Online mortgage lender Better.com, which promises faster, low-cost, and transparent home financing, has announced a Series C fundraise to the tune of $160 million. The participating investors included Activant Capital, Ping An Global Voyager Fund, Ally Financial, Citi, AGNC, Healthcare of Ontario Pension Plan, and American Express Ventures. Existing shareholders such as Goldman Sachs, Pine Brook, and Kleiner Perkins also took part in the round.
With this, New York City-based Better’s total funding stands at $254 million till date.
A full-stack digital mortgage company, Better.com was launched in 2016 by Vishal Garg, the now Founder and CEO, following a personal experience. Garg and his wife, pregnant with their second child at the time, had just lost their dream home to an all-cash buyer due to a slow and antiquated traditional mortgage process.
Triggered by this personal episode, the 41-year-old set out to build an online mortgage platform that would not only make home buying easier but also disrupt the entire sector which had been operating in the same, obsolete way for decades.
Better.com today, from its offices in New York, San Francisco, Irvine, and Gurugram, uses technology to speed and simplify the process of purchasing or refinancing a home.
“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,” said Vishal Garg, CEO and Founder of Better.com.
On the latest fundraise, he added, “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.”
The company which has grown 3x year on year, is also working towards scaling its operations in India. From 50 to 300, Better.com has rapidly scaled its workforce here, and is keen to add another 150 people by the end of 2019 to take its total team strength to 450.
As Bhavesh Sharma, Country Head, India, of Better.com, explains, “We are delivering a digital experience to our customers in a highly innovative and scalable way.”
“Our numbers validate the customers conviction in our product, and we’re looking for people to help grow it and be a part of this journey.”
(Edited by Teja Lele Desai)