As Better.com readies for its public debut, CEO Vishal Garg says he went through a lot of leadership training
- And ultimately, we decided that being public and having access to that capital was a much better outcome than being a private company…I would be lying if I told you I didn’t have any jitters.How is the company’s cash flow?The company is still losing money.
- Online mortgage lender Better.com is making its public debut Thursday on the Nasdaq Capital Market under the ticker symbols “BETR” and “BETRW.” The stock will be priced at $10 per share.After merging with SPAC Aurora Acquisition Corp., the combined entity is called Better Home & Finance Holding Company.
- While the startup has narrowed its loss compared to a net loss of $327.7 million in the first quarter of 2022, it clearly still has been struggling amid high mortgage interest rates and a national housing market slowdown.
- That has now flipped.What are your revenue sources?The places where we’re generating revenue today is our mortgage revenue — which is revenue from selling our mortgages to the institutional investor community, and through title insurance, homeowners insurance, realtor match and then also through our U.K. platform.
- Did you ever reconsider going forward with a SPAC and not going public at all?Vishal Garg: I think honestly, there were a lot of times where we thought maybe we should try to do something private instead and/or stay private.
- And that capital would allow us to grow the business, to get rates cheaper to our customers, to prove our technology that makes our loan processing times even faster.
Online mortgage lender Better.com is making its public debut Thursday on the Nasdaq Capital Market under the ticker symbols BETR and BETRW.After merging with SPAC Aurora Acquisition Corp., the comb [+7784 chars]