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Axial is excited to release our Q3 2024 Lower Middle Market Investment Banking League Tables. To assemble this list, we reviewed the deal-making activities of 370 investment banks and advisory firms that met the qualifications to be considered for league tables last quarter.
Now, let's shift to Slide 4 and talk about a very important theme in the mortgage industry, namely the ongoing retreat of banks from the sector, which is creating a major growth opportunity for us. As most of you are aware, banks used to dominate the mortgage industry with close to 100% market share in both originations and servicing.
So, on an unlevered basis, we can get a really nice return and you add on the feestructure that we can enjoy as a business. And as a publiccompany, as frustrating as it might be, that's our obligation to undertake an investigation to look into those. The next question comes from David Barden of Bank of America.
Feestructures may change, with pressure on publiccompanies to reduce management fees and focus on performance-based compensation. Conclusion: The top tech companies and top private equity funds share some similarities, but the growth dynamics are different.
However, to be clear, we did not make any material changes to our feestructure in Q4. And the blended average fee rate that you see reported is simply due to mix shift on our platform. And we maintain corporate policies governing these plans that are commonplace among publiccompanies. Q4 was $375 million, up 12%.
We have saved customers hundreds of millions of dollars by disrupting the traditional remittance industry with a digital-first approach, transparent feestructure, and customer-centric innovations. We continue to make progress on faster bank-linked payments in the U.S.
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