diff --git a/packages/react-native-aztec/RNTAztecView.podspec b/packages/react-native-aztec/RNTAztecView.podspec
index 970a8b6af6a70..48bab6bfe706b 100644
--- a/packages/react-native-aztec/RNTAztecView.podspec
+++ b/packages/react-native-aztec/RNTAztecView.podspec
@@ -18,6 +18,6 @@ Pod::Spec.new do |s|
   s.xcconfig         = {'OTHER_LDFLAGS' => '-lxml2',
                         'HEADER_SEARCH_PATHS' => '/usr/include/libxml2'}
   s.dependency         'React-Core'
-  s.dependency         'WordPress-Aztec-iOS', '~> 1.19.6'
+  s.dependency         'WordPress-Aztec-iOS', '~> 1.19.7'
 
 end
diff --git a/packages/react-native-aztec/android/build.gradle b/packages/react-native-aztec/android/build.gradle
index 27d4e4de03885..596716c230c31 100644
--- a/packages/react-native-aztec/android/build.gradle
+++ b/packages/react-native-aztec/android/build.gradle
@@ -9,7 +9,7 @@ buildscript {
         jSoupVersion = '1.10.3'
         wordpressUtilsVersion = '1.22'
         espressoVersion = '3.0.1'
-        aztecVersion = 'v1.5.2'
+        aztecVersion = 'v1.5.3'
         willPublishReactNativeAztecBinary = properties["willPublishReactNativeAztecBinary"]?.toBoolean() ?: false
     }
 }
diff --git a/packages/react-native-aztec/ios/RNTAztecView/RCTAztecView.swift b/packages/react-native-aztec/ios/RNTAztecView/RCTAztecView.swift
index 8e94be11f8323..a3515eae9447f 100644
--- a/packages/react-native-aztec/ios/RNTAztecView/RCTAztecView.swift
+++ b/packages/react-native-aztec/ios/RNTAztecView/RCTAztecView.swift
@@ -146,6 +146,8 @@ class RCTAztecView: Aztec.TextView {
         storage.htmlConverter.characterToReplaceLastEmptyLine = Character(.zeroWidthSpace)
         storage.htmlConverter.shouldCollapseSpaces = false
         shouldNotifyOfNonUserChanges = false
+        // Typing attributes are controlled by RichText component so we have to prevent Aztec to recalculate them when deleting backward.
+        shouldRecalculateTypingAttributesOnDeleteBackward = false
         disableLinkTapRecognizer()
         preBackgroundColor = .clear
     }
diff --git a/packages/react-native-editor/CHANGELOG.md b/packages/react-native-editor/CHANGELOG.md
index ee7cf9e00cd22..6b3f3a1a04880 100644
--- a/packages/react-native-editor/CHANGELOG.md
+++ b/packages/react-native-editor/CHANGELOG.md
@@ -13,6 +13,7 @@ For each user feature we should also add a importance categorization label  to i
 -   [*] Give multi-line block names central alignment in inserter [#37185]
 -   [**] Fix empty line apperaing when splitting heading blocks on Android 12 [#37279]
 -   [**] Fix missing translations by refactoring the editor initialization code [#37073]
+-   [**] Fix text formatting mode lost after backspace is used [#37676]
 
 ## 1.68.0
 -   [**] Fix undo/redo functionality in links when applying text format [#36861]
diff --git a/packages/react-native-editor/ios/Podfile.lock b/packages/react-native-editor/ios/Podfile.lock
index cc44a6376278a..bf06bd90b2ee1 100644
--- a/packages/react-native-editor/ios/Podfile.lock
+++ b/packages/react-native-editor/ios/Podfile.lock
@@ -314,8 +314,8 @@ PODS:
     - React-Core
   - RNTAztecView (1.68.0):
     - React-Core
-    - WordPress-Aztec-iOS (~> 1.19.6)
-  - WordPress-Aztec-iOS (1.19.6)
+    - WordPress-Aztec-iOS (~> 1.19.7)
+  - WordPress-Aztec-iOS (1.19.7)
   - Yoga (1.14.0)
 
 DEPENDENCIES:
@@ -493,12 +493,12 @@ SPEC CHECKSUMS:
   React-logger: faee236598b0f7e1a5e3b68577016ac451f1f993
   react-native-blur: ef741a08d020010ba65e411be0ab82d1d325e7ad
   react-native-get-random-values: 6296ac9e84928625ffb34ca74ab684bbda8747a8
-  react-native-keyboard-aware-scroll-view: 374b637c8684d7de50bd930df1a2d2b8fd49daa5
+  react-native-keyboard-aware-scroll-view: 0bc6c2dfe9056935a40dc1a70e764b7a1bbf6568
   react-native-safe-area: c9cf765aa2dd96159476a99633e7d462ce5bb94f
-  react-native-safe-area-context: 12756eb7af017b6ff6b4f50dc5a55eab299c62fd
+  react-native-safe-area-context: fb0338ddfcd1b163e1506d5ebd9b4444348e7501
   react-native-slider: d4c3367c5db5d2bec3ac0ab9d15ebb73d896034c
-  react-native-video: 7ebeec33e4e00837563d7315b633b00337079217
-  react-native-webview: 5189276d033e3d3c5292d22e5a66ec48c9b2b04b
+  react-native-video: 41ac75a71f6a6d3a9f56ba792786c4fe77e22ac0
+  react-native-webview: 8480d6e71b06e3d1d2fd644de6313108e7b65f90
   React-perflogger: 5ab487cacfe6ec19bfe3d3f8072bf71eb07d63da
   React-RCTActionSheet: 03f25695e095fb5aa003828620943c74cc281fec
   React-RCTAnimation: eaf82da39f0c36fb0ef2a28df797c5f73a2a98ea
@@ -511,14 +511,14 @@ SPEC CHECKSUMS:
   React-RCTVibration: 3e815c3d2dd2e0e931b68595b5b92d23ba38b3fb
   React-runtimeexecutor: 393e26602c1b248683372051e34db63e359e3b01
   ReactCommon: c0263c1a41509aeb94be3214fa7bc3b71eae5ef6
-  RNCClipboard: 6e20baf63bfe3515c2b719a8c3d6797718098663
-  RNCMaskedView: 579fdb1e0abb33cc0d38ee8d4942df9976a0533e
+  RNCClipboard: def60a5048b473addc5dbac5abee5d896c08ec1b
+  RNCMaskedView: 1c8ad5b657280e8c7ebf7866277e1ff820ae48c9
   RNGestureHandler: 0c0e58f463a725fa37d8643d50da6abf300f7844
   RNReanimated: 7d8459391b2f3e1dc6dea919307db4adf4c1d254
   RNScreens: ec0e85d1babdd61d7ec78c98072d9e6b62d96ff6
   RNSVG: b3b9c40381636e5116894398d72a830be15b7258
-  RNTAztecView: bdcd4b1b309ed88241779868bfbba05ca8432795
-  WordPress-Aztec-iOS: 129276e7d1391acb08157641a54394668bb0d7f8
+  RNTAztecView: e502408a3c3cb98f513346a179febb91bcd3e528
+  WordPress-Aztec-iOS: 144f124148079084860368dfd27cb96e0952853e
   Yoga: 9a08effa851c1d8cc1647691895540bc168ea65f
 
 PODFILE CHECKSUM: 563423e4045de5607d9ba4dd3a53595bb1a8c8cc