Fintech startup Better.com plans to add 1000 high-paying jobs in Charlotte
The New York-based digital mortgage lender Better.com plans to add 1,000 jobs in Charlotte over the next five years.
The first 100 of those will be in 2019, the company announced Monday at the co-working space WeWork in South End, where it plans to operate in the early going.
Better.com’s founder and CEO is the serial entrepreneur Vishal Garg, founder of the student loan lender MyRichUncle, which Bank of America acquired and eventually shut down. Garg worked with Spotify’s former engineering manager Erik Bernhardsson to build Better.com in part because of Garg’s own frustration with the traditional home-buying experience, which he described in a recent Forbes profile as “slow, siloed and intentionally complicated.”
Better.com, which moved into a space in 3 World Trade Center this year to accommodate its growth, is backed by a handful of big names, including Goldman Sachs and the renowned Silicon Valley venture capital firm Kleiner Perkins.
Garg describes Better.com as the “Amazon of homeownership.” The company’s goal is to empower consumers to make smart home-buying decisions, he told the Agenda.
In Charlotte, Better.com will be hiring for a range of jobs, including ones in business development, partnerships, mortgage operations and sales. The starting salary for Better.com jobs across the board is about $65,000, Garg said. On average, most Better.com employees make over $100,000, he added.
Better.com’s expansion into Charlotte comes months after the company announced a partnership with Ally Financial, another of its investors.
Di Morais, who heads Ally’s consumer products businesses, said Ally wanted to combine Ally Home, its mortgage arm, with Better.com because of Better’s easy-to-use platform. That creates a better experience for users, Morais said.
It’s also a way to help give Ally a competitive edge.
Also headquartered in Charlotte is LendingTree, an online platform that helps prospective homebuyers comparison shop different banks’ mortgage options. LendingTree late last year announced plans to double its local workforce thanks to millions in state and local incentives. LendingTree also plans to relocate its headquarters from Ballantyne to a newly built corporate office in South End.
“The partnership between Ally and Better helps us do great things for our customers and quite frankly continues to push the industry in the direction consumers are expecting us to go,” Morais told the Agenda.
Better.com is not receiving any incentives from the city to expand into Charlotte, according to city spokeswoman Britt Clampitt.
Garg said in a press release that the company picked Charlotte for its expansion because of the city’s talented workforce.
“As a rapidly growing startup, we see an entrepreneurial hunger and spirit in the city of Charlotte that is akin to what we used to see in places like downtown Manhattan in the 1980s and Silicon Valley in the 1990s,” Garg said.
More on: www.charlotteagenda.com