Better Mortgage raises $30M in Series A

What does Better Mortgage do?

Better Mortgage, is tech driven direct mortgage lender. It is the company which makes mortgages simple. It makes mortgaging simple, fast and completely better. The company is revolutionizing a $12 trillion industry. Americans pay more for housing than for all the other things they pay for combined, which is 33% personal consumption expenses. But, the mortgage process still takes almost fifty days, costs more than $5000 in administrative fees, requiring more than 225 pages of paper work and so many phone calls with the loan brokers. This is all a very tough procedure, so this company aims at the process of mortgaging easy and simple. The team combines leading technologists from companies such as Google and Spotify with a mortgage bank which has 3 generations of experience. The company together uses machine learning, data science and UX design for making the mortgage experience what it has to be, an exciting and enjoyable part of the transaction in life.

How much Better Mortgage was funded?

The company raised $30M in Series A from June 12, 2016 to May 24, 2016 from 1/0 Capital, IA Ventures, Pine Brook Partners and Goldman Sachs.

What is next for Better Mortgage?

Better Mortgage plans to use the funding raised for supporting its continued tech development and driving national expansion of its digital mortgage origination platform. The company will start lending in additional 15 states over the course of 2016.

More about Better Mortgage

Better Mortgage was founded on March 1, 2015 by Vishal Garg. It has its headquarters in New York, New York. The company offers simplicity, transparency and affordability in an industry traditionally driven by human and paper processing. It aims at simplifying the largest financial transaction many consumers undertake. Their online platform enables borrowers to submit docs and make progress on their application at any time and from anywhere.