Digital mortgage lender Better.com has announced plans to expand to five new markets after its $85 million Series C capital raise.
Better.com said it would launch in Montana, Nebraska, New Mexico, Rhode Island, and Wyoming. In total, the company now operates in 36 states, which represents nearly 80% of the United States mortgage volume.
The expansion followed the news of the Better.com’s strategic partnership with Ally Financial to offer customers a streamlined mortgage process. The startup closed on $85 million in Series C funding earlier this year. Ally Financial, Goldman Sachs, American Express Ventures, Citigroup, Kleiner Perkins, Pine Brook, and the Healthcare of Ontario Pension Plan, all took part in the funding round.
“Buying a home is not only the biggest financial transaction most people take but also one of the most cumbersome, stressful and antiquated,” said Better.com Founder and CEO Vishal Garg. “Mountains of paper being faxed all across the country containing sensitive consumer data is a thing of the past, and we strive to make every point for the borrower’s home-buying journey seamless, digital and convenient. With our market expansion into several key states, we’re pleased we can now offer borrowers in 36 states home loans that are cheaper, quicker and commission-free.”