5 billion in loans and A $ 500 million in grants. Operational since 2019, it has already supported three major projects: a solar farm in Papua New Guinea, a hydroelectric system in the Solomon Islands and a submarine cable in Palau. Canberra is expected to sign A $ 300 million in funding for other projects in the coming months.

The Asian Development Bank estimates that the Pacific needs $ 30 billion in infrastructure investment by 2030. The challenge is to identify commercially viable projects, according to Jonathan Pryke, director of the Lowy’s Pacific Islands program. Institute.

Many investors are wary of financing plans in small, remote economies. China does not appear to share these concerns. “But the reality is that these projects [backed by China] have now been produced and it turns out they are overpriced and of varying quality, ”said Pryke. “I think governments in the Pacific have become a lot smarter because they only have a limited number of bites in these projects due to their limited access to debt. “

He said infrastructure has become a “contested space” between China and Australia, and vaccines are another “geopolitical battleground”. While welcoming the Quad’s vaccine commitment, he said the reality is that the deployment across the Pacific will likely be “more complicated, much more bilateral and driven by individual parties.”

Road to Port Moresby built with Chinese government funding: The Asian Development Bank estimates the Pacific needs $ 30 billion in infrastructure investment by 2030. © Reuters

Either way, island states need vaccines – and fast.

“The economic devastation in the Pacific is severe and Papua New Guinea is a real health crisis,” said Pryke. “These countries can’t afford to wait, their economies will kick in with travel, and that won’t happen until there is a significant deployment of vaccines.”

But like China, Australia could face skepticism about its foreign policy ambitions.

In the past, Australia has been criticized for engaging with the Pacific only in times of crisis. Australia’s action on climate change at the national level, or lack thereof, is also viewed negatively in island countries which are among the most sensitive. Last year, 14 Pacific leaders condemned Australia’s Paris climate target as “one of the weakest” from an open leader to Prime Minister Scott Morrison.

“There is a certain degree of skepticism in the region that the only reason Australia is showing interest now is because China is showing interest, and if China were to leave, the Australia would forget the region again, ”said Tess Newton Cain, project manager. head of the Pacific Hub at the Griffith Asia Institute.

Newton Cain believes that there is not just an economic opportunity, but a moral imperative, to work with China to support the development of the Pacific. She said Australia should not allow geopolitical concerns “whether driven from Canberra or Washington to hamper countries facing a humanitarian crisis.”

Newton Cain suggested further loosening labor mobility laws to boost regional economies. This could expand an existing seasonal workers program that allows people from eight Pacific island countries and East Timor to work in areas of Australia facing staff shortages.

This is a view shared by one of Australia’s leading banks, ANZ, which also advocates faster deployment of vaccines across the region and support for infrastructure to spur a tourism-led job recovery.

But these are questions Australia must think about another day. Right now, time is running out for Papua New Guinea. Mola from Port Moresby General Hospital says the country faces huge logistical challenges, when it comes to distributing vaccines and stopping the outbreak. Few reliable roads connect Port Moresby to rural parts of the country.

With most of the elderly population living in the latter, the country will be in serious trouble if the epidemic spreads.

Another complication is growing skepticism about vaccines – especially after the opposition leader called for a halt to injections given by Australia for safety reasons.

Mola believes the situation is so dire that Australian Defense Forces personnel may need to be deployed to assist Papua New Guinea, as in previous crises. Ultimately, he doesn’t see easy solutions.

“It’s hard to see how this is all going to work, actually,” he said. “Pray for us.”

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News: Joe Willock loan could help free up more transfer funds Thu, 08 Apr 2021 02:38:25 +0000

Re-sign Joe Willock on could help United are releasing funds to strengthen elsewhere this summer, according to Athleticism.

Doesn’t it depend on staying upright?

It certainly looks that way.

Over the weekend, the Sunday Mirror print edition unveiled this were eager to bring the 21-year-old back to the club after a success passage so far but Arsenal would prefer the player to continue his development in the if they accepted such an agreement.

How is it set up?

From Chris Waugh’s report yesterday, Willock has settled in well off the pitch and is held in high regard among those behind the scenes.

Already on average the most tackles per match (2.3 via Who scored) and having scored twice – as much as the summer signing and more than Jonjo Shelvey – Willock has been a productive signing. So it is promising that the club would like to bring him back, although that seems entirely dependent on whether or not Fulham can be held back.

Which Bruce said about him?

Following Willock’s debut in the home win over in february, Bruce greeted the England Under-21 international as a “formidable athlete” and said he was a “typical modern midfielder”.

Where else needs strengthening?

During the delayed summer transfer window, the club would have tried to get Rob Holding to sign on Arsenal, so it looks like Bruce would like to bring in another center-back if the numbers allow.

If they prove to be able to bring Willock back next season, funds may be released to make that happen. With people like and DeAndre Yedlin having left the club after clog the payroll, the idea of ​​a new reinforcement could be more realistic in a few months.

Provided, of course, that they stay in the division.

]]> 0 Air France-KLM to obtain up to € 4 billion in recapitalization plan Thu, 08 Apr 2021 02:38:15 +0000

Air France-KLM will receive up to 4 billion euros and the French government could increase its stake up to 30% as part of a plan to recapitalize the indebted carrier hit by the pandemic.

Air France will obtain up to € 1 billion in new capital as part of a shareholder subscription and will convert a previous French loan of € 3 billion into hybrid instruments, according to a statement released Tuesday by the European Commission. In exchange, Air France will have to cede 18 daily slots at Orly airport outside Paris.

The French government could become the airline’s main shareholder under the plan, French Finance Minister Bruno Le Maire told France Inter.

The long-awaited package has been the subject of sometimes tense discussions between Air France-KLM’s main shareholders – France and the Netherlands – and the European Commission, which has asked for a series of conditions to offset antitrust concerns. Last year, governments granted the group a total of € 10.4 billion in direct loans and state-backed guarantees.

France’s aid will only benefit the French branch of Air France-KLM, the EU has said.

France had sought to relax the commission’s demands for measures to boost competition within the industry, including the cession of coveted landing rights at Orly and Amsterdam Schiphol airports. – Bloomberg

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Cannabis funding REIT AFC Gamma sets terms for $ 100 million IPO Thu, 08 Apr 2021 02:38:00 +0000

AFC Gamma, a new commercial mortgage REIT focused on the cannabis industry, announced the terms of its IPO on Wednesday.

The West Palm Beach, Florida-based company plans to raise $ 100 million by offering 5.6 million shares at a price range of $ 17-19. In the middle of the proposed range, the AFC Gamma would have a fully diluted market value of $ 214 million. The Company plans to issue regular quarterly distributions of all or substantially all of its taxable REIT income.

Formed by Advanced Flower Capital, AFC Gamma creates, structures, underwrites and manages senior secured loans and other types of loans for established companies operating in the cannabis industry in states that have legalized cannabis for medical use. and / or adult. Its loans are mainly secured by real estate and some personal property, including licenses, equipment and other assets.

AFC Gamma was founded in 2020 and reported sales of $ 2 million for the 12 months ended September 30, 2020. It expects to be listed on Nasdaq under the symbol AFCG. JMP Securities, Ladenburg Thalmann and Seaport Global are the associated bookkeepers of the transaction. Its price is expected during the week of February 8, 2021.

The article Cannabis funding REIT AFC Gamma sets terms for $ 100 million IPO originally appeared on the website of IPO investment manager Renaissance Capital.

Disclosure of investments: The information and opinions expressed in this document have been prepared by Renaissance Capital research analysts and do not constitute an offer to buy or sell any securities. Renaissance capital Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of the companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Less than half of Americans support any level of student loan cancellation: Survey Thu, 08 Apr 2021 02:37:43 +0000

According to a Yahoo Finance / Harris poll, less than half of Americans support any level of student loan cancellation. Jessica Smith from Yahoo Finance shares the details.

Video transcript

Regardless of that, Jess, we’ve watched what is a very vigorous debate going on among Democratic lawmakers on the issue of canceling student loans. The President said he did not believe in the importance of putting all of his efforts on this front. We’ve heard from other lawmakers say that it shouldn’t matter if you want to have a public or private school. You are reviewing a new study on public support for the issue. What do you find?

JESSICA SMITH: Well, the Harris poll and Yahoo Finance did this survey, and we found that less than half of Americans actually support any student loan forgiveness. 46% said they supported some level. 54% oppose it.

The idea was actually most popular among college graduates and households earning more than $ 100,000 a year, with higher-income households being more likely to have student debt. And even though the majority of respondents oppose forgiveness, they still believe it would help the economy. 55% said it would help the economy.

And why all of this is in the foreground is because progressives in Congress are really pushing President Biden to use his executive authority to write off up to $ 50,000 in debt per person. President Biden, as you said, has made it clear that he will not do this. But he would sign a law that forgives up to $ 10,000. The poll found that most people, 59%, believe that if there is to be a pardon, Congress should do it, not the president. And this question could influence the way people vote in future elections. We found that 2/3 of respondents said that politicians’ positions on issues like this, on student debt cancellation, are at least somewhat important to them when they think about who they are going to vote for. .

And proponents of forgiveness say it will not only help individuals, but it will accelerate economic recovery. Because people can start a business or buy a house, make other investments. And the survey found that 30% of people with student debt delayed buying a home.

More than a quarter of them have delayed health care. 21% delayed starting a business. And there were other really interesting results in this investigation that we did. We have a few stories that you can see on our Yahoo Finance website.


Yes, it’s interesting how this has really become more and more of an electoral issue. Many lawmakers already have their eyes on the midterm elections. So we’ll see how it goes. Thank you very much for that.

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CIBC Innovation Banking Provides MayStreet with $ 10 Million Growth Funding Thu, 08 Apr 2021 02:36:49 +0000

NEW YORK & DENVER – () – CIBC Innovation Banking is pleased to announce a $ 10 million credit facility for MayStreet Inc. (“MayStreet”) of New York City, an industry leader in technology market data and content provider. The credit facility is available to help the rapidly growing financial technology company further develop its business.

Founded in 2012, MayStreet offers market data technology that delivers high-quality global market data to enable data-driven decision making. Combining ultra-low latency software with consolidated, high-end and comprehensive data, MayStreet empowers its customers – including sellers, buyers, suppliers, regulators and academics – to gain deeper insight to drive investment, trading, execution analysis and compliance.

“Very high quality data is essential to fuel the most innovative technologies being developed on Wall Street and beyond, and MayStreet is at the forefront of market data with its end-to-end platform,” said Kevin Grossman, Managing Director of CIBC. Denver Office of Innovation Banking. “The business of the company is growing rapidly and our team is happy to support their continued expansion. ”

“We believe we have an important opportunity to help capital market participants continue their digital transformation efforts by making the most efficient use of the vast amounts of data available today,” said Patrick Flannery, CEO and co -Founder of MayStreet. “The CIBC Innovation Banking team shares our vision, and we’re happy to have them ready to help us accelerate our growth plans when needed.

MayStreet’s existing equity investors include the NEXT Investors of Credit Suisse Asset Management.

About CIBC Innovation Banking

CIBC Innovation Banking provides strategic advice, cash management and financing to North American innovation firms at every stage of their business cycle, from startup to IPO and beyond. With offices in Atlanta, Austin, Chicago, Denver, Menlo Park, Montreal, New York, Reston, Toronto and Vancouver, the team has extensive experience and a strong collaborative approach that spans all commercial banking activities and CIBC Capital Markets in the United States and Canada.

About MayStreet

MayStreet’s market data technology delivers the highest quality, comprehensive global market data to enable data-driven decision making. Combining ultra-low latency software with consolidated, high-end and comprehensive data, MayStreet empowers its customers – including sellers, buyers, suppliers, regulators and academics – to gain deeper insight to drive investment, trading, execution analysis and compliance. MayStreet’s services include: Bellport Feed Handler Solution – processing real-time and historical market data; MayStreet Market Data Lake – global multi-asset trading data to fuel pre-trade, trade and post-trade analysis; and MayStreet Analytics Workbench – a flexible, cloud-based toolkit for analyzing, querying and visualizing standardized market data. For more information, please visit

]]> 0 LineVision Raises $ 12.5 Million in Series B Funding Wed, 07 Apr 2021 23:17:44 +0000

LineVision, Inc., a Semerville, Mass.-based provider of non-contact overhead power line sensor solutions to monitor, optimize and protect critical power distribution infrastructure, closed its $ 12.5 million Series B funding round of dollars.

The round was led by UP Partners, with the participation of new investors, National Grid Partners, and existing funder Clean Energy Ventures.

The company intends to use the funds to accelerate its growth.

Led by Hudson Gilmer, President and CEO, LineVision provides non-invasive solutions that monitor the condition and behavior of high voltage transmission lines and can improve line throughput, helping to ensure optimal and reliable operation. The company’s V3 sensors collect real-time data on critical overhead power line parameters, including line temperature, sag, horizontal motion and anomalies.

In just over two years since its inception, LineVision has reached deals with National Grid, Dominion Energy, Xcel Energy, Tennessee Valley Authority and several other North American utilities that have yet to be announced. The company is also working with several European utilities as part of the Farcross project, which aims to improve cross-border interconnections using Dynamic Line Ratings.



]]> 0 A day in the life of a reverse mortgage advisor Wed, 07 Apr 2021 23:17:42 +0000

The stories of how many reverse mortgage professionals in the business have found their way there are almost as varied and individualized as the people themselves, but once someone really has is in the company, they can see up close what can and cannot work.

Different professionals can sometimes have very different ideas about what can or should constitute a business day, so RMD will occasionally highlight how a reverse mortgage professional conducts their day-to-day operations to give the industry a perspective on how their business is doing. peers address inbound challenges and opportunities. and tasks. Plotting a “regular” day in the reverse mortgage profession right now could be seen as difficult. As is the case with businesses as a whole, the COVID-19 pandemic has disrupted what were previously considered long-standing reverse mortgage standards, especially when it comes to meeting clients and other partners.

To better understand how some professionals have adapted to such changes while keeping a firm footing in what has worked for them, the first installment of RMD’s “A Day in the Life” series focuses on the veteran of the world. industry and Norcom Mortgage SVP of Reverse. Lending John Luddy, based at Avon Ct.

Set the pace

As RMD has detailed before, Luddy’s path in the reverse mortgage industry can probably be seen as atypical. Originally working as a second generation funeral director in his local community, Luddy was brought into the mortgage profession by local businessman Bill McCue about 37 years ago, beginning his journey in the reverse mortgage business around 20 years later.

Now Luddy is helping oversee the overall reverse mortgage operations at Norcom, helping to train an influx of term loan officers who have expressed interest in shifting to reverse lending. He enjoys the process of training new reverse mortgage agents and sales, creating his own loans while facing some of the challenges and opportunities that come with being in a managerial position.

He therefore finds it useful to start the day with a brisk walk to help set the tone for what lies ahead.

“The first thing I always do every morning, rain or shine, is walk my dog,” Luddy told RMD in an interview. “I’m going early before my day starts. Then I go in, I have my breakfast, and usually two or three things happen. I could spend some time on the phone with our landlord, but then I have loan officers who could call early in the morning [to help] review the scenarios they worked on.

At the start of a typical day, Luddy usually has a good time to help look at some of these scenarios, which may involve finalizing client proposals, pre-meeting discussions, or discussing certain nuances that a borrower potential might have. they want to seek advice from Luddy.

Division time

Although Luddy sources and makes his own loans, as Senior Vice President of Reverse Loans at Norcom, sales training is a big part of what he does, and he makes no effort to hide from the crowd. how much he likes to do it. This does not mean that it is without challenge – as Norcom’s footprint extends across 35 branches and over 150 loan officers – but to familiarize yourself with sales techniques and help originators with potential approaches or problem-solving exercises is definitely something he enjoys, he explains.

“I love to sell and I love sales training,” he says. “I like to teach them what to do and what to say [if a client’s] adult girl shows up and says, “These loans are a scam. And I always explain to them, “I’m not trying to turn you into me, I’m just telling you that’s what works for me.” It may not work for you. They will need to develop a method that works for them. [If a forward originator] hears the ins and outs of the other way around, so we can start some serious training if they decide this is a program they want to add to their repertoire.

A term agent showing this kind of interest in reverse mortgages could start a long cycle of sales training for Luddy, which he finds beneficial because of how potential new reverse mortgage originators find out about the products. and functions reversed.

“Most people who learn about the product learn it initially from their wholesale account representatives,” observes Luddy. “Most of these people have never sat at the kitchen table. If an adult girl feels these loans are a ‘scam’ sometimes these new people don’t know what to do, so they decide. [too quickly that] it’s too hard for them. So, I teach them not only the product, but how I sold it and I ask them to adopt their own way of selling it. [based on what they can learn from me]. “

Luddy is also inviting Norcom branches to participate when creating this type of online training programs, which increasingly use the popular online video calling software Zoom, which has gained significant notoriety during the pandemic.

The Work / Life Balance of Reverse Mortgages

This naturally raised another question in terms of where Luddy finds the time to find and make his own loans, in addition to taking on the responsibility of training many professionals within his organization on the specific intricacies of reverse mortgages. . These things take a long time, but when asked about the work / life balance he now maintains compared to what it looked like during his time in the World to Come, Luddy says he doesn’t There’s hardly any comparison to the amount of latitude it has upside down. doing things the way he wants is best.

“Some branch managers have told me that their goal for 2021 is to get out of term origination, let their employees do it and focus on building business volume in their region, as I said. did it to do reverse mortgages purely because of work / life balance, ”says Luddy. “You don’t have people yelling at you about having a name on a document or the need to shut down tomorrow. There is none of that. When I train I often use my example of firewood.

Luddy enjoys having a fire lit in his fireplace at night when he comes home, and soon after making the switch to reverse mortgages exclusively, he says he noticed he was consuming his supply of firewood. much faster than before when he was working with term mortgages.

“I would say to my wife, ‘I don’t know what happened, we have no more firewood! That does not make sense !’ Then she said to me, “John, you’re home every night now,” says Luddy. “Now I’m going through two cords of firewood. So it’s got a different lifestyle, because I’m home every night, and I was out every night doing term loans.

However, Luddy also acknowledges that there are key differences between the ways the advanced world now works compared to where he worked in it, and pointed out in the interview that he also benefits from having grown children. Still, the benefit of shifting into reverse was clear to him from a lifestyle perspective, he says.

Love what you do

Luddy had gotten used to working late in the world at term, but one of the advantages of the way reverse mortgages tend to work is that he can mostly fulfill his responsibilities within a day. normal work. In the middle of the day, he’ll likely have a quick lunch at his desk, but he’s usually finished at a reasonable time in the evening because that’s just when seniors prefer to do things, he says.

“In the reverse world, the work is done during the day,” he says. “For my clients, the best time to see me is between 10 am and 2 pm. They want to get up and have breakfast, take their insulin, and then get going. And then around 2 p.m. to 3 p.m., they start to run out of gasoline. So the visit with my clients is very often during the day, unless their adult children want to see me at night or on weekends.

That being said, he doesn’t hesitate to take those after-hours meetings for clients or their families if the situation calls for it, as he says he enjoys the job so much.

“I mean, I love it,” he says. “I just love what I’m doing. I don’t need to turn it off.

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Virgin Money Provides $ 993 Million for Distressed Loans Wed, 07 Apr 2021 23:17:40 +0000

Adds declaration details, quotation

February 2 (Reuters)Virgin money lender VMUK.L set aside 726 million pounds ($ 992.59 million) to protect its balance sheet against possible loan losses, after a “modest” increase in the number of customers requiring additional assistance after the end of pandemic payment holidays.

The UK’s sixth-largest lender, set up to challenge the dominance of the biggest British banks, announced Tuesday that they had granted mortgage payment holidays on 12.1 billion pounds of loans as of December 31, or about 21% of balances, against 11.9 billion pounds in a full year.

IHe had said he would set aside £ 735million last year.

“Recent additional restrictions across the UK due to record infection levels are likely to delay the pace of normalized economic and transactional activity,” the company said.

“As a result, VMUK continues to take a cautious view of economic assumptions and this is reflected in coverage levels, underwriting standards and liquidity levels.”

The shares were trading up 2.6% at 135.4 pence at 08:23 GMT.

Virgin Money also saw a 0.3% drop in the size of its loan portfolio to £ 72.2 billion in its first quarter, as new coronavirus restrictions put pressure on hhousework borrowing.

However, business loans rose 0.1% in the three months to Dec.31, with government-backed loans through the Bounce Back loan program up 14% to £ 923million and loans through coronavirus business disruption program up 19% to 422 million pounds. .

In addition to subdued retail lending activity, the bank has also been hit by near-zero interest rates set by the central bank last year to revive an economy hit by the coronavirus. The net interest margin (NIM) stagnated at 1.52% during the three-month period.

Virgin Money, which serves 6.4 million customers across the UK, said NIM in the current year would be broadly stable. It said it made a statutory profit in the first quarter after losing £ 141million in its most recent fiscal year.

($ 1 = 0.7314 pounds)

(Report by Muvija M in Bengaluru, edited by Sinead Cruise)

((; in UK: +44 20 7542 1810, outside UK: +91 80 61822698; Twitter:;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

]]> 0 Digital Mortgage and Execution Platform for Small and Mid-Sized Mortgage Lenders Maxwell Raises $ 16.3 Million in Series B Funding Round Led by Fin VC Wed, 07 Apr 2021 23:17:38 +0000

Maxwell, a U.S.-based digital mortgage and fulfillment platform for small and mid-sized mortgage lenders, announced Thursday it has raised $ 16.3 million in Series B fundraising led by Fin VC and TTV Capital with the participation of Rotor Capital, The Mortgage Collaborative Emerging Technology Fund and investors, including Anthemis Group, Route 66 Ventures and Sovereign’s Capital.

Founded in 2015, Maxwell says it enables mortgage lenders to improve the borrower experience, increase efficiency and improve profitability by intelligently automating workflow through its digital platform and technology-based services. The company notes that it uses AI to streamline and speed up the mortgage lending process for community lenders and their borrowers.

“Maxwell helps over 250 community lenders nationwide overcome the costs and challenges of the overall mortgage transaction, enabling their sales teams to outperform the market by 20% each month and improve the experience of borrowers and real estate agents.

Speaking of business development, John Paasonen, co-founder and CEO of Maxwell, Explain :

“As markets evolve and borrower expectations change, Maxwell will continue to simplify and modernize the mortgage process for community lenders who impact the lives of homebuyers and homeowners across the United States, and s’ will ensure that the lenders on its platform are prepared to be the most competitive in their market. “

Maxwell added that it will use the Series B financing to accelerate product development, market penetration, and product and engineering recruitment to meet market demand for technology solutions that enable community lenders to realize economies of scale to be competitive in the active mortgage market.

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