Better Home & Finance (BETR) 28th Annual Needham Growth Conference Virtual summary

Business transformation and growth

• Shifted from a refinance-focused model to a diversified mix including purchase and home equity loans, leveraging AI and GenAI to improve unit economics and scalability.

• Achieved 20% growth in loan volume, 50% revenue growth, and over 10x expansion in home equity business in the past year.

• Increased revenue per loan from $7,400 to $8,500 and contribution margin from $500 to $1,700 per loan, with labor cost per fund reduced to $2,500, far below industry average.

• Platform business now represents 45% of total revenue, with Tinman AI enabling mortgage brokers and lenders to scale efficiently.

• Expectation to double loan volume over the next six months and reach Adjusted EBITDA profitability by end of Q3 2026.

Technology and competitive advantage

• Tinman AI consolidates eight traditional mortgage systems into a single end-to-end platform, leveraging a decade of data and AI to automate the mortgage process.

• 70% of loans are processed as one-day mortgages, with 44% going from lock to commitment in under a minute; target is over 90% AI-driven loans in coming years.

• AI-driven efficiencies have reduced labor costs and enabled per-loan pricing, providing a disruptive alternative to legacy systems.

• Betsy, the AI loan officer, offers personalized debt advice and refinancing, helping consumers save an average of $2,400 per month.

• No other competitor offers a fully integrated, per-funded-loan, end-to-end platform with underwriting and capital markets engines.

Strategic partnerships and market expansion

• Signed major contracts with a top five U.S. personal financial services platform and a top five non-bank mortgage originator, replacing legacy systems with Tinman.

• Launched with Finance of America for HELOCs and HELOANs, with plans to expand to full mortgage offerings and custom AI solutions.

• Successfully scaled Neo mortgage platform, increasing loan officer productivity and funded volume.

• Onboarded a small-to-medium bank partner, experiencing strong growth and expanding platform reach.