The much-anticipated news has been confirmed for the fintech sector: digital mortgage provider is preparing to go public. This statement followed the acceptance of's plan to combine with Aurora Acquisition Corp. through a SPAC (special purpose acquisition) by its shareholders. has gone public for the first time.

According to the most recent Securities and Exchange Commission (SEC) filing, the formal merger between and Aurora, as well as the accompanying public listing, is planned to take place "on or about August 22, 2023." "At least 65% of the outstanding ordinary shares of the company entitled to vote at this meeting have voted in favor of (the) proposal," remarked Arnaud Massenet, CEO of Aurora Acquisition Corp.

According to financial facts, the conclusion of this deal would result in at least $550 million in fresh cash for the newly established firm, with money coming from key backer SoftBank. This capital might be raised by another $200 million if Novator, an Aurora-affiliated investment company, exercises its $100 million option. SoftBank would be obligated to match the sum.

However,'s path to going public has not been easy. In May 2021, the business explored going public via a $6 billion SPAC, which was subsequently valued at $7.7 billion. However, the project encountered multiple obstacles, creating delays. The organization has faced several obstacles during the last few years. From high-profile leadership exits and large layoffs to a housing market slump and unfavorable press, the rocky road has left many industry watchers doubtful about the company's ability to go public.

Furthermore, given the less-than-ideal performance of such combinations in previous quarters, public mood toward SPACs (blank-check firms) has been hesitant. Despite this, stated its plan to make its public debut the prior year. This declaration came despite the corporation being in the midst of internal turbulence, highlighted by troublesome layoffs and changeable market circumstances that had a significant impact on its corporate operations. During one of the sessions considering layoffs, the CEO, Vishal Garg, was cited as remarking that the business had "probably pissed away $200 million."'s public image was further harmed when the SEC launched an inquiry to see if the firm had violated federal securities laws. and its SPAC partner, Aurora Acquisition Corp., were both asked for documents and data about their business activities. However, as previously reported, the SEC decided not to recommend any enforcement action against

When the fintech firm changed its business strategy from an in-house agent model to a partnership agent model, it encountered additional hurdles. It also continues to encounter financial difficulties. According to HousingWire, the company's financial filings from July reveal a net loss of $89.9 million for Q1 2023. This is an improvement from the net loss of $327.7 million in the first quarter of the previous year, indicating that, although is still struggling, there may be some light at the end of the tunnel.

Finally, the decision to go public represents a watershed moment for, ushering in a new chapter after overcoming significant obstacles. The larger fintech world will be watching this digital mortgage lender's next actions as it enters the public market with bated breath.

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