Pine Brook, 1/0 Capital among $30m Better Mortgage Series A backers

Online home financing startup Better Mortgage has picked up a $30m round of investment from backers including 1/0 Capital and Pine Brook Partners, it is understood.

Goldman Sachs and IA Ventures also took part in the round according to data from CrunchBase, which said the Series A investment closed on May 24.

Better Mortgage aims to take time and cost out of the mortgage application process for consumers, using technology to allow mortgage pre-approvals in just three minutes, and for consumers to work on their approvals online in their own time.

The company has already originated close to 11,000 mortgages and provided almost $5bn in funded loans.

Pine Brook currently has 18 financial services companies in its portfolio, including insurance and reinsurance provider Fidelis, UK-based mortgage company Belmont Green and sub-prime UK auto finance business Car Finance Company.

IA Ventures has backed prepaid debit and credit card platform Marqeta, consumer finance platform FinanceIt and small business marketplace lender LiftForward, among others.

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