Ahead of debut at Nasdaq, CEO of Better, Vishal Garg says gone through ‘a lot of leadership training’
Ahead of debut at Nasdaq, CEO of Better, Vishal Garg says gone through ‘a lot of leadership training’
Digital mortgage lender Better, supported by SoftBank and previously notable for conducting a Zoom-based layoff of around 900 employees, is poised to make its debut on NASDAQ on August 31. This move signifies a significant transition for the company, showcasing its evolution from internal restructuring to a public listing. Backed by the considerable financial support of SoftBank, this step into the public market could potentially offer Better the resources to expand its services and solidify its position in the mortgage lending sector.
However, it’s essential to follow reputable news sources and official statements to stay updated on any developments surrounding Better’s listing and its implications for the company and its stakeholders.
“We view this as an opportune moment for our presence in the market, supported by an added infusion of $550 million from SoftBank. This funding empowers our company to maintain its trajectory of innovation and customer-centric service,” stated CEO Vishal Garg in an interview, as reported by Reuters news agency. The upcoming listing on NASDAQ on August 31 aligns with Better’s strategic vision to further enhance its offerings and cater effectively to its customer base.”
Garg asserts that the company has reached a higher level of maturity, demonstrating a heightened awareness of various stakeholders including regulators, the media, and employees. He emphasized, “We now approach all parties with greater consideration.”
In a conversation with TechCrunch, Vishal disclosed that he personally underwent extensive leadership training to foster trust both within and outside the organization. This commitment to rebuilding trust signifies a concerted effort towards a positive transformation in Better’s operational culture and its external relationships.
Vishal Garg, CEO of Better, reflects on a personal transformation that has led to increased empathy and fairness toward the company’s employees. He has endeavored to extend the same level of kindness to his staff that is often shown to the customers.
Currently employing approximately 1,000 individuals, Vishal, when addressing potential future layoffs, explained to TechCrunch that their occurrence would hinge on the state of the mortgage market. At present, he believes that Better maintains an appropriate staffing level aligned with its needs.
Throughout the journey, the company has undergone several rounds of layoffs following the announcement of its SPAC deal. One of the most notable instances occurred in December 2021 when 900 employees were unexpectedly laid off through a Zoom conference. This event prompted Garg to take a hiatus and engage with an executive coach. Subsequently, he offered a public apology for the handling of the situation.
Underlining the company’s evolution, Garg emphasizes its newfound maturity. He asserts that Better has adopted a more refined approach, recognizing the importance of all stakeholders—ranging from regulators and the media to the employees. This shift signifies a commitment to a well-rounded consideration of various perspectives and needs.
In the ongoing journey of Better, Garg’s introspection and transformation highlight a conscious effort to improve internal relations, foster empathy, and operate with a deeper sense of responsibility toward all aspects of the business.
Anticipating a surge in demand for cash-out refinancings during periods of declining interest rates, Better.com has positioned itself to meet this demand promptly. The company is confident in its ability to fulfill these refinancing requests within a single day.
Earlier this year, Better.com introduced a groundbreaking one-day mortgage product that streamlines the process for customers. This product enables them to secure pre-approval, lock in a favorable interest rate, and receive a mortgage commitment letter all within a span of 24 hours.
As the market dynamics evolve, Better.com plans to provide more comprehensive insights into the adoption rates of its innovative offerings. These details are expected to be disclosed when the company releases its second-quarter earnings report.
The information provided in this response is derived from sources including Reuters and TechCrunch.
Backed by SoftBank and recognized for its high-profile layoff of 900 employees conducted over Zoom, Better, the digital mortgage lender, is set to debut on the Nasdaq stock exchange on August 31.
CEO Vishal Garg emphasizes the company’s evolution, describing it as significantly more mature and oriented towards innovation and superior customer service. This strategic shift highlights Better’s commitment to growth and improved operational practices. Garg’s statement reflects the company’s dedication to addressing past challenges and embracing a more refined approach, underscored by a focus on innovative solutions and enhanced client interactions. The listing on Nasdaq signals a pivotal step for Better as it navigates the public market while carrying the lessons of its journey towards increased maturity and strategic excellence.
