Better Home and Finance Announces Closing of Business Combination, Better to Become Publicly Traded Company

Better HoldCo, Inc.  and Aurora Acquisition Corp., a special purpose acquisition company , announced the closing of the previously announced business combination that results in the creation of Better Home & Finance Holding Company, “a publicly traded company with Class A common stock and warrants to be listed on the Nasdaq Global Market and the Nasdaq Capital Market, respectively, under the ticker symbols ‘BETR’ and ‘BETRW.’ Better Home & Finance expects trading to commence on August 24, 2023.”

Vishal Garg, CEO & Founder of Better and CEO and director of Better Home & Finance, said:

“Since day one, we set out on a mission to create better solutions for one of life’s most important investments. Today, we’re proud to take a huge step in expanding our capacity to innovate the homeownership process by becoming a publicly listed company. While this is a time for celebration, our journey is far from complete. With the support of our tremendous team, our innovative technology, and additional capital from SoftBank, Aurora, NaMa Capital (formerly Novator Capital), we are well-positioned and eager to forge ahead and continue pushing the boundaries of innovation in homeownership for our customers and shareholders.”

Since Better first announced the business combination with Aurora, the company has doubled down on technology “to make itself leaner and more efficient while continuing to improve the homeownership process for its customers.”

In January 2023, Better announced One Day Mortgage, “a mortgage product which allows customers to go online, get pre-approved, lock their rate and get a binding mortgage Commitment Letter from Better Mortgage, all within 24 hours.”

In addition, Better has “invested considerable resources into developing Tinman, its proprietary loan origination platform.”

The platform has served “as a focal point for improving Better’s internal efficiency and streamlining the homeownership experience for the company’s customers.”

The additional capital from the business combination will “allow Better to continue investing in Tinman, propel the platform as a key driver behind Better’s short and long term growth and position Better for long term success across cycles.”

Harit Talwar, Chairman of the Better Home & Finance board of directors, said:

“Going public is a momentous occasion and we are thankful to share it with our employees, shareholders, and regulators. We view this as a milestone, not a destination, and an opportunity to renew our commitment to making the homeownership experience better for our customers. We are proud of reaching over $100 billion in funded volume and of the technology we have built, but Better’s best days still lie ahead. Going public positions us well to build a business that will thrive through cycles and we look forward to being good custodians of shareholder capital.”

Prabhu Narasimhan, Managing Partner of NaMa Capital, formerly the Chief Investment Officer of Aurora and now a director of Better Home & Finance commented:

“Better provides a fundamentally different approach to homeownership by leveraging technology to offer customers the widest range of appropriate products. Better’s leading technology platform and the vision of its leadership team provides it with significant competitive advantages that will drive value creation for stakeholders over the long term.”

Arnaud Massenet, Managing Partner of NaMa Capital, former Chief Executive Officer of Aurora and now a director of Better Home & Finance said:

“I am proud of the role Aurora has played in bringing Better to the public market. When we launched Aurora in March 2021, we did so to find a high-quality, tech-focused, business disrupting the status quo in its sector. Through our business combination with Better, we have now successfully fulfilled that aim and, over the past two years, Aurora has worked to deliver over $1.3 billion to Better’s balance sheet. We believe this transaction will deliver long-term value for our shareholders and we look forward to being part of the next stage of this journey.”

As a public company, Better Home & Finance plans “to continue advancing its technology to offer customers cutting-edge products in line with its mission to make homeownership cheaper, faster, and easier.”

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