In addition to the partnership, strategic-investment arm Ally Ventures has announced an add-on investment to Better.com’s recent Series C funding, significantly increasing Ally’s overall ownership in the company. In this two-fold relationship, the online-only bank will combine capabilities with Better.com to further Ally’s position as a leading digital financial services company.
Combining the capabilities of Ally Bank with the digital platform of Better.com will bring speed and simplicity to the mortgage origination and funding process, creating a truly digital experience.
“Providing frictionless, digital experiences to our customers is core to Ally’s strategy. We’re revolutionizing digital banking by putting all of our customers’ core financial services needs at their fingertips,” said Diane Morais, Ally’s President of Consumer and Commercial Banking Products. “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.”
The new partnership speaks to Better.com’s cutting-edge innovation and the overall transformation of the financial services industry. Similar to Better.com’s existing platform, customers will be able to obtain pre-approval in as little as three minutes and lock in a rate in as few as 10 minutes, creating a more efficient and solution-oriented mortgage process.
“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.”
The new capabilities will be piloted in nine states including Arizona, Connecticut, Louisiana, North Carolina, Oregon, Pennsylvania, Tennessee, Texas and Washington later this year, becoming available across the U.S. by the end of 2019.
“Strategic partnerships are an important component of our growth strategy. 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,” said Ally Chief Strategy Officer Dinesh Chopra. “The mortgage industry is ripe for digitalization, and our investment and partnership will allow us to deliver an industry-leading digital mortgage experience.”
Source: Company Press Release
