Online Mortgage Startup Better lays off 9% of its staff, or about 900 people, as the IPO begins

  • Mortgage startup Better is laying off 9% of its staff, or about 900 people, TechCrunch reported.
  • The company recently hired 7,000 people and is set to go public with a value of 6. 6.9 billion.
  • The firm also received $ 750 million in cash infusions from its supporters, including Softbank.

Online mortgage startup Better is laying off 9% of its staff, or about 900 people, TechCrunch reported Wednesday.

The firm hired 7,000 people ahead of time.


SPAC

Public take on the merger with billionaire Czech company Aurora Acquisition Corp., bringing the company’s value to $ 6.9 billion.

This week, the New York-based company, which named LinkedIn the best startup in the United States in both 2020 and 2021, received $ 750 million in cash infusions from its supporters, including Aurora and SoftBank.

Citing unnamed sources, TechCrunch said one reason for the dismissal was that the mortgage market was expected to shrink as a result of rising mortgage rates. In addition, he said, Better’s insistence on automating loans could mean less manual labor.

The company, which declined to comment on TechCrunch, sent a statement from CFO Kevin Ryan: I prepared to commit a crime. “

Better did not immediately respond to a request for comment.

Do you work at Better? Do you have a story to share about working there or an insight into its removal? Contact Reporter Alex Nicole via Signal, an encrypted messaging app. +1 (646) 768-4772 Using a non-working phone, email anicoll@businessinsider.com, or DM Twitter at lexAlexONicoll.

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