U.S.-based homeownership platform Better.com announced on Monday it closed its Series C funding round at $160 million, bringing its total funding to $254 million in total. According to Better.com, Activant Capital, Ping An Global Voyager Fund, Ally Financial, Citi, AGNC, Healthcare of Ontario Pension Plan (HOOPP) and American Express Ventures joined existing shareholders Goldman Sachs, Pine Brook, and Kleiner Perkins in the round.
As previously reported, Better.com describes itself as one of the fastest-growing home finance disruptors in America. It leverages machine learning and AI to digitize, as well as automate, every step of the home financing process to make homeownership more affordable and accessible.
“In 2018 alone, we helped over 10,000 families get home, saving them on average $3,500 in upfront fees and days of stress-filled time. And we’re just getting started. Our backers have helped build some of most transformative tech and finance companies in history. Kleiner Perkins, Goldman Sachs, Ally Bank, Pine Brook and others have invested over $85 million in Better and our vision of making homeownership magical.”
Better.com then reported that it has grown 3x year-over-year and is currently funding $375 million in mortgages a month. This puts the company on track to lend over $4 billion in 2019. The platform also funded $1 billion of loans in Q2 of this year alone, more than in all of 2016 and 2017 combined. Speaking about the funding round, Vishal Garg, CEO and Founder of Better.com, stated:
“Similar to how Amazon upended the retail industry, Better.com is digitally disrupting the $15 trillion mortgage industry through best-in-class technology, a commission-free business model and first-rate customer support. The capital we’ve raised will enable us to accelerate our investment in product development, grow our strategic partnerships, expand our team and scale our platform to continue making it easier for borrowers to get home financing.”
Lindsay Fitzgerald, Managing Director at Amex Ventures, the strategic investment group of American Express, added:
“Better.com is reengineering and digitizing the mortgage process, making the entire home-buying experience faster and more affordable. We are delighted to support Better.com as they continue to grow and transform the market.”