Following its most recent round of fundraising, mortgage fintech Maxwell announced the appointment of longtime mortgage policy expert Sonny Abbasi as general counsel.
Abbasi will oversee compliance and data protection for the Denver-based company, which provides a digital platform for small to medium-sized lenders.
Sonny Abbasi, General Counsel at Maxwell
Abbasi's appointment comes immediately after Maxwell announced it raised $ 52.5 million in additional Series B funding in the early fourth quarter of $ 28.5 million in equity and $ 24 million in debt exist. According to Crunchbase, venture firm Fin VC and Wells Fargo Strategic Capital led the financing, Maxwell's second cash raise in 2021. In March, the company raised $ 16.3 million.
According to Maxwell representatives, the company, founded in 2015, has helped generate over $ 150 billion in credit to date and serves more than 300 business customers nationwide. Earlier this year, the company launched Maxwell Capital, a secondary market investment unit. In the past three years, Maxwell's workforce has grown 14-fold to approximately 300.
Abbasi begins his new role "at a turning point" for Maxwell, according to Co-Founder and CEO John Paasonen. The company continues to build its leadership position as it moves into the next phase, he said.
"With a wealth of experience in regulation and compliance throughout the mortgage lifecycle, Sonny will be instrumental in helping us deliver high-performance solutions to the needs of lenders in America's communities," said Paasonen.
Abbasi joins Maxwell from Lenderworks, where he has served as General Counsel and Chief Compliance Officer for the past six years. He previously worked for Fannie Mae for over a decade, initially as Associate General Counsel and later as Director of Mortgage Backed Securities Policy. Abbasi later joined The Structured Finance Group in Washington as director of mortgage policy. He began his legal career in the Department of Housing and Urban Development.