A $565 million influx of cash from an August SPAC merger and a $1 billion reduction in annual expenses put Better on a footing to navigate a challenging market, executives say.
Better, which has had a strategic partnership with Ally Bank since 2019, is looking to partner with more lenders by launching a white-labeled "mortgage-as-a-service" platform with Infosys.
Available in Arizona, Oregon and Illinois at launch, Better Insurance will expand into Oklahoma, Tennessee and Wisconsin in the next four weeks. The goal is to be in all 50 states in a year.
The lender says it remains committed to distributing equity-based bonuses to all eligible employees, including $50 million from CEO and founder Vishal Garg.