Ally Financial Partners with Better.com to Create End-to-End Digital Mortgage Experience

Ally makes additional capital investment in Better.com, furthering
strategic direction while transforming digital customer experience

SANDY, Utah–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/Ally?src=hash” target=”_blank”gt;#Allylt;/agt;–Ally Financial Inc. (Ally) today announced a partnership with Better.com
– one of the fastest-growing digital mortgage disruptors in the U.S. –
to create a new end-to-end digital experience for consumers looking for
a mortgage loan from Ally. 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.”

About Ally Financial Inc.:

Ally Financial Inc. (NYSE: ALLY) is a leading digital financial-services
company with assets of $180.1 billion as of March 31, 2019. As a
customer-centric company with passionate customer service and innovative
financial solutions, we are relentlessly focused on “Doing it Right” and
being a trusted financial-services provider to our consumer, commercial,
and corporate customers. We are one of the largest full-service
automotive-finance operations in the country and offer a wide range of
financial services and insurance products to automotive dealerships and
consumers. Our award-winning online bank (Ally Bank, Member FDIC and
Equal Housing Lender) offers mortgage-lending services and a variety of
deposit and other banking products, including savings, money-market, and
checking accounts, certificates of deposit (CDs), and individual
retirement accounts (IRAs). We also support the Ally CashBack Credit
Card. Additionally, we offer securities-brokerage and
investment-advisory services through Ally Invest. Our robust corporate
finance business offers capital for equity sponsors and middle-market
companies.

For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.

About Better.com:

Backed by Ally, Citigroup, Goldman Sachs, American Express Ventures,
Kleiner Perkins, Pine Brook and Healthcare of Ontario Pension Plan
(HOOPP), Better.com is one of the fastest growing home finance
disruptors in America, leveraging machine learning and AI to digitize
and automate every step of the home financing process to make
homeownership more affordable and accessible. Since inception in 2016,
Better.com has funded more than $2.9 billion in loans. In the last year,
the fintech startup grew revenue 3x. The company was recognized as one
of Forbes FinTech
50
2018, and one of Crain’s Best Places to Work in New York City.
For more information, follow @betterdotcom.

Contacts

Media:
Better.com: Tanya
Hayre, Head of PR ([email protected])

Ally
Financial:
LaToya Evans, Corporate Public Relations ([email protected])

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