Digital mortgage lender Better.com, which announced in May that it was going public via a SPAC, is getting a cash infusion from its backers sooner than expected. Blank-check company Aurora Acquisition Corp. and SoftBank have decided to amend the terms of their financing agreement to provide Better with half of the
In the email, Ryan told employees:
As for what Better plans to do with the capital, a spokesperson told TechCrunch that the money will help the company double down on existing businesses, continue to build out “a custom-first home purchase experience” and launch new products and services “that make the post-close homeownership experience as amazing as customers deserve it to be.”
Better, which recently added a number of new insurance products, plans to expand its offerings into other product categories, including personal loans, student loans and life insurance.
The company chose to go public via a SPAC rather than taking the traditional IPO route because it preferred the guarantee of execution that SoftBank offered it with the blank-check deal, CEO Vishal Garg said in September.
Note: The headline and story were updated post-publication to accurately reflect the amount of the cash infusion
In the email, Ryan told employees:
The new arrangement will replace the prior agreement wherein \)">950 million of the
As for what Better plans to do with the capital, a spokesperson told TechCrunch that the money will help the company double down on existing businesses, continue to build out “a custom-first home purchase experience” and launch new products and services “that make the post-close homeownership experience as amazing as customers deserve it to be.”
Better, which recently added a number of new insurance products, plans to expand its offerings into other product categories, including personal loans, student loans and life insurance.
The company chose to go public via a SPAC rather than taking the traditional IPO route because it preferred the guarantee of execution that SoftBank offered it with the blank-check deal, CEO Vishal Garg said in September.
Note: The headline and story were updated post-publication to accurately reflect the amount of the cash infusion