Better Mortgage, a technology-driven direct mortgage lender, announced the closing of $30 million in Series A financing from Goldman Sachs Main Strategic Investments Group, Pine Brook, KCK Group, and IA Ventures. Capital will support the continued development of technology and drive the national expansion of Better Mortgage’s digital mortgage origination platform, Better Mortgage. Come on,
Better, better Com was launched in California, Washington, and Oregon in January 2016, and since then has provided over $160 million in loans. Better Mortgage will begin lending in an additional 15 countries over the course of this year.
Better Mortgage offers transparency, simplicity and affordability in the traditional paper and human processing industries. With its proprietary rules and rate engine, Better Mortgage seamlessly evaluates the personal and property attributes of borrowers against the complex underwriting criteria of institutional mortgage investors. The platform then provides customized rates for the range of mortgage products to which the borrower is eligible. The Best The com process also eliminates the need for a commissioned sales intermediary, resulting in cost savings which are passed on to the consumer in the form of lower interest rates.
‘Our aim is to simplify the largest financial transaction that many consumers are undertaking. Better’s team of engineers has rebuilt the mortgage application process from scratch,” said Vishal Garg, CEO of Better Mortgage. ‘The result is an online platform that allows borrowers to submit documents and make progress on their applications from anywhere at any time. We are very pleased that Goldman Sachs, Pine Brook, KCK Group and IA Ventures are partnering with us in this effort. ”
‘Better Mortgage has the right platform and management team to capture this exciting market opportunity,’ said Nicholaos Krenteras, Managing Director of Pine Brook. ‘We are also pleased to invest again with Goldman Sachs, as we have in previous financial services companies, including Essent Group Ltd. , Global Atlantic Financial Group and Fidelis Insurance Holdings Ltd. ”
Significant capital requirements, strict regulation and the need for industry-specific knowledge have created barriers to entry into the mortgage origination area and hindered the development of technological solutions. To address these challenges directly, Better Mortgage acquired an established mortgage lender based in Silicon Valley from over $4 billion in mortgages with a cumulative default rate of less than 0. 01%, 01%
About Best Mortgage
Avex Funding dba Better Mortgage enables transparent, simple and affordable mortgages through its online platform. Better, better Com features 24/7 online access, status updates, simple bank account link, secure file upload, and e-signing capabilities to streamline the execution process, as well as licensed, non-commissioned loan support officers.
About Goldman Sachs Major Strategic Investments
Goldman Sachs Principal Strategic Investments Group (NYSE: GS) aims to make long-term strategic investments in fast-growing technology companies that are uniquely positioned to benefit from a deeper business relationship with Goldman Sachs.
About the Pine Book
Pine Brook is an investment firm that manages more than 6 dollars. 0 billion limited partner commitments that make ‘business building’ and other equity investments, primarily in energy and financial services businesses Collectively, Pine Brook’s investment professionals team has over 300 years of experience financing the growth of equity firms, working alongside talented entrepreneurs and experienced management teams to build scale enterprises without relying on acquisition leverage.
About AI Ventures
IA Ventures is a seed and early-stage venture capital firm that invests in companies creating competitive advantages through data We are a small three-investor partnership based in NY, with $315 million under management across three funds. Our portfolio companies operate in all vertical areas of valuable data assets, including financial services, advertising, security, real estate, healthcare and life sciences. Follow Better Mortgage on Facebook, Twitter and LinkedIn.
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