Better Mortgage raises $70 million to digitize homebuying

By Folake Dosu  |  February 20, 2019

fintech-Better-Mortgage

Fintech is transforming the way homeowners approach the mortgage process. Pulse2 reports that New York-based digital mortgage lender Better Mortgage has raised $70 million in Series C funding. 

Participants include American Express Ventures and the Healthcare of Ontario Pension Plan (HOOPP) as well as existing investors Kleiner Perkins, Goldman Sachs and Pine Brook. According to the outlet, Better Mortgage plans to use this funding to fuel its continued growth and invest in its technology platform.

Eric Wilson, Erik Bernhardsson, Viral Shah, and Vishal Garg launched Better Mortgage in 2016, and in that short time, the company has already helped over 7,000 Americans buy or refinance their home. Last year, Better Mortgage originated $1.3 billion in mortgages (a 3x increase year-over-year) and now serves customers in over 25 states, more than double the previous year, says Pulse2.

“Better is building the future of homeownership. By re-engineering the mortgage process, removing costly commissions and creating a more efficient, reliable homebuying experience, Better is transforming how Americans buy their homes.”

“Better is building the future of homeownership,” said Better Mortgage founder and CEO Vishal Garg in a press release. “By re-engineering the mortgage process, removing costly commissions and creating a more efficient, reliable homebuying experience, Better is transforming how Americans buy their homes.”

“Buying a home is one of the biggest financial life events that our customers experience, but the process is often full of pain points,” added Amex Ventures managing director Lindsay Fitzgerald. “By building a mortgage platform to be fully digital from the ground up, Better Mortgage has reduced the complexity around the homebuying process. We’re excited to support Better Mortgage’s next phase of growth.”

“We believe Better Mortgage is uniquely positioned for exceptional growth in the marketplace and offers a valuable service to prospective clients,” HOOPP’s Assistant Vice President of Derivatives and Fixed Income Jennifer Shum explained in the press release. “We were drawn to this investment because of its strong management team, the sophistication of its technology and the market opportunity.”

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