Better.com

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An American financial technology company providing digitally originated mortgage and home-finance services.

Last updated October 14, 2026

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Overview

Better.com, legally operating through Better Home & Finance Holding Company, is an American financial technology company focused on digitally delivered mortgage and home-finance services. Its principal consumer brand, Better Mortgage, was created to simplify the process of applying for, underwriting, originating, and closing residential home loans through an online platform. The company has also operated or invested in adjacent parts of the housing ecosystem, including refinancing, real-estate brokerage, mortgage broking, property investment platforms, and banking infrastructure. The business originated from founder Vishal Garg's experience purchasing a home. After encountering a lengthy mortgage process and losing a property bid to an all-cash buyer, Garg established Better in February 2014. To obtain lending infrastructure and state licenses, the company acquired California-based Avex Funding, which became its operating lending entity. Better launched its consumer-facing Better Mortgage platform in January 2016 and was approved as a Fannie Mae seller or servicer later that year. Better's early proposition emphasized a digital application flow, automated decision-making, limited dependence on traditional mortgage brokers, and reduced or simplified fees. The company argued that technology could make mortgages faster and more accessible, particularly for borrowers who had historically been underserved by conventional channels. In 2019, reporting indicated substantial growth in home purchases by people from traditionally underrepresented groups using the platform, although the company subsequently faced criticism over its employment practices, management conduct, layoffs, and public-market disclosures. The company raised large private financing rounds during the housing and fintech boom. It obtained $160 million in Series C financing in 2019 at an approximately $600 million valuation, followed by a $200 million Series D round in 2020 at an approximately $4 billion valuation and a $500 million SoftBank Vision Fund investment in 2021 at an approximately $6 billion valuation. Better announced a plan to become publicly traded through a merger with Aurora Acquisition Corp., a special-purpose acquisition company, in 2021. The transaction was delayed amid restructuring, workforce reductions, litigation, and regulatory scrutiny, but closed in August 2023. The resulting public company was named Better Home & Finance Holding Company. Better expanded beyond U.S. mortgage origination through acquisitions. It bought British digital mortgage broker Trussle in 2021 and acquired Birmingham Bank in 2023, seeking access to UK mortgage funding supported by consumer deposits. It also acquired Property Partner, a London-based property crowdfunding platform, in 2021. The company later narrowed its scope: Better Real Estate was wound down in 2023 in favor of a partnership model, Trussle was sold to OneDome in 2025, and Better announced plans to divest Birmingham Bank in 2026. After its public listing, Better increasingly described itself as a mortgage technology and platform business rather than only a direct-to-consumer lender. Its technology strategy centers on Tinman, an artificial-intelligence-based loan-origination and underwriting platform, and Betsy, a voice-computing-based assistant intended to support mortgage workflows. In 2026, the company announced an integration with ChatGPT Enterprise for loan officers, connecting a conversational interface to Tinman's underwriting system through a Model Context Protocol connector. Better remains associated with the promise of a more automated mortgage process, but its history also illustrates the financial, operational, governance, and reputational risks of rapidly scaling a technology-led mortgage business.

History

Better was founded in February 2014 by Vishal Garg after difficulties during his own home purchase convinced him that the mortgage process was slow, expensive, and overly dependent on intermediaries. To obtain the lending infrastructure and licenses needed to operate, Garg acquired Avex Funding, a California-based lender that became the operating entity for the new business. Better launched its consumer-facing Better Mortgage platform in January 2016, offering an online application and digitally managed mortgage workflow. Later in 2016, it received approval to act as a Fannie Mae seller or servicer. The company's early growth was built around automation, direct digital distribution, and a reduced reliance on traditional mortgage brokers. Better presented these features as a way to make home finance quicker and more transparent, while also reducing certain fees. In 2019, coverage reported strong growth among traditionally underrepresented homebuyers using the platform. Better raised $160 million in Series C financing in August 2019 at an approximately $600 million valuation. In November 2020, it raised a further $200 million in Series D financing led by L Catterton at an approximately $4 billion valuation. SoftBank Vision Fund invested $500 million in April 2021 at an approximately $6 billion valuation. Better pursued international and adjacent housing-market expansion during 2021. It agreed to merge with Aurora Acquisition Corp., a special-purpose acquisition company sponsored by Novator Capital, with the aim of becoming publicly traded. It acquired British digital mortgage broker Trussle in July 2021 for $9 million and bought London-based property crowdfunding platform Property Partner in September 2021. The company subsequently faced severe operational and reputational pressure. In December 2021, Garg dismissed approximately 900 employees during a videoconference. His reported remarks about employees attracted widespread criticism, and he took a temporary leave before returning in January 2022. The company was also criticized for simultaneously expanding its India workforce. Better announced approximately 3,000 further job cuts in March 2022 across the United States and India. Some employees reportedly received severance payments before formal notification, intensifying criticism of the process. Additional layoffs followed, and the India operation, which had reached roughly 2,100 employees, was substantially reduced through voluntary separation. In 2022, Harit Talwar became chairperson. A former senior executive filed a lawsuit alleging that Better had misled investors in regulatory filings; after a Securities and Exchange Commission investigation reportedly found no issues, the plaintiff voluntarily dismissed the case. Another controversy followed when an internal list of employees facing termination was leaked in August 2022. Critics alleged that the company's layoff structure may have been designed to avoid thresholds under the federal Worker Adjustment and Retraining Notification Act. By 2023, reported global headcount had fallen to approximately 950, compared with about 11,000 in 2020. The proposed public listing was delayed through multiple extensions but ultimately closed in August 2023. Better merged with Aurora Acquisition Corp. to form Better Home & Finance Holding Company and received approximately $565 million in capital, including a $528 million convertible bond from SoftBank affiliates and common-stock purchases by funds affiliated with NaMa Capital. Before the listing, Better acquired Birmingham Bank, a UK bank dating from 1955, for $19.3 million in April 2023. The acquisition was intended to support UK residential mortgage funding with consumer deposits. In June 2023, Better announced that it would close its internal real-estate brokerage, Better Real Estate, and use a partnership-based agent model instead. Following the public-market transaction, Better increasingly emphasized a platform strategy. Rather than operating solely as a consumer-facing mortgage originator, it promoted Tinman, an artificial-intelligence-based loan-origination and underwriting system, and Betsy, a voice-computing-based assistant for mortgage work. The company also continued to adjust its capital structure and portfolio. In April 2025, it restructured approximately $534 million of convertible bonds held by SoftBank affiliates, exchanging the principal for $110 million in cash and $155 million of new senior debt due in 2028. In May 2025, it sold Trussle, then operating under the Better.co.uk name, to OneDome for an undisclosed amount. In 2026, Better announced a ChatGPT Enterprise integration for loan officers, plans to divest Birmingham Bank, and a chief-executive transition from Garg to Daniel Lewis.

2026
AI workflow integration announced
[1]Better.comen.wikipedia.org
Better announced a ChatGPT Enterprise integration connected to the Tinman underwriting platform.
2025
Trussle divested
[1]Better.comen.wikipedia.org
Better sold its UK mortgage-broker operation to OneDome.
2023
Birmingham Bank acquisition
[1]Better.comen.wikipedia.org
Better acquired Birmingham Bank for $19.3 million to support UK mortgage funding.
2023
Public listing completed
[1]Better.comen.wikipedia.org
The Aurora Acquisition Corp. merger closed, creating Better Home & Finance Holding Company.
2021
SoftBank investment and SPAC agreement
[1]Better.comen.wikipedia.org
SoftBank invested $500 million, and Better announced a planned merger with Aurora Acquisition Corp.
2021
Trussle and Property Partner acquisitions
[1]Better.comen.wikipedia.org
Better expanded into UK mortgage broking and property crowdfunding through two acquisitions.
2020
Series D financing
[1]Better.comen.wikipedia.org
Better raised $200 million in a round led by L Catterton at an approximately $4 billion valuation.
2019
Series C financing
[1]Better.comen.wikipedia.org
Better raised $160 million at an approximately $600 million valuation.
2016
Better Mortgage launches
[1]Better.comen.wikipedia.org
The consumer-facing digital mortgage platform launched in January, and Better later became a Fannie Mae seller or servicer.
2014
Better is founded
[1]Better.comen.wikipedia.org
Vishal Garg founded Better in February after experiencing delays and friction during a home purchase.

Products and positioning

A digital-first mortgage and home-finance platform that uses automation and artificial intelligence to simplify loan origination, underwriting, and closing.

Residential mortgage · 2016
Better Mortgage
Better's principal consumer mortgage brand provides an online process for applying for, underwriting, originating, processing, and closing residential home loans. The service is positioned around digital document handling, automated workflows, direct customer access, and reduced dependence on traditional mortgage-broker interactions. It has supported both home purchases and refinancing.
Mortgage technology platform
Tinman
Tinman is Better's artificial-intelligence-based loan-origination and underwriting system. The platform is intended to automate and coordinate parts of the mortgage lifecycle, including application review, underwriting logic, workflow management, and loan processing. In Better's post-listing strategy, Tinman represents a shift toward supplying mortgage infrastructure and technology rather than relying exclusively on direct-to-consumer origination.
AI mortgage assistant
Betsy
Betsy is a voice-computing-based artificial-intelligence assistant designed to support mortgage employees and workflows. It is part of Better's effort to use conversational and automated tools to reduce manual work in loan origination and servicing operations.
UK mortgage brokerage
Better.co.uk
Better.co.uk was the later operating identity of Trussle, the British digital mortgage broker acquired by Better in 2021. The business provided online mortgage-broker services in the UK before being sold to OneDome in 2025.
Real-estate brokerage
Better Real Estate
Better Real Estate was Better's in-house real-estate brokerage initiative. In 2023, Better announced that it would wind down the internal brokerage and move toward a partnership model using external real-estate agents.

Controversies

2026
Better Home & Finance sues founder Vishal Garg in federal court
Better Home & Finance filed a lawsuit in federal court against its founder and former CEO Vishal Garg, accusing him of a "scorched-earth campaign" to regain control of the company, making false statements and failing to file required proxy statements with the SEC before soliciting shareholder support. The company is seeking to nullify the shareholder support Garg claims to have gathered and an injunction barring him from soliciting further investor backing for at least 30 days. Garg denied the allegations and said the only possible securities law violations were committed by interim CEO Daniel Lewis and the board.
Source 1 Source 2
2022
Layoff communications and WARN Act criticism
Further layoffs in 2022 drew criticism after some employees reportedly received severance payments before formal communications. The company was also accused of structuring dismissals in groups below the threshold that would trigger federal Worker Adjustment and Retraining Notification Act requirements. The allegations were reported as part of broader scrutiny of Better's employment practices.
Source
2022
Investor-disclosure lawsuit
A former senior executive sued Better, alleging that the company had misled investors in its filings. Following a Securities and Exchange Commission investigation that reportedly found no issues, the plaintiff voluntarily dismissed the lawsuit.
Source
2022
Internal termination-list leak
An internal list identifying at least 250 U.S.-based employees expected to be dismissed was leaked in August 2022. The employees who leaked the information were subsequently terminated, adding to criticism of the company's handling of workforce reductions.
Source
2021
Mass layoff and executive-conduct controversy
Better's December 2021 dismissal of approximately 900 employees by videoconference, together with reported disparaging comments by Vishal Garg about employees, triggered intense criticism of the company's management culture. Garg took a temporary leave and returned in January 2022.
Source
2021
Better.com CEO apologizes for handling of layoffs
After criticism following a mass layoff by Zoom, Better.com CEO Vishal Garg apologized for how he communicated the layoffs and said he had failed to show affected employees appropriate respect and appreciation.
Source
2021
Pine Brook sues Better Mortgage over SPAC deal terms
Pine Brook Capital Partners sued Better Mortgage, alleging that Better tried to force it to accept restrictive investment terms ahead of the planned SPAC merger. Pine Brook asked a Delaware court to invalidate parts of the deal.
Source

2026
Integrate ChatGPT Enterprise with TinmanProduct launch
Background
Better was repositioning itself around artificial-intelligence-enabled mortgage infrastructure and employee productivity tools.
Action taken
The company announced a conversational interface for loan officers using ChatGPT Enterprise and connecting to Tinman's underwriting engine through a Model Context Protocol connector.
Source
2025
Restructure SoftBank convertible debtStrategy
Background
After its public listing, Better adjusted its capital structure and reduced the amount of outstanding convertible debt held by SoftBank affiliates.
Action taken
The company exchanged approximately $534 million of principal for $110 million in cash and $155 million of new senior debt due in 2028.
Aftermath
The transaction changed the composition and maturity profile of Better's obligations.
Debt restructuring. Approximately $534 million of convertible-bond principal → $110 million cash and $155 million new senior debt due in 2028 (April 2025)
Source
2023
Acquire Birmingham BankM&A
Background
Better wanted UK banking infrastructure and deposit funding to support residential mortgages.
Action taken
Better acquired Birmingham Bank, a UK bank founded in 1955.
Aftermath
Better later announced plans to divest the bank in 2026.
Acquisition price. $19.3 million (April 2023)
Source
2023
Wind down Better Real EstateStrategy
Background
Better reassessed its vertically integrated housing model after restructuring and workforce reductions.
Action taken
The company announced that its internal real-estate brokerage would be wound down and replaced by partnerships with external agents.
Aftermath
The decision narrowed the company's direct operating footprint in residential real estate.
Source
2021
Agree to merge with Aurora Acquisition Corp.M&A
Background
Better sought a public listing during the period when technology companies commonly used special-purpose acquisition companies to access public markets.
Action taken
The company announced a reverse-merger agreement with Aurora Acquisition Corp., sponsored by Novator Capital.
Aftermath
The transaction required multiple extensions and did not close until August 2023, when Better Home & Finance Holding Company became the resulting public company.
Source
2021
Acquire TrussleM&A
Background
Better pursued expansion into the UK mortgage-broker market.
Action taken
Better acquired British digital mortgage broker Trussle for $9 million.
Aftermath
The business later operated as Better.co.uk and was sold to OneDome in 2025.
Acquisition price. $9 million (July 2021)
Source

Recent events

2026
Better announces ChatGPT Enterprise integration[1]Better.comen.wikipedia.org
Product launch
Better announced a conversational interface for loan officers that connects ChatGPT Enterprise with its Tinman underwriting engine through a Model Context Protocol connector.
2026
Better announces planned Birmingham Bank divestiture[1]Better.comen.wikipedia.org
M&A
The company announced plans to divest Birmingham Bank as part of its portfolio restructuring.
2026
Daniel Lewis succeeds Vishal Garg as chief executive[1]Better.comen.wikipedia.org
Leadership change
Daniel Lewis replaced founder Vishal Garg as chief executive.
2025
Better restructures SoftBank convertible debt[1]Better.comen.wikipedia.org
Other
Better exchanged approximately $534 million of SoftBank-held convertible-bond principal for cash and new senior debt due in 2028.
2025
Better sells Trussle to OneDome[1]Better.comen.wikipedia.org
M&A
Better sold its UK digital mortgage-broker business, then operating as Better.co.uk, to OneDome for an undisclosed amount.
2023
Better reaches agreement involving Amazon employees[1]Better.comen.wikipedia.org
Other
The companies announced a facility allowing eligible Amazon employees to pledge company stock as collateral for a home-purchase down-payment loan.
2023
Better completes public-market merger[1]Better.comen.wikipedia.org
M&A
Better completed its reverse merger with Aurora Acquisition Corp. and became Better Home & Finance Holding Company.
2023
Better winds down its in-house real-estate brokerage[1]Better.comen.wikipedia.org
Other
The company announced that Better Real Estate would be wound down in favor of partnerships with external real-estate agents.
2021
Better announces SPAC merger[1]Better.comen.wikipedia.org
M&A
Better announced an agreement to become publicly traded through a merger with Aurora Acquisition Corp.
2020
Better raises $200 million Series D[1]Better.comen.wikipedia.org
Other
The company raised a major Series D round led by L Catterton at an approximately $4 billion valuation.

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