More layoffs at Better according to reports

Three months after laying off 9% of its staff or 900 people, TechCrunch is reporting that a new round of layoffs could happen at Better this week.

According to the report, the digital mortgage company is planning to lay off roughly 50% of its staff of about 8,000.

Last May, Better announced a merger agreement with Aurora Acquisition Corp., a special purpose acquisition company, and in December Aurora and SoftBank agreed to immediately inject half of the $1.5 billion they committed to Better as part of the deal instead of waiting until the SPAC deal closes. With the $750 million bridge financing, Better had over $1 billion of cash and cash equivalents on its balance sheet.

According to Glassdoor reviews, the company over-hired and it is now also dealing with a different environment as interest rates are going up.

Update: According to the New York Time, Better had laid off over 3,000 employees.