Mavent, the leading provider of automated compliance solutions for the financial services industry, announced today the completion of a $10 million round of financing led by FTVentures, a private equity firm focused on business services and software companies that benefit the global financial services industry.
This most recent round of financing is a result of Mavent's strong industry presence and will support growth opportunities including continuing product development and the rollout of yet unannounced customers. The financing brings total institutional investment in the Company to $25 million. Since its inception, Mavent has signed multi-year agreements with many of the industry's largest originators and purchasers of mortgages including Fannie Mae, Credit Suisse, UBS, National City Mortgage Corp., Ohio Savings Bank, HomeLoanCenter (a division of Lending Tree), Ocwen Financial Corp., and GreenPoint Mortgage Funding.
"Over the last three years, Mavent has emerged as the leader in providing solutions for managing regulatory risk in the mortgage industry," said Bob Huret, founding partner at FTVentures and Mavent chairman of the board. "Mavent's proven solutions have helped create cost-efficiencies and process improvements for leading mortgage lenders. This investment reflects our continuing confidence in Mavent and the team's ability to capitalize on expansion opportunities."
"FTVentures is far more than a financial backer to Mavent," said Louis Pizante, chief executive officer of Mavent. "FTVentures' expertise and industry relationships have helped Mavent to accelerate and manage our growth. This latest transaction allows us to continue to innovate and provide exceptional value to our clients."