April 19, 2019
Ally Financial Inc., the online bank and automotive finance platform, has raised its stake in Better.com and entered a strategic partnership with the mortgage finance platform to create an end-to-end experience for customers looking to finance a home, according to a press release.
Ally Ventures, the venture capital arm of Ally Financial, make an add-on investment in Better.com with that company’s recent Series C round, significantly raising Ally’s ownership stake.
“As a modern digital bank, our goal is to continue to deliver innovative digital financial experiences for our customers,” Ally spokesperson LaToya Evans told Mobile Payments Today via email. “Partnering with Better.com not only helps to deliver a truly digital experience, but also brings speed, efficiency and simplicity to the mortgage origination and funding process.”
Customers will be able to apply online, receive pre-approval within three minutes and lock in mortgage rates in as little as 10 minutes, the release said.
Ally and Better.com will pilot the technology in nine states, including Arizona, Connecticut, Louisiana, North Carolina, Oregon, Pennsylvania, Tennessee, Texas and Washington later this year, and the platform will be available nationwide by the end of 2019.