US digital mortgage lender Better Mortgage has raised $70 million in a Series C funding round joined by American Express Ventures and Goldman Sachs.
The Healthcare of Ontario Pension Plan, Kleiner Perkins, and Pine Brook also joined the round, which will be used to invest in Better Mortgage's tech platform and workforce.
Better employs non-commissioned loan officers, acting as a direct lender that brings the mortgage process online to give, it claims, users a smarter, faster and cheaper way to buy a home.
Since launching at the beginning of 2016, the firm has funded more than $2 billion in loans, helping over 7000 Americans buy or refinance their homes. Last year, it doubled its footprint to include over half of the states in the US and originated $1.3B in mortgages.
Lindsay Fitzgerald, MD, Amex Ventures, says: "Buying a home is one of the biggest financial life events that our customers experience, but the process is often full of pain points. By building a mortgage platform to be fully digital from the ground up, Better Mortgage has reduced the complexity around the homebuying process."
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