Better Boosts Loan Volume In Q4 But Is Still Chasing Profitability

Better Home & Finance Holding Co., the parent of digital lender Better.com, ended 2025 with higher origination volume but remained unprofitable.

The company funded $1.46 billion in loans in the fourth quarter, up 56% year over year. Production through its Tinman AI platform doubled to $646 million during the same period, according to Securities and Exchange Commission (SEC) filings released Friday.

Purchase loans accounted for the largest share of company volume at $720 million in Q4, up 22% year over year. Refinances totaled $537 million, an increase of 56%, while home equity lines of credit (HELOCs) reached $203 million, up 18%.

Total revenue for the fourth quarter was about $44 million, roughly flat compared to the prior quarter but up 77% year over year. In total, the company reported Q4 2025 revenue of about $44 million, similar to the prior quarter and up 77% year over year.

“The fourth quarter was about positioning the company for a material ramp in funded loan volume,” Vishal Garg, Better’s CEO and founder, said in a statement. “The early data speaks for itself as we transition from a D2C originator to an AI-native lending platform with rapidly expanding distribution.” 

The company reported a net loss of about $40 million in the fourth quarter, compared to a $39 million loss in the prior quarter and a $59 million loss in the same period a year earlier. Better posted adjusted EBITDA of $23.9 million in Q4 2025.

Better recently launched a partnership with consumer finance platform Credit Karma, which has 149 million members, to expand mortgage originations through Tinman AI. Credit Karma Home Loans generated more than 30,000 preapprovals in its first five months, the company said.

Better also signed agreements to integrate HELOC products into Finance of America’s reverse mortgage platform. Meanwhile, Better’s NEO Home Loans division expanded to 70 local branches and 140 mortgage advisers.

“We are seeing growing inbound interest from brokers, banks, and non-bank lenders following our recent partnership launches,” Garg said. “Our integration with ChatGPT is also opening a new distribution channel for the Tinman AI platform, and we are actively working with prospective partners to integrate Tinman into their workflows.”

According to Garg, loan officers, banks and fintechs “receive decision-ready credit outputs in as little as 47 seconds, reducing origination timelines by an average of 21 days” due to the conversational credit decision engine for mortgages and home equity loans integrated directly into ChatGPT through Better’s Tinman AI app.

At the end of the fourth quarter, Better reported $99.8 million in cash and cash equivalents, down from $211 million a year earlier. The company said the decline was primarily driven by a strategic debt restructuring completed in April 2025.

Better reported total liquidity of $229 million at year-end and warehouse capacity of $575 million.

Looking ahead, the company expects funded loan volume of $1.4 billion to $1.55 billion in the first quarter of 2026. It anticipates reaching adjusted EBITDA break-even by the end of the third quarter.