Better Mortgage, the US-based operator of a digital mortgage platform, has completed a $70m series C round featuring American Express Ventures, the strategic investment arm of payment services firm American Express.
Investment banking firm Goldman Sachs also took part in the round, as did pension plan provider Healthcare of Ontario Pension Plan, venture capital firm Kleiner Perkins and investment firm Pine Brook.
Founded in 2014, Better Mortgage has created an online platform that has been responsible for more than $2bn in loans since it was launched in early 2016.
The company operates in more than half of the 50 US states and will put the series C cash into strengthening its core product and technology, increasing headcount and expanding its network of partnerships.
Lindsay Fitzgerald, managing director of American Express Ventures, said: “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. We’re excited to support Better Mortgage’s next phase of growth.”
Goldman Sachs’ Principal Strategic Investments group joined Pine Brook, VC firm IA Ventures and investment firm KCK Group to provide $30m of series A financing for Better Mortgage in 2016.
The series A round was closed at a $110m valuation that was doubled to $220m in February 2017 when the company raised $15m in series B funding from Goldman Sachs, Pine Brook and Kleiner Perkins.
