Better Home & Finance (BETR) investor relations material

Company evolution and AI strategy

• Originated to digitize and streamline the mortgage process, reducing cost and complexity for consumers.

• Transitioned from a direct-to-consumer focus to a platform and partnership-driven model.

• Leveraged AI and partnerships, including with OpenAI, to create rapid, automated mortgage decisioning.

• Tinman AI platform integrates multiple mortgage functions, sold as outcome-as-a-service, driving high adoption among major industry players.

• AI agentic future seen as a major opportunity, with unique infrastructure enabling full automation of mortgage transactions.

Financial performance and growth outlook

• Monthly loan volume expected to reach $1 billion in May, with plans to double business in the next 3-4 months.

• Targeting EBITDA breakeven by end of Q3 2026, with margin improvements in both D2C and partnership segments.

• Partnerships with fintechs and large mortgage companies are key growth drivers, with fintechs ramping faster due to easier integration.

• Exiting UK D2C operations to release over $50 million in capital within 6-9 months.

• Lower mortgage rates could drive a 10x scale in D2C and up to $100 billion in incremental loan volume.

Product innovation and partnerships

• Tinman AI platform consolidates eight legacy systems into one, enabling agentic AI to manage workflows.

• Outcome-based pricing model aligns costs with revenue events, increasing client stickiness.

• Major industry players, including top fintechs and mortgage lenders, have adopted Tinman.

• ChatGPT integration enables instant mortgage decisioning, attracting global interest from banks and brokers.

• Ongoing focus on expanding partnerships and becoming the default platform for financial institutions.