Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
735,718-296
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.94%0.01
FintechProptech

Better.com nabs $500 million investment from SoftBank

The transaction values the digital mortgage lender at about $6 billion, CNBC reports

Better.com has received a $500 million investment from SoftBank that values the digital mortgage lender at about $6 billion, CNBC reports.

Although the news was initially reported by The Wall Street Journal, CNBC confirmed the news later with sources familiar with the matter.

Better’s last funding round was in November 2020 where it was valued at $4 billion, Pitchbook data shows. Better extended $14 billion in loans in Q1 this year, and $25 billion in loans in 2020. The profitable company reaped in $800 million in revenue in 2020, CNBC reports.

Better is expected to go public later this year and SoftBank is purchasing shares from Better’s existing investors, sources told the Wall Street Journal. Better offers home loans for customers through its digital website and partners with banks like Ally Financial.

Better has benefited from the red hot home buying market and the rise in refinancing activity in the past year as interest rates are incredibly low.

The sources told the Wall Street Journal that SoftBank has been in talks with Better about this investment since late 2020 because of the company’s accelerated growth.

SoftBank appears to have an affinity for the proptech industry. According to Crunchbase, SoftBank has participated in proptech deals totaling $19.9 billion across 31 known and publicly announced rounds. The fund has seen Compass recently go public to muted investor interest and Housing.com exit to PropTiger, another one of its proptech investments.

In other recent proptech news, proptech startup GiGstreem has secured $50 million in funding from Fort Worth, Texas-based Crestline Investors that will enable expansion of GiGstreem’s WiFi platform for multifamily and commercial properties.

Also, founded in 2013, CrowdStreet experienced its most successful year ever in 2020, despite a 32% drop in deal volume across the U.S. commercial estate sector versus 2019. The crowdfunding platform attracted more than $640 million in investments across 90 deals last year. In the past seven years, the startup has arranged roughly $1.7 billion in investments via more than 470 projects.

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please