Leidi.com Rakuten September 14th
Digital home ownership company Better HoldCo recently completed its merger with Aurora Acquisition Corp. ("Aurora"), a special purpose acquisition company, to form Better Home & Finance Holding Company ("Better Home & Finance", or "Better"), and in the United States Nasdaq begins trading under the new ticker symbol "BETR."
Better is a leading digital home ownership company, serving customers in all 50 U.S. states and the United Kingdom through its suite of products including residential mortgages, insurance and real estate services. In the six years since launch, Better has financed more than $100 million in mortgages utilizing its industry-leading technology platform, Tinman™.
Tinman™ allows clients to see their rate options in just three seconds, get pre-approved in just three minutes, lock in a rate and connect with a real estate agent in as little as 30 minutes, and get pre-approved in as little as three weeks Complete the loan within.
Better offers a range of mortgage products, including GSE-qualified mortgages, FHA and VA loans, and jumbo mortgages. Better launched its One Day Mortgage program in January 2023. The program allows eligible customers to receive an underwriting decision on their mortgage application in the form of a commitment letter within 24 hours of locking in their rate. From 2019-2022, Better completed approximately $9.8 billion in mortgage volume, more than $40 billion in real estate transaction volume, and $3.9 billion in insurance issued through its insurance division.
"From day one, our mission has been to create better solutions for one of life's most important investments. Today, we are proud to take a step forward in expanding our ability to innovate the home ownership process by becoming a public company A big step. While now is the time to celebrate, our journey is far from complete,” said Vishal Garg, CEO and Founder of Better and CEO and Director of Better Home & Finance. "Backed by our vast team, our innovative technology, and previously committed additional capital from SoftBank, Aurora and NaMa Capital (formerly Novator Capital), we are well-positioned and eager to move forward and continue to disrupt the home for our customers and shareholders The innovative boundaries of ownership.”
“Going public puts us well-positioned to build a business that can thrive through cycles and we look forward to being a good custodian of shareholder capital.”
"Going public is an important moment that we are excited to share with our employees, shareholders and regulators," said Harit Talwar, chairman of Better Home & Finance's board of directors. "We view this as a milestone, not a destination, but also an update our opportunity
Business combination with Aurora unlocks approximately $565 million in new capital, including $528 million in previously committed convertible notes from SoftBank affiliates and additional common equity from funds affiliated with NaMa Capital (formerly Novator Capital) .
The additional funding will allow Better to continue developing innovative technology, including its proprietary loan origination platform, Tinman, to increase internal efficiencies and simplify the home ownership experience for customers.
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