US-based digital mortgage platform Better.com has raised $160m in Series C funding round to accelerate growth.
With the latest investment, the company has raked in a total of $254m to date.
The latest funding round was joined by Activant Capital, Ping An Global Voyager Fund, Ally Financial, Citi, AGNC, Healthcare of Ontario Pension Plan (HOOPP) and American Express Ventures.
Existing backers Goldman Sachs, Pine Brook and Kleiner Perkins also participated in the round.
Better.com founder and CEO Vishal Garg said: “The capital we’ve raised will enable us to accelerate our investment in product development, grow our strategic partnerships, expand our team and scale our platform to continue making it easier for borrowers to get home financing.”
Founded in 2016, Better.com digitises the entire mortgage process. It enables the customers to upload and e-sign documents, receive instant loan estimates and swift pre-approval.
The process eliminates the need of branch appointments and documentation, thereby streamlining mortgage processing lifecycle.
The company claims that Better.com closes a typical mortgage 50% quicker than the industry average of 42 days.
Currently, it is funding $375m in mortgages a month and aims to lend more than $4bn this year.
Better.com board member and Activant Capital founder Steve Sarracino said: “Better.com is completely changing the way consumers purchase a home.
“Their end-to-end digital solution is simplifying the mortgage process for people, affecting billions of dollars’ worth of home sales.”
In the last one year, Better.com hired 550 people and plans to recruit another 400 by the end this year.