Ally Financial Inc. (NYSE: ALLY), a U.S.-based digital financial services company, announced on Thursday it has partnered with mortgage disruptor, Better.com, to create an end-to-end digital mortgage experience for consumers looking for a mortgage loan from the Ally platform.
Ally reported that in addition to the partnership, strategic-investment arm Ally Ventures has announced an add-on investment to Better.com’s recent Series C funding, which significantly increases Ally’s overall ownership in the company. Ally also reported that by combining its capabilities with the digital platform of Better.com will bring speed and simplicity to the mortgage origination and funding process, creating a truly digital experience. Speaking about the partnership, Diane Morais, Ally’s President of Consumer and Commercial Banking Products, stated:
“Providing frictionless, digital experiences to our customers is core to Ally’s strategy. We’re revolutionizing digital banking by putting all of our customers’ core financial services needs at their fingertips. With Better.com, we will deliver best-in-class mortgage experiences in a highly innovative and scalable way, furthering our role as a financial ally for our customers.”
Vishal Garg, CEO and Founder of Better.com, also commented:
“Our partnership with Ally supports our goal of transforming the mortgage industry across the board and delivering a better mortgage experience to all consumers. Additionally, with Ally’s investment in Better.com, we become partners not only in our shared vision for a seamless customer experience in home finance, but also in the long-term success and future of the mortgage industry.”
Ally went on to add that the new capabilities will be piloted in nine states, which includes Arizona, Connecticut, Louisiana, North Carolina, Oregon, Pennsylvania, Tennessee, Texas, and Washington, later this year. The capabilities will also become available across the US. by the end of 2019.