Irvine-based Mavent Inc., a software developer for the mortgage industry, has raised $10 million in venture capital financing, the company said last week.
The money will be used to support product development and customer growth, said Louis Pizante, the company’s chief executive.
Mavent, founded in 2000, now has raised $25 million in funding. The company employs about 48 people, most of them in Irvine, Pizante said.
The company provides compliance software and services for mortgage companies. Its products can review mortgage lenders’ loans or an investors’ pool of loans.
“Our clients touch almost half of the mortgage loans made, in some way,” Pizante said.
Three of the top five lenders in the country use the company’s products. Large customers include Fannie Mae, National City Mortgage Corp. and Ohio Savings Bank.
Pizante, who has been with the company since 2002, took over the chief executive role earlier this year. He replaced cofounder Tim Green, who remains an investor along with the company’s other founders.
Pizante previously served as the company’s chief operating officer and senior vice president of sales. Prior to that, he worked for Greenwich, Conn.-based Greenwich Capital Markets.
San Francisco-based FTVentures, a private equity firm that invests in technology companies serving the banking industry, led the latest funding round. Bob Huret, founding partner at FTVentures, serves as Mavent’s chairman of the board.
