NYC based technology driven mortgage bank Better Mortgage has raised $15m in Series B funding from backers Goldman Sachs, Perkins Caufield & Byers and Pine Brook Partners.
The company intends to use the new capital for the launch and expansion of ita home purchase finance product on Better.com. Launched in January 2016 and led by Vishal Garg, CEO, and Erik Bernhardsson, CTO, Better is a direct mortgage lender that gives customers access to home loan products, tools and support to achieve their financial goals. The company, which has funded more than $500m in loans to date, operates in California, New Jersey, North Carolina, Pennsylvania, Washington, Oregon, Connecticut, Illinois and Washington D.C., and plans to continue expanding its licensed geographic footprint in 2017. In June 2016, Better raised a $30m Series A investment round led by Goldman Sachs, Pine Brook, KCK Group, 1/0 Capital and IA Ventures.