Better's valuation currently sits at $6.9B. Here are the top-line bullets you need to know.
Better, a digital mortgage lender, has raised $750M in a Series F round that drew participation from Aurora Acquisition and SoftBank Group.
How’s the company performing?
- New York-based Better provides mortgage, real estate, title insurance, and homeowners insurance services without charging commissions or lender fees.
- In May, the company announced that it would be going public via a SPAC — the deal has yet to close.
- The company recently laid off 9% (900) of its 10K employees in a single day.
- Better provides services without charging commissions or lender fees.
Why does the market matter?
- The global digital lending platform market is expected to reach a value of $20.3B by 2027, growing at a CAGR of 16.7%, according to Allied Market Research.
- The Covid-19 pandemic created a hot residential housing market, fueled by record-low interest rates and a trend of deurbanization in major cities across the country. The rising demand for homeownership led to record-high home loan and refinancing applications throughout the year, incentivizing several mortgage lenders to file for IPOs.
- Mortgage tech funding surpassed the $1.2B mark in March 2021, marking a 24% increase from 2020’s year-end total.