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Better.com
Company type Private
IndustryFinancial technology, Homeownership
Founded2014; 10 years ago (2014)
FounderVishal Garg
Headquarters3 World Trade Center, New York City, US
SubsidiariesBetter Mortgage; Better Real Estate; Better Settlement Services; Better Cover
Website better.com

Better Holdco, Inc. (Better or Better.com) is an American homeownership company with the stated mission of making homeownership "simpler, faster" and "more accessible." [1] [2] [3] Founded in 2014 by chief executive officer Vishal Garg, [4] [5] the company launched its online mortgage origination business Better Mortgage in 2016 [6] [7] and later added subsidiaries dedicated to real estate, title and homeowners' insurance services.

The company has gained high profile coverage for its quick rise and is planning to go public via a SPAC merger. The deal would value the company at around $6.9 billion [8] [9]

The company is headquartered at 3 World Trade Center in Lower Manhattan. [10]

History

In 2014 Vishal Garg incorporated Better as "Better Holdco, Inc.," after Garg and his wife had a negative experience obtaining a mortgage to buy their own first home. [1] [7] [11]

In 2016 the company launched Better Mortgage [3] and secured $30 million in Series A funding. [12] [13] The company was approved the same year to be a Fannie Mae seller/servicer. [14]

Better raised Series B funding in the amount of $15 million in 2017 with Kleiner Perkins, Goldman Sachs, and Pine Brook Partners. [15]

In 2018 the company launched two additional subsidiaries, Better Real Estate and Better Settlement Services. [16] [17]

In 2019 the company launched a fourth subsidiary, Better Cover, and raised $160 million in Series C funding led by Activant Capital. [6] [3]

The company raised Series D funding of $200 million, led by L Catterton, in 2020. [7] [18] [19]

In April 2021, the company raised an additional $500 million from Japanese investment conglomerate SoftBank, resulting in a $6 billion valuation. [20] [7]

In May 2021, Better announced that it planned to go public via a SPAC merger with Aurora Acquisition Corp. [21]

In July 2021, Better acquired Trussle, a UK digital mortgage broker, and in September 2021 it acquired Property Partner, a London-based crowdfunding platform. [22] [23]

On December 6, 2021, a video of Garg laying off 900 employees by videoconference and locking out their devices became widely disseminated. [24] After much criticism, Garg decided to take time off from the company, [25] but returned in January 2022. [26]

Subsidiaries

Better is made up of four main companies offering mortgage, real estate, title and homeowners' insurance services. [23] [27]

  • Better Mortgage, launched in 2016, is the company's mortgage lending business. [28]
  • Better Real Estate, launched in 2018, is the company's brokerage services business. [29] [30]
  • Better Settlement Services, launched in 2018, is the company's title and settlement services business. [31]
  • Better Cover, launched in 2019, is the company's homeowners' insurance business. [32]

External links

References

  1. ^ a b Farrell, Maureen; Rudegeair, Peter (2021-05-11). "Mortgage Lender Better to Go Public in SPAC Deal". Wall Street Journal. ISSN  0099-9660.
  2. ^ Lerner, Michele (2021-12-09). "How to save money on closing costs". Washington Post. ISSN  0190-8286.
  3. ^ a b c "About Us". Better.com.
  4. ^ Maruf, Ramishah. "Better.com CEO fires 900 employees over Zoom". CNN.
  5. ^ "Vishal Garg: US boss fires 900 employees over Zoom". BBC News. 2021-12-07. Retrieved 2022-01-26.
  6. ^ a b Brier, Elisabeth (2019-08-19). "Better.com, A Digital Mortgage Disruptor, Raises $160 Million In Latest Funding Round". Forbes.
  7. ^ a b c d Azevedo, Mary Ann (2021-04-09). "Mortgage is suddenly sexy as SoftBank pumps $500M in Better.com at a $6B valuation". TechCrunch.
  8. ^ Jeans, David. "Mortgages, Fraud Claims And 'Dumb Dolphins': A Tangled Past Haunts Better.com CEO Vishal Garg". Forbes. Retrieved 2021-12-07.
  9. ^ "Better.com gets $750M cash infusion in new agreement with its SPAC backers". TechCrunch. Retrieved 9 December 2021.
  10. ^ "Contact US". Better.com. Retrieved 2021-12-07.
  11. ^ Howley, Kathleen (2019-08-19). "Digital mortgage company Better.com closes $160 million in funding". HousingWire.
  12. ^ Javed, Zulfiqar Ali (2016-06-13). "Better Mortgage closes $30M in funding". S&P Global Market Intelligence.
  13. ^ Teare, Gené; Glasner, Joanna (2016-07-20). "CrunchBase sees some slowing for early-stage venture in the second quarter". TechCrunch.
  14. ^ Aryan, Aashish; Mukul, Pranav (2021-12-07). "Explained: Better.com, the mortgage company that fired over 900 employees over Zoom call". The Indian Express.
  15. ^ Lane, Ben (2017-02-14). "Better Mortgage raises $15 million to fund expansion". HousingWire.
  16. ^ "Better Real Estate, LLC". opengovus.com.
  17. ^ "Better Settlement Services, LLC". opengovus.com.
  18. ^ Kirsch, Noah. "Better.com, An Online Lending Startup, Completes Series D At $4 Billion Valuation". Forbes.
  19. ^ Solomont, E.B. (2020-11-17). "InstaClosing Startup Offers Digital Closings". The Real Deal New York.
  20. ^ Rudegeair, Peter; Farrell, Maureen (2021-04-08). "SoftBank to Invest $500 Million in Mortgage Startup Better". Wall Street Journal.
  21. ^ de León, Riley (2021-05-11). "SoftBank-backed mortgage lender Better going public via $7.7 billion SPAC". CNBC.
  22. ^ de León, Riley (2021-07-12). "Digital mortgage lender Better acquiring Goldman Sachs-backed fintech ahead of public listing". CNBC.
  23. ^ a b Lawler, Ryan. "Better.com acquires UK-based Property Partner ahead of SPAC close". TechCrunch.
  24. ^ Graziosi, Graig (2021-12-06). "Who is Vishal Garg, the CEO that fired 900 employees over Zoom call?". The Independent. Retrieved 2021-12-07.{{ cite web}}: CS1 maint: url-status ( link)
  25. ^ https://www.nytimes.com/2021/12/10/business/economy/better-ceo-zoom-firing.html
  26. ^ https://www.nytimes.com/2022/01/18/business/better-ceo-vishal-garg.html
  27. ^ "15. Better.com". CNBC. 2020-06-16.
  28. ^ Carter, Matt (2021-12-29). "The biggest mortgage, lending and finance stories of 2021". Inman.
  29. ^ Carter, Matt (2021-07-21). "Better takes aim at the brokerage biz". Inman.
  30. ^ Kamin, Debra (2021-11-19). "Is iBuying Here to Stay?". The New York Times. ISSN  0362-4331.
  31. ^ Jensen, Katie (2021-07-20). "Better's One-Click Checkout Now Offers Title Insurance For Refi's". National Mortgage Professional Magazine.
  32. ^ "Better Cover". Better.com.
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