Bulletins

Better.com is going public through a SPAC

The digital mortgage lender is pursuing an alternate route to Wall Street.

"Mortgage" spelled out on Scrabble tiles.

Better.com spells IPO with a SPAC.

Photo: Precondo CA/Unsplash

Better.com said Tuesday that it is going public via a special acquisition acquisition company in a deal that values the digital mortgage lender at $6.9 billion.

Better.com has signed a merger agreement with Aurora Acquisition Corp., which completed its own initial public offering in March. The merger, once effective, would turn Better.com into a publicly listed company. The companies said they expected to complete the deal by December.

SB Management Limited, a SoftBank subsidiary, will be part of the deal through a $1.5 billion private investment in public equity. Better.com announced last month that SoftBank had invested $500 million in the company, boosting its valuation to $6 billion.

Benjamin Pimentel

Benjamin Pimentel ( @benpimentel) covers crypto and fintech from San Francisco. He has reported on many of the biggest tech stories over the past 20 years for the San Francisco Chronicle, Dow Jones MarketWatch and Business Insider, from the dot-com crash, the rise of cloud computing, social networking and AI to the impact of the Great Recession and the COVID crisis on Silicon Valley and beyond. He can be reached at bpimentel@protocol.com or via Google Voice at (925) 307-9342.

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