Mortgage Industry Disruptor Better.com Expands Business Lines, Eyes $1B Valuation

Benzinga is highlighting nominees for the fifth annual Benzinga Global Fintech Awards ahead of the event Nov. 19 in New York City.

One nominee is the Better.com, a mortgage lending fintech.

Background

Launched in 2016, the New York-based fintech digitizes the mortgage financing process from start to finish.

Backed by institutions like Goldman Sachs Group Inc GS and highly skilled engineers from the likes of Alphabet Inc GOOGL GOOG and Spotify Technology SA SPOT, Better is disrupting the $15-trillion mortgage industry, leveraging technology and progressive thinking to create an Amazon.com, Inc. AMZN-like shopping experience for mortgages.

Recent Developments

Over the past year, Better.com's customer base increased by 276%, with revenue tripling and a valuation that's expected to reach $1 billion by the end of 2019.

The firm partnered with Ally Financial Inc ALLY in scaling its proprietary home lending experience.

In conjunction with this development, Better.com launched three new lines of businesses including a title, homeowners insurance and a real estate agency.

The vertical integrations help Better.com in lowering costs and fees, increasing value for new and existing customers.

Going Forward

In addition to growing externally, Better.com aims to hire thousands of people across the country.

“Within the last 18 months, we opened an office in Oakland California; nine months ago, in Costa Mesa California; and just last month, in Charlotte, North Carolina with plans to hire 1,000-plus.” a Better.com representative told Benzinga. 

The firm’s growth is attributable to a innovation-driven approach, according to Better.

“In the last 44 months, we’ve done a whopping $4.4 billion in mortgages total. We are also currently lending in 42 states and expect to be in all 50 states by the end of 2019.”

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