Citigroup Joins Goldman Sachs, Kleiner Perkins, American Express with Series C Investment in Home Finance Startup Better.com
Better.com’s add-on investment from Citi adds to latest round of
funding of $75 million in Series C financing from American Express
Ventures
NEW YORK–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/FinTech?src=hash” target=”_blank”gt;#FinTechlt;/agt;–Better.com,
a home finance disrupter, today announced its closing of additional
funding from Citigroup.
The announcement comes just weeks after
Better.com announced $70 million in Series C financing from American
Express Ventures, in addition to existing investors Kleiner Perkins,
Goldman Sachs, and Pine Brook.
The backing from this esteemed group of industry leaders is a testament
to the future of Better.com.
“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,” said Vishal Garg, CEO and Founder of Better.com.
Coupling technological innovation with a unique business model,
Better.com launched in 2016 and has since funded more than $2 billion in
loans, helping over 7,000 Americans buy or refinance their homes. In
2018 alone, it doubled its footprint to include over 30 states in the US
and originated $1.3B in mortgages, up over 3x from 2017.
“Better.com is a phenomenal success story,” said Matt Zhang, Head of
Spread Products Investment Technologies at Citi. “This investment round
underlines the brand’s continued growth and further commitment to
world-class operational execution. We look forward to this partnership
and are thrilled to be a part of the continued growth and progress of
Better.com.”
“Citi is a true industry leader and the new capital will support
continued growth and investment in Better.com’s technology platform. By
building a mortgage platform to be fully digital from the ground up,
Better.com has reduced the complexity around the homebuying process. We
are pleased that investors like Citi and Goldman share our vision,” said
Viral Shah, Head of Financial Products at Better.com.
About Better Mortgage Corporation:
Backed by Citigroup, Goldman Sachs, American Express Ventures, Kleiner
Perkins, and Pine Brook, Better.com is one of the fastest growing home
finance disruptors in America. Since its launch in 2016, Better.com has
funded and originated over $2 billion in loans since its launch. For
more information, follow @betterdotcom.
Contacts
Media Contact:
Better
Tanya Hayre
Head of
PR, Better.com
973-652-2237
[email protected]
