Goldman Sachs and Amex join Better Mortgage’s $70m funding round
Better Mortgage, a US-based digital mortgage lender, has closed $70 million in Series C financing from American Express Ventures, the investment group of American Express, and the Healthcare of Ontario Pension Plan (HOOPP).Existing investors Kleiner Perkins, Goldman Sachs, and Pine Brook also participated in the round.
During 2018, the firm doubled its footprint to include over half of the states in the US and originated $1.3 billion in mortgages, representing a triple increase from the year before.
“Buying a home is one of the biggest financial life events that our customers experience, but the process is often full of pain points,” says Lindsay Fitzgerald, managing director of Amex Ventures. “By building a mortgage platform to be fully digital from the ground up, Better Mortgage has reduced the complexity around the homebuying process.”
With the funding, Better aims for new technology investment, employee growth, and development of partnership channels.
Since launching in January 2016, Better has funded more than $2 billion in loans, helping over 7,000 Americans buy or refinance their home.