Better.com, a platform improving the access to home finance, has collected $160m in its Series C round of funding.
The capital injection was supported by Activant Capital, Ping An Global Voyager Fund, Ally Financial, Citi, AGNC, Healthcare of Ontario Pension Plan (HOOPP) and American Express Ventures. Previous backers of Better.com, including Goldman Sachs, Pine Brook, and Kleiner Perkins, also contributed to the round.
To support its growth, the company is expecting to hire an additional 400 people in its sales and technology teams by the end of 2019.
This investment comes after a period of strong growth for Better.com, which has seen a three-times year-on-year growth. Currently, the company funds around $375m in mortgages a month, putting the company on track to lend more than $4bn in 2019.
The FinTech company, which was founded in 2016, offers an online financing solution designed to support the homeownership space. Through the mobile solution, homebuyers can access loans without a commission or fee.
Better.com CEO and founder Vishal Garg said, “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.
“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.”
As part of the deal, Activant Capital founder Steve Sarracino will join Better.com’s board of directors.
Since the company was founded in 2016, it has raised a total of $254m in equity funding.
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