Better Mortgage has closed a $70 million funding round from American Express Ventures, the Healthcare of Ontario Pension Plan, as well as existing investors Kleiner Perkins, Goldman Sachs, and Pine Brook. The new capital will support expansion and enhancements to its technology platform.

Better doubled operates in half of the states in the U.S. and originated $1.3B in mortgages in 2018, representing an approximate 300 percent increase from the prior year.

"Buying a home is one of the biggest financial life events that our customers experience, but the process is often full of pain points," said Lindsay Fitzgerald, managing director of Amex Ventures, the strategic investment group of American Express. "By building a mortgage platform to be fully digital from the ground up, Better Mortgage has reduced the complexity around the homebuying process. We're excited to support the next phase of growth."

Better will continue its expansion in 2019 with new technology investment, employee growth, and development of partnership channels. Since launching in January 2016, Better has funded more than $2 billion in loans, helping over 7,000 Americans buy or refinance their home.

It employs non-commissioned loan officers that put service over sales, lowering the costs of homeownership. Better is a direct lender that took the mortgage process online, digitizing and removing  inefficient aspects of the process. With