HOOPP has invested in digital mortgage lender

by Steve Randall01 Feb 2019

One of the fast-growing digital mortgage lenders in the US has secured a $75 million round of Series C fundraising from investors including HOOPP.

The Healthcare of Ontario Pension Plan has backed Better Mortgage along with American Express Ventures, and existing investors Kleiner Perkins, Goldman Sachs, and Pine Brook.

The funds will help the mortgage platform enhance its technology to build on its stellar year in 2018 which saw a doubling of its US footprint and originations reach U$1.3 billion, a threefold increase from 2017.

"We believe Better Mortgage is uniquely positioned for exceptional growth in the marketplace and offers a valuable service to prospective clients," said Jennifer Shum, Assistant Vice President of Derivatives and Fixed Income at HOOPP. "We were drawn to this investment because of its strong management team, the sophistication of its technology and the market opportunity."

Better Mortgage launched in 2016 and has funded mortgages for more than 7,000 homeowners and totaling more than $2 billion.

"Better is building the future of homeownership," said Vishal Garg, founder and CEO at Better Mortgage. "By re-engineering the mortgage process, removing costly commissions and creating a more efficient, reliable homebuying experience, Better is transforming how Americans buy their homes."

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