Large Trussle client base and a leading position in the UK online mortgage brokerage market to support Better’s UK expansion
NEW YORK, 12 July 2021– (BUSINESS WIRING) – Better HoldCo, Inc. (“Better”), one of the fastest growing digital home ownership platforms in the US, announced today the planned acquisition of Trussle from the United Kingdom. The acquisition will help Better enter the £ 1.5 trillion mortgage market in the UK, where it will replicate its success in the US.
In the United Kingdom, the mortgage process takes months, with consumers paying thousands of commission points and losing hours due to unnecessary friction, all resulting in large numbers of Britons giving up home ownership and national home ownership falling from 73% up to 65% over the past 10 years.
“Better eliminates the high financial costs, huge transaction friction, tyranny and mind-boggling bureaucracy that comes with obtaining a mortgage and buying a UK home through a major bank,” said Vishal Garg, founder and CEO of Better. “We’ve researched the UK market and were surprised to see how we can make it so much better for first-time consumers buying and financing a home. We found like-minded people on the Trussle team who have developed a platform that we can work with. along with helping every Briton get a home of their own. Making home ownership affordable and accessible to all clients is a key principle of a well-functioning credit system, and we are here to help Trussle grow and improve it. ”
Trussle is a UK based digital mortgage and insurance broker founded in 2015 that provides high quality and independent advice to clients looking to buy a home or refinance an existing mortgage. The company evaluates client suitability, provides advice on mortgage and security products, and works with over 90 lenders to close mortgages for UK homeowners. Since its inception, Trussle has received over £ 2.7bn in mortgage approvals for UK consumers, of which £ 1.1bn over the past 12 months.
“Better and Trussle were founded on the understanding that consumers are increasingly choosing to use online services to shop and make large purchases. It has been 27 years since the launch of the World Wide Web and most consumer industries have already adopted it, but the UK mortgage market is still characterized by analog systems and processes. This market should not require consumers to apply for a mortgage 5 months before the end of the stamp leave. ” said Ian Larkin, CEO of Trussle. “We are thrilled to be part of Better and we are confident that Trussle’s future looks brighter than ever as part of a large and growing international organization that shares our commitment to making home ownership simpler, more equitable and accessible to all.”
Trussle will accelerate Better’s entry into the UK market with an experienced management team, local knowledge and foundational UK mortgage technology. Trussle collects critical data on consumer demand, lender prices and risk acceptance matrices that will provide valuable insights when analyzed using Better technology. Combining this data and capabilities will provide both organizations with unique opportunities to identify underserved market segments and assess risks.
Better will improve Trussle’s revenue profile by partnering with it to develop a chain of B2B relationships with real estate agencies, developers and financial services companies, investing in customer acquisition and increasing loyalty to product offerings, including insurance and property rights (known as’ transfer ” In Great Britain).
The terms of the deal are not disclosed and require the usual US and UK regulatory approvals. Ian Larkin and the existing management team will continue to lead Trussle following the acquisition.
About the best
Better, founded in 2016, is a digital-focused housing company with services that include mortgages, real estate, property rights and homeowner insurance. Since its founding in 2016-2020, Better has funded $ 30.9 billion in home loans and provided over $ 7 billion in cumulative coverage through Better Cover and Better Settlement Services. Since its inception, Better has raised over $ 400 million in equity capital. The company was ranked 15th on the CNBC Disruptor 50 2020 list and also entered the Forbes FinTech 50 list for 2020. For more information, subscribe to @betterdotcom.
About the farm
Trussle, the UK’s first digital mortgage broker, was founded in 2015 with the aim of making more home ownership dreams come true. For many, the process of buying and financing a home can be complex and fragmented, often leading to confusion and frustration among home buyers. Trussle’s intelligent technology combined with human experience enables Trussle to make faster, more informed decisions, giving customers more confidence in getting the right deal done. Trussle’s relentless focus on customer service has made us one of the top rated online mortgage brokers on Trustpilot (4.8 / 5 based on over 4,200 reviews).
See the original version at businesswire.com: https://www.businesswire.com/news/home/20210712005413/en/
Vice President of Communications, Better
Head of Public Relations and Public Relations, Threepipe Reply
+44 (0) 20 7730 6000