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FT Partners Advises Better.com on its $160,000,000 Series C Financing

Overview of Transaction

  • On August 19, 2019, Better.com announced it has closed its Series C financing round for a total of $160 million
  • The round included new investors Activant Capital, Ping An Global Voyager Fund, Ally Financial, Citi, AGNC, American Express Ventures and Healthcare of Ontario Pension Plan, as well as existing investors Goldman Sachs, Pine Brook and Kleiner Perkins
  • Better.com initially closed its Series C round in January 2019 for a total of $70 million, but expanded the round due to high demand
  • The Company has now raised $254 million in total financing
  • Better.com is one of the fastest growing homeownership platforms in the U.S. and has funded more than $4 billion in loans since its founding in 2016
  • The Company has reconstructed the process of buying and financing a home, step-by-step, using technology and automation to create the most efficient, cost-effective and user-friendly experience in the market
  • Better.com has grown 3x year-over-year (vs. -15% for the industry) and is currently funding $375 million in mortgages a month, which puts the Company on track to lend over $4 billion in 2019 alone

Significance of Transaction

  • With strong investor demand including from high profile strategics, this financing round positions Better.com as a market leader in streamlining and digitizing the home loan process
  • The additional capital will enable Better.com to enhance its offerings, grow its strategic partnerships, as well as expand its team by hiring an additional 400 people in sales and technology by the end of 2019

FT Partners' Role

  • FT Partners served as strategic and financial advisor to Better.com
  • This transaction highlights FT Partners’ deep domain expertise in the Alt Lending / Real Estate Tech space as well as our successful track record generating highly favorable outcomes for leading FinTech companies globally