Founder Vishal Garg has unveiled a 90-day recovery blueprint for Better Home & Finance, aiming to reach monthly break-even by cutting $4 million in cash burn. The strategy hinges on aggressive AI integration, a board-level leadership refresh, and a $30 million share repurchase program to restore investor confidence.
The plan establishes a target of $2 billion in quarterly funded-loan volume, a figure Garg identifies as the company’s break-even threshold. To bridge the gap, the firm intends to extract $7 million in additional monthly revenue by optimizing its Tinman technology platform and increasing loan-officer productivity. By automating call routing and AI-assisted underwriting, the company aims to nearly double daily talk time and push its lock-to-fund rate closer to the 60% industry standard.
Operational austerity serves as the secondary pillar. Garg proposes cutting $500,000 in monthly legal costs through AI-powered support and another $1 million by replacing manual loan processing with instant counteroffers. These savings are earmarked to fuel a $30 million share buyback, beginning with an initial $10 million tranche following the planned divestiture of the firm’s UK bank.
Governance remains the most contentious element of the proposal. Garg is calling for the removal of five directors, advocating for a board composed of individuals with proven experience scaling fintech operations. This push follows the rapid appointment of Daniel Lewis as interim CEO, a move that highlights a broader industry tension: whether activist-driven financial restructuring can successfully replace deep, specialized expertise in regulated consumer lending. The search for a permanent CEO with specific credit and AI credentials is slated to conclude within 120 days of the board transition.
Comments (0)
No comments yet. Be the first!