Better.com raises $160 million in Series C funding to grow mortgage platform
Better Mortgage Corp., which operates as Better.com, said it raised $160 million in a Series C fundraising round.
The funding will be used to increase investment in product development, boost hiring, scale the platform and grow strategic partnerships.
"Similar to how Amazon upended the retail industry, Better.com is digitally disrupting the $15 trilion mortgage industry through best-in-class technology, a commission free business model and first rate customer support," Vishal Garg, founder and CEO of Better.com, said in a company release.
The company, after launching in 2016, has tripled in year-over-year growth, funding about $375 million in mortgages per month and is on track to make more than $4 billion in loans in 2019.
The round was backed by new investors Activant Capital, Ping An Global Voyager Fund, Ally Financial, Citi, AGNC, Healthcare of Ontario Pension Plan and American Express Ventures.
Existing investors, including Goldman Sachs, Pine Brook and Kleiner Perkins, also participated in the round.
The Series C round brings total funding to date to $254 million.