US-based online mortgage platform operator Better Mortgage has secured $5m in a series C extension from financial services firm Citigroup to grow the round to $75m.
Earlier this month, the company raised $70m in a series C round that featured American Express Ventures, the corporate venturing division of payment processing firm American Express, and investment banking firm Goldman Sachs.
The initial close also featured pension plan provider Healthcare of Ontario Pension Plan, venture capital firm Kleiner Perkins and investment firm Pine Brook.
Founded in 2014, Better Mortgage operates an online platform for customers to take out loans to help buy and refinance properties. Since launching in 2016, it has funded more than $2bn in loans and is available in more than 30 states in the US.
In addition to bolstering its core product and technology, funds from the round will also be used to expand its team and its network of partnerships.
Vishal Garg, chief executive and founder of Better, said: “We are proud and humbled to be partnering with Citi. As one of the world’s premier consumer banks with deep roots in the mortgage business, Citi has a unique perspective and understanding on the innovation Better.com is bringing to home finance.
“We hope to learn from them and partner with them to make the future of homeownership better for all Americans.”
In February 2017, the company raised $15m in series B funding from Goldman Sachs, Pine Brook and Kleiner Perkins. Better Mortgage had obtained $30m in a series A round in 2016 backed by Goldman Sachs’ Principal Strategic Investments, Pine Brook, VC firm IA Ventures and investment firm KCK Group.