Digital mortgage lender Better announced Tuesday it is looking to go public via a merger with special purpose acquisition company (SPAC) Aurora Acquisition Corp.

The lender announced Tuesday that it has entered into a definitive merger agreement that will make Better a publicly-listed company on the NASDAQ index through a transaction that reflects an implied equity value for Better of approximately $6.9 billion and a post-money equity value of approximately $7.7 billion. SB Management Ltd., a subsidiary of Japanese multinational SoftBank Group, has also committed to $1.5 billion of private investment in public equity at transaction close, which is expected to happen by the last quarter of the year.

As the housing market rides an all-time high and sees a boom in refinancing, Better is looking to capitalize on the transition to digital lending and the quicker processing times that come with leveraging tech to extract document data and process loans. The company’s decision to go public via a SPAC merger is part of the growing blank-check deal trend that has kept its momentum even as some firms that have chosen the route have seen downturns in their public valuations.

“This transaction provides investment capital to accelerate Better’s growth and support our mission to make homeownership simpler, faster, more affordable and more accessible,” Vishal Garg, chief executive at Better, said in a statement.

Aurora Acquisition Corp. completed its IPO process in March, and in a regulatory filing posted Wednesday noted that “Better will receive … approximately $778 million cash proceeds to fuel our [sic] growth.” upon the transaction’s completion.

Financials released by the lender indicate it has been on a strong growth run, with more than $24.2 billion funded in loan volume, an uptick of 490% since 2019. Better also had $7.7 billion in title insurance placed, denoting a growth of 855% from 2019 levels. Currently licensed to operate in 47 states and the District of Columbia, Better closes an average of 16.2 loans per month, and its labor cost is less than half of the Mortgage Brokers Association’s industry average, “demonstrating our tech-driven efficiency,” according to the firm’s statement.

Founded in 2016, Better has raised a total of $905 million in funding from 21 investors, according to Crunchbase. Its most recent funding round was a $500 million infusion from Softbank in April that valued the lender’s business at $6 billion.

Better is not the first mortgage lender to go public via a SPAC deal this year. United Wholesale Mortgage [NYSE: UWMC] did so in January in a deal that valued the firm at $16 billion, however the valuation has since dipped, with its stock currently trading at $6.79, down from its $10 debut price.

“We firmly believe that Better will create substantial long term value for shareholders and will leverage its significant technology to lead the industry into the future,” Prabhu Narasimhan, chief investment officer of Aurora, said in a statement. Narasimhan will join the combined company’s board of directors.