Better.com CEO Vishal Garg. Photo credit: Better.com

Better.com, a New York-based mortgage financing upstart, is seeking to raise new funding that’ll widely boost its private valuation, according to a report [paywall] by The Information. According to The Information, Better.com is on the cusp of a deal to raise more than $100 million in new funding that’ll value it at about $4 billion, up from about $720 million when the company raised funding last year. The new reported fundraise comes on the heels of Better informing investors that it expects revenue to grow from about $100 million last year to over $800 million this year, as a record number of Americans troupe to refinance their homes amid a coronavirus pandemic that has widely affected economic output and activity.

As a private company, Better.com has already raised over $250 million in funding, with its last funding round occurring in January of last year. Among investors in the company include notable names like Kleiner Perkins, Ally Financial, Goldman Sachs, Citigroup, and American Express Ventures. Better’s investors could look forward to juicy returns amid a business boom and an imminent funding round that would multiply its valuation by over 5x. Impressively, Better.com was only founded in 2016 and has grown rapidly since that time. As of January this year, the New York-based company reported its monthly mortgage volume at over $700 million. 

Better.com is staffed by over 1,000 employees across offices in the U.S. locales of New York City, Charlotte, Costa Mesa, and Oakland. A $4 billion valuation for the company will make it one of the most valuable fintech upstarts in the US and impressively in just four years after its founding.

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