Mortgage platform Better.com lands $200m in Series D funding
Homeownership platform Better.com has announced $200 million in Series D funding in a round lead by L Catterron.
Existing shareholders Activant Capital, Ally Financial, American Express Ventures, and Ping An contributed.
Founded in 2016, Better digitises the mortgage process by offering a “commission-free, transparent, digital model that utilises technology.”
Better claims that it has grown its loan volumes fourfold over 2019. The firm says it has funded $25 billion in home loans and provided over $7 billion in cumulative coverage.
It has raised over $400 million in equity capital since inception.
“Better was founded to help eliminate unnecessary barriers to home financing,” said Vishal Garg, CEO and founder of Better.com.
“We’re committed to working tirelessly for our customers, growing our team and building out our technology to provide them the best possible experience when pursuing homeownership.”
Better claims to also streamline the “fragmented home-financing journey” by offering access to title insurance and homeowners insurance.
According to McKinsey data just 42% of borrowers in the US are happy with their bank-provided mortgage process. Despite this, 76% of first-time buyers in the country opt for a bank as their first choice.