U.S.-based homeownership platform Better.com announced on Wednesday it secured $200 million through its Series D funding round, which was led by L Catterton with participation from Activant Capital, Ally Financial, American Express Ventures, Ping An Global Voyager Fund, and 9Yards Capital. The latest funding round comes just a little over a year after Better.com raised $160 million through its Series C round.
As previously reported, Better.com describes itself as one of the fastest-growing home finance disruptors in America. It leverages machine learning and AI to digitize, as well as automate, every step of the home financing process to make homeownership more affordable and accessible.
“In 2018 alone, we helped over 10,000 families get home, saving them on average $3,500 in upfront fees and days of stress-filled time. And we’re just getting started. Our backers have helped build some of most transformative tech and finance companies in history. Kleiner Perkins, Goldman Sachs, Ally Bank, Pine Brook and others have invested over $85 million in Better and our vision of making homeownership magical.”
Better.com further revealed that it has grown its funded loan volume more than 4x over the past year.
“Better’s rise as a leading online lender comes at a time when 73% of American consumers are embracing FinTech as the “new normal” with 67%1 reporting a plan to continue managing most of their finances digitally after COVID-19.”
Speaking about the platform’s growth, Vishal Garg, CEO and founder of Better.com, stated:
“Better was founded to help eliminate unnecessary barriers to home financing. We’re committed to working tirelessly for our customers, growing our team and building out our technology to provide them the best possible experience when pursuing homeownership.”
Better.com went on to add that in addition to its mortgage offering, it is also offering clients integrated access to title insurance, homeowners insurance, and real estate agents across the country on its platform.