- Digital homeownership company has originated more than $100B of
mortgages since its inception in 2016
- Harit Talwar joins as Chairman of the Board
- Proceeds would be used to double down on Better’s mission of
serving customers’ homeownership aspirations
Better HoldCo, Inc. (“Better” or the “Company”), a
leading digital homeownership company, has continued the process to
become a publicly-listed company through a merger with Aurora
Acquisition Corp. (NASDAQ: AURC) (“Aurora”), a publicly
traded special purpose acquisition company (SPAC), when Aurora
submitted amendment No. 6 to its Form S-4 registration statement
with the Securities and Exchange Commission. At closing, the deal
is expected to unlock for the combined company $750 million in new
capital.
“In just six years, Better has helped hundreds of thousands of
Americans invest in themselves and their families by financing or
refinancing their homes,” said Vishal Garg, CEO and Founder of
Better. “For the average American consumer, their home represents
roughly 65% of their net worth. This transaction will enable us to
continue providing a better outcome for folks in search of the
security and opportunity that homeownership brings.”
The digital homeownership company is committed to becoming a
solution for everyday Americans in their homeownership journey by
delivering mortgages and home-related products and services better,
faster, and cheaper. Better would use proceeds to continue
investing in products and features that customers need now more
than ever for a great homeownership financing experience.
“We are guided by a singular obsession with the customer
experience,” said Garg. “Mortgage-focused financial infrastructure
performs one of the most important social functions by providing a
vessel for the savings for those who have capital and empowering
those who can utilize it to improve their lives and their families
and communities well being.”
To remain competitive, the digital homeownership company will
expend resources to enhance and improve Better’s technology,
product offerings, and product lines. The company plans to grow its
purchase business, improve its cross-sell of non-mortgage products
on the platform to enable greater ease and savings for its
customers, and achieve its mission to save every American homeowner
money on their mortgage versus a traditional bank or mortgage
broker.
In the fourth quarter of 2021, the company introduced its Better
Cash Offer program that serves well-qualified, digitally
pre-underwritten prospective homebuyers to make all-cash offers on
their house powered by Tinman, Better’s proprietary mortgage
automation platform. In this challenging refinance market
environment, Better plans to continue innovating for its customers
and driving growth by focusing on less rate-sensitive commoditized
product offerings.
“Tinman learned how to do a rate term refinance mortgage, then
an in-contract purchase, and now we are able to underwrite loans so
fast we can turn regular consumers into cash buyers in a few days.
This has allowed our model to evolve from being a low-cost refi
provider online 24/7 to helping consumers with life’s biggest
transaction in one shot, still 24/7 entirely online. It’s magical
the power of modern technology to change this thousands of years
old business,” shared Vishal Garg.
Better has also implemented organizational changes to continue
improving its culture.
“We at Better remain dedicated to our mission to provide
homeownership opportunities to all and to build a company that we
are proud of through the cycles. To enable that we are focused on
the core business, customer experience, excellent execution, and
talent and teamwork. We also want to be great custodians of our
shareholders’ capital,” said Harit Talwar, Better Chairman of the
Board.
Arnaud Massenet, Chief Executive Officer, and Prabhu Narasimhan,
Chief Investment Officer of Aurora Acquisition Corp. said, “Better
provides a fundamentally different approach to homeownership by
leveraging technology to reduce prices and offer customers the
widest range of appropriate products. Better’s commitment to
continually improving operations and financial discipline gives us
confidence in their business.”
“I’m gratified to my Better colleagues and teammates that even
in a tough economic environment we continue to serve customers and
attract top talent,” concludes Garg.
Highlights
- Harit Talwar joined Better to serve as Chairman of the Board of
Directors in May 2022. He is leading Board oversight of Better’s
strategy and culture and has a strong background in consumer
financial businesses and building public companies. Talwar most
recently served as Chairman of the Consumer Business at Goldman
Sachs from January 2021 to December 2021 and Global Head of the
Consumer Business from May 2015 to January 2021. He has served as a
member of the board for Mastercard Inc. since April 2022.
- CFO Kevin Ryan, who has over 20 years of experience in
financial services investment banking, and Chief Compliance Officer
and General Counsel Paula Tuffin, who has over two decades of
experience in the law including at the Consumer Financial
Protection Bureau, is also playing a key role in the deal.
- Better has won multiple high-profile awards, including being
ranked #1 on LinkedIn’s Top Startups List for 2021 and 2020, #1 on
Fortune’s Best Small and Medium Workplaces in New York, #15 on
CNBC’s Disruptor 50 2020 list, and Forbes FinTech 50 in 2020.
Better was also named to NerdWallet and Forbes Advisor’s Best
Online Mortgage Lenders lists.
- Better has industry-leading partnerships on private label and
co-branded basis for some of the best brands in financial services,
American Express, and Ally Financial.
- Better is currently licensed to operate in all 50 states and
the District of Columbia.
About Better
Founded in 2016, Better is a digital-first homeownership company
whose affiliates provide mortgage, real estate, title, and
homeowners insurance services. In 2021, Better Mortgage funded
approximately $58B in home loans, Better Real Estate completed over
$2B in real estate transaction volume, and Better Cover and Better
Settlement Services provided over $22B in insurance coverage. The
company was ranked #1 on LinkedIn’s Top Startups List for 2021 and
2020, #1 on Fortune’s Best Small and Medium Workplaces in New York,
#15 on CNBC’s Disruptor 50 2020 list, as well as being listed to
Forbes FinTech 50 for 2020, For more information, follow
@betterdotcom.
About Aurora Acquisition Corp.
Aurora Acquisition Corp. is a newly formed blank check company
incorporated for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses. The Company is
led by Thor Bj�rgólfsson as its Chairman, Arnaud Massenet as its
Chief Executive Officer, and Prabhu Narasimhan as its Chief
Investment Officer.
Through its philosophy of “founders investing in Founders”,
Aurora looks to empower strong management teams and make long term
investments in companies poised for sustained success. Aurora is
sponsored by Novator Capital. Additional information regarding
Aurora Capital may be found at:
https://aurora-acquisition.com/.
DISCLOSURE FOR INVESTORS AND SHAREHOLDERS
Important Information For Investors And Shareholders
This communication may be deemed to relate to a proposed
transaction between Aurora Acquisition Corp. (“Aurora”) and Better
Holdco, Inc. (“Better”). This communication does not constitute an
offer to sell or exchange, or the solicitation of an offer to buy
or exchange, any securities, nor shall there be any sale of
securities in any jurisdiction in which such offer, sale or
exchange would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. Aurora has
filed with the U.S. Securities and Exchange Commission (the “SEC”),
a registration statement on Form S-4, which includes a preliminary
proxy statement/prospectus in connection with the proposed
transaction. A definitive proxy statement/prospectus will be sent
to all Aurora shareholders. Aurora also will file other documents
regarding the proposed transaction with the SEC. Before making any
voting decision, investors and security holders of Aurora are urged
to read the registration statement, the proxy statement/prospectus
and all other relevant documents filed or that will be filed with
the SEC in connection with the proposed transaction as they become
available because they will contain important information about the
proposed transaction. Neither the SEC nor any securities commission
or any other U.S. or non-U.S. jurisdiction has approved or
disapproved of the business combination of Aurora and Better (the
“Business Combination”) or information included herein.
Investors and security holders may obtain free copies of the
registration statement, the proxy statement/prospectus and all
other relevant documents filed or that will be filed with the SEC
by Aurora through the website maintained by the SEC at www.sec.gov.
The documents filed by Aurora with the SEC also may be obtained
free of charge at Aurora’s website at
https://aurora-acquisition.com/ or upon written request to Aurora
Acquisition Corp., 20 North Audley Street, London W1K 6LX, United
Kingdom, Attention: Arnaud Massenet, Chief Executive Officer, +44
(0)20 3931 9785.
Participants in the Solicitation
Aurora and its directors and executive officers may be deemed
participants in the solicitation of proxies from Aurora’s
stockholders with respect to the Business Combination. A list of
the names of those directors and executive officers and a
description of their interests in Aurora is contained in Aurora’s
registration statement on Form S-4, which was initially filed with
the SEC on August 3, 2021, as subsequently amended, and is
available free of charge at the SEC’s web site at www.sec.gov, or
by directing a request to Aurora Acquisition Corp., 20 North Audley
Street, London W1K 6LX, United Kingdom, Attention: Arnaud Massenet,
Chief Executive Officer, +44 (0)20 3931 9785.
Better and its directors and executive officers may also be
deemed to be participants in the solicitation of proxies from the
stockholders of Aurora in connection with the Business combination.
A list of the names of such directors and executive officers and
information regarding their interests in the Business combination
is contained in the registration statement.
Forward Looking Statements
This communication only speaks at the date hereof and contains,
and related discussions may contain, “forward- looking statements”
within the meaning of U.S. federal securities laws. These
statements include descriptions regarding the intent, belief,
estimates, assumptions or current expectations of Aurora, Better or
their respective officers with respect to the consolidated results
of operations and financial condition, future events and plans of
Aurora and Better. These forward-looking statements may be
identified by a reference to a future period or by the use of
forward-looking terminology. Forward-looking statements are
typically identified by words such as “expect”, “believe”,
“foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”,
“plan”, “target” and “project” or conditional verbs such as “will”,
“may”, “should”, “could” or “would” or the negative of these terms,
although not all forward-looking statements contain these words.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. Forward-looking statements
are not historical facts, and are based upon management’s current
expectations, beliefs, estimates and projections, and various
assumptions, many of which are inherently uncertain and beyond
Aurora’s and Better’s control. Such expectations, beliefs,
estimates and projections are expressed in good faith, and
management believes there is a reasonable basis for them. However,
there can be no assurance that management’s expectations, beliefs,
estimates and projections will be achieved, and actual results may
differ materially from what is expressed in or indicated by the
forward-looking statements. For example, there can be no assurance
that the SEC will declare Aurora’s registration statement
effective, that Aurora shareholders will vote to approve the
transaction or that the Business Combination will close, or that
Better will be able to identify and hire individuals for the roles
that it seeks to fill, nor can there be assurance that the steps
Better expects to take to improve its workplace culture and
organization will have their desired result. Any management or
other changes could be disruptive to Better’s business.
Important factors that could cause actual results to differ
materially from those suggested by the forward-looking statements
include, but are not limited to, Better’s performance,
capabilities, strategy, and outlook; Better’s rapid growth and
subsequent contraction and its ability to manage its growth
effectively and achieve and maintain profitability in the future;
the demand for Better’s solutions and products and services,
including the size of Better’s addressable market, market share,
and market trends; Better’s ability to operate under and maintain
Better’s business model; Better’s ability to develop and protect
its brand; the effect of workforce reductions and associated
negative media coverage on Better’s ability to maintain and
establish third-party relationships (including with business
partners, warehouse lenders and investors), recruit and retain
employees, management and directors and otherwise achieve its
business goals; Better’s ability to maintain morale among its
workforce; Better’s ability to achieve its operational and
financial targets; Better’s ability to set and achieve its business
goals and objectives in the context of recent negative press and
changes to its organizational structure in response; Better’s
estimates regarding expenses, future revenue, capital requirements
and Better’s need for additional financing; the degree of business
and financial risk associated with certain of Better’s loans; the
high volatility in, or any inaccuracies in the estimates of, the
value of Better’s assets; any changes in macro-economic conditions
and in U.S. residential real estate market conditions, including
changes in prevailing interest rates or monetary policies and the
effects of the ongoing COVID-19 pandemic; the impact of elevated
interest rates and inflation on Better’s business including on the
volume of consumers refinancing existing loans and the
corresponding shift in Better’s product mix, Better’s ability to
produce loans, liquidity and employees; Better’s competitive
position; Better’s ability to improve and expand its information
technology and financial infrastructure, security and compliance
requirements and operating and administrative systems; Better’s
future investments in its technology and operations; Better’s
intellectual property position, including its ability to maintain,
protect and enhance Better’s intellectual property; Better’s
ability in general, and its CEO’s ability in particular, to
establish and maintain a larger, more experienced, executive team
in transitioning to public markets; Better’s ability to obtain
additional capital and maintain cash flow or obtain adequate
financing or financing on terms satisfactory to us; the effects of
Better’s existing and future indebtedness on its liquidity and
Better’s ability to operate its business; Better’s plans to adopt
the secured overnight financing rate (“SOFR”); the impact of laws
and regulations and Better’s ability to comply with such laws and
regulations including laws and regulations relating to fair
lending, real estate brokerage matters, title and settlement
services, consumer protection, advertising, tax, title insurance,
loan production and servicing activities, data privacy, and
anti-corruption, as well as the impact of any investigations
related to these or other matters; any changes in certain U.S.
government-sponsored entities and government agencies, including
Fannie Mae, Freddie Mac, Ginnie Mae and the FHA; Aurora’s
expectations regarding the period during which we will qualify as
an emerging growth company under the JOBS Act; the increased
expenses associated with being a public company; and Better’s
anticipated use of existing resources and the proceeds from the
Business Combination.
There may be other risks not presently known to us or that we
presently believe are not material that could also cause actual
results to differ materially. Analysis and opinions contained in
this communication may be based on assumptions that, if altered,
can change the analysis or opinions expressed. In light of the
significant uncertainties inherent in the forward-looking
statements included in this communication, the inclusion of such
forward-looking statements should not be regarded as a
representation by us or any other person that the objectives and
plans set forth in this report will be achieved, and you are
cautioned not to place substantial weight or undue reliance on
these forward-looking statements. These forward-looking statements
speak only as of the date they are made and, Aurora and Better each
disclaims any obligation, except as required by law, to update or
revise forward-looking statements, whether as a result of new
information, future events or otherwise.
No Offer or Solicitation
This communication will not constitute a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the Business Combination. This communication will
also not constitute an offer to sell or the solicitation of an
offer to buy any securities, nor will there be any sale of
securities in any states or jurisdictions in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220714005445/en/
Media Contact: Better@bevelpr.com Investor
Contact: BetterIR@icrinc.com
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