SFTBY - SoftBank will reportedly invest $500M in mortgage startup Better ahead of its IPO

SoftBank ([[SFTBF]],[[SFTBY]]) is reportedly investing $500M in mortgage startup Better, formally known as BetterHoldco Inc, at a $6B valuation, up from a $4B value during a private round in November.Wall Street Journal sources say Better plans to go public sometime this year.Better offers consumer home loans through its website and through partnerships with banks like Ally Financial. The company brought in $800M in sales last year and turned a profit, according to WSJ sources, as home buying surged during a period of historically low interest rates.Better's IPO follows the successful public debut of Rocket Mortgage but also comes after an increase in mortgage rates.Related: Earlier today, security software company OneTrust announced a $210M investment from SoftBank Vision Fund 2 and Franklin Trust.

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SoftBank will reportedly invest $500M in mortgage startup Better ahead of its IPO