IMX Takes in $18 Mil for Online Mortgage Trading

SAN RAMON, CA-IMX Exchange announced today the acquisition of their second round of funding. The five-year-old company picked up $18 million in VC money to further develop its internet-based trading platform for mortgage brokers and lenders.

IMX president and CEO Richard Wilkes says this is the last round of funding before profitability, which is slated sometime before the end of next year. The lead investor in the round was Hummer Winblad Venture Partners. Other investors involved in this latest round of funding include Lehman Brothers, ABN AMRO, Mohr Davidow Ventures, Technology Crossover Ventures, and Presidio Venture Partners.

Since the trading platform went online in October of 1997, the IMX system has facilitated $2.5 billion in loans. Currently more than 10,000 mortgage originators – representing 2,500 mortgage brokerages in 47 states – are transacting business over IMX’s system. In the last year, the number of trades on the system has tripled.