Ally Ventures has invested in Better.com’s Series C funding
Digital mortgage lender Ally Financial has announced a partnership with Better.com, an artificial intelligence-powered mortgage startup.
The partnership will combine the capabilities of Ally Bank with the digital platform of Better.com to streamline mortgage origination and funding process. Customers will be able to get pre-approval within three minutes and lock in a rate in as little as ten minutes, Ally said.
Ally will launch the new capabilities in nine states – Arizona, Connecticut, Louisiana, North Carolina, Oregon, Pennsylvania, Tennessee, Texas, and Washington – later this year. The updates will be available nationwide by the end of this year, according to the company.
"Providing frictionless, digital experiences to our customers is core to Ally's strategy," said Diane Morais, Ally's president of consumer and commercial banking products. “We're revolutionizing digital banking by putting all of our customers' core financial services needs at their fingertips. With Better.com, we will deliver best-in-class mortgage experiences in a highly innovative and scalable way, furthering our role as a financial ally for our customers."
Ally Financial has also invested in Better.com’s recent Series C funding through its strategic-investment arm, Ally Ventures.
"Our partnership with Ally supports our goal of transforming the mortgage industry across the board and delivering a better mortgage experience to all consumers," said Vishal Garg, CEO and founder of Better.com. "Additionally, with Ally's investment in Better.com, we become partners not only in our shared vision for a seamless customer experience in home finance but also in the long-term success and future of the mortgage industry."
"Strategic partnerships are an important component of our growth strategy," said Ally Chief Strategy Officer Dinesh Chopra. “At Ally Ventures, we look for companies that are disrupting their industries for us to invest in and partner with to bring innovative products to the market. We felt a strong strategic and cultural fit with Better.com. The mortgage industry is ripe for digitalization, and our investment and partnership will allow us to deliver an industry-leading digital mortgage experience.”
