A Fintech startup Better Mortage raises $15 Million of Series B funding from Kleiner Perkins, Pine Brook, and Goldman Sachs. Earlier in June 2016, the startup raised about $30 Million by same investors.
Founded in February 2014, by Vishal Garg is an NYU graduate. Better Mortage makes mortgage fast, simple, and totally better. The startup works from Gurgaon and New York. It has worked with leading technologists from companies like Spotify and Google with a mortgage bank that has three generations of experience. Better Mortage hire top talent and help to make better financing for homes.
The total equity funding of $45 Million made in two rounds. The investors included US-based investors like Goldman Sach, IA Ventures, KCK, Kleiner Perking Caufield & Byers, Moderne Ventures, Pein Brook Partners. They operate from Gurgaon and New York.
Since January 2016, the startup has funded over $500 Millions in home loans. They have over 70 employees in New-York and a 50 member team in Gurgaon working for the startup. The other startups in this segment includes PolicyBazaar, BankBazaar, India Housing etc.
On the investment Nicholas Krenteras from Pine Investors said: “Technology has upended personal finance, replacing expensive middlemen with intuitive and transparent online process. The exception has been the mortgage origination business, which has been sheltered by onerous capital, regulatory, and operating requirements. Innovation in the industry has been defined by traditional players patching together third-party services, leading to poor borrower experiences and runaway costs.”
Apart from Better Mortage Vishal Garg also founding a partner at 1/0 and co-head and Managing Partner, ARAM ABS Group and the founder and President & CFO of MyRichUncle.
Indian real-estate market is expected to reach $180 Billion by 2020. The housing sector contributes about 5%-6% of the country’s GDP ( Gross Domestic Product). Read more Funding News