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This content is a press release from our partner Business Wire. The AP newsroom and editorial departments were not involved in its creation.

Citigroup Joins Goldman Sachs, Kleiner Perkins, American Express with Series C Investment in Home Finance Startup Better.com

February 21, 2019

NEW YORK--(BUSINESS WIRE)--Feb 21, 2019--Better.com, a home finance disrupter, today announced its closing of additional funding from Citigroup.

The announcement comes just weeks after Better.com announced $70 million in Series C financing from American Express Ventures, in addition to existing investors Kleiner Perkins, Goldman Sachs, and Pine Brook.

The backing from this esteemed group of industry leaders is a testament to the future of Better.com.

“We are proud and humbled to be partnering with Citi. As one of the world’s premier consumer banks with deep roots in the mortgage business, Citi has a unique perspective and understanding on the innovation Better.com is bringing to home finance. We hope to learn from them and partner with them to make the future of homeownership better for all Americans,” said Vishal Garg, CEO and Founder of Better.com.

Coupling technological innovation with a unique business model, Better.com launched in 2016 and has since funded more than $2 billion in loans, helping over 7,000 Americans buy or refinance their homes. In 2018 alone, it doubled its footprint to include over 30 states in the US and originated $1.3B in mortgages, up over 3x from 2017.

“Better.com is a phenomenal success story,” said Matt Zhang, Head of Spread Products Investment Technologies at Citi. “This investment round underlines the brand’s continued growth and further commitment to world-class operational execution. We look forward to this partnership and are thrilled to be a part of the continued growth and progress of Better.com.”

“Citi is a true industry leader and the new capital will support continued growth and investment in Better.com’s technology platform. By building a mortgage platform to be fully digital from the ground up, Better.com has reduced the complexity around the homebuying process. We are pleased that investors like Citi and Goldman share our vision,” said Viral Shah, Head of Financial Products at Better.com.

About Better Mortgage Corporation:

Backed by Citigroup, Goldman Sachs, American Express Ventures, Kleiner Perkins, and Pine Brook, Better.com is one of the fastest growing home finance disruptors in America. Since its launch in 2016, Better.com has funded and originated over $2 billion in loans since its launch. For more information, follow @betterdotcom.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190221005122/en/

CONTACT: Media Contact:

Better

Tanya Hayre

Head of PR, Better.com

973-652-2237

thayre@better.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: VENTURE CAPITAL PROFESSIONAL SERVICES REIT BANKING FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: Better.com

Copyright Business Wire 2019.

PUB: 02/21/2019 08:30 AM/DISC: 02/21/2019 08:30 AM

http://www.businesswire.com/news/home/20190221005122/en