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Better Mortgage raises $70M in Series C led by American Express

Better Mortgage, one of the nation's largest digital lenders, has raised $70 million in Series C funds led by American Express and the Healthcare of Ontario Pension Plan.

Existing investors Kleiner Perkins, Goldman Sachs and Pine Brook, who led the company's $15 million Series B round in 2017, also participated in the round, according to a press release. The company will use the investment to support its technology platform and continued growth, including the addition of partnership channels and to hiring employees.

"Buying a home is one of the biggest financial life events that our customers experience, but the process is often full of pain points," Lindsay Fitzgerald, managing director, Amex Ventures, said in the release. "By building a mortgage platform to be fully digital from the ground up, Better Mortgage has reduced the complexity around the home buying process."

The company has funded more than $2 billion in loans since it launched in 2016, with 7,000 customers being able to refinance.

The company expanded its service last week to four more states, including Alaska, Oklahoma, Kentucky and West Virginia.