Better.com, a start-up mortgage industry fintech, has announced that it closed its Series C fundraising effort at $160 million, which brings the New York-based company’s total to-date funding to $254 million.
New shareholders in the company include Activant Capital, Ping An Global Voyager Fund, Ally Financial, Citi, AGNC, Healthcare of Ontario Pension Plan (HOOPP) and American Express Ventures, which join existing shareholders Goldman Sachs, Pine Brook and Kleiner Perkins in the round.
Better.com was created in 2016 after its founder, Vishal Garg, lost a home to an all-cash buyer because the mortgage process he was using was too lethargic. He used the money he had saved for the down payment to start Better.com, which digitizes the entire mortgage process while eliminating commissions, fees and branch appointments.
“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 Garg. “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.”