Blend Labs is a California-based mortgage technology firm that went public in 2021 and has pursued non-GAAP profitability since. The company provides mortgage technology and services to financial institutions aiming to transform financial services. In 2023 Blend narrowed its non-GAAP net loss to $97.4 million, down from $182.2 million in 2022. By the end of December 2023 the company held $144.2 million in cash, cash equivalents and marketable securities and had $140 million of outstanding debt in the form of a term loan. Blend received a $150 million investment from Haveli Investments, with $145 million earmarked to repay existing credit agreements and the remainder for general corporate purposes. As part of the transaction Haveli will join the company’s board, and company leadership said the investment reflects confidence in Blend’s growth strategy and improved balance sheet. Blend provides a unified, configurable digital lending platform that streamlines the customer journey for mortgages, consumer loans, and deposit accounts. Its end-to-end digital mortgage solution enables consumers to complete the full home finance process, including insurance and closing, in a single place. The platform is used by Wells Fargo, U.S. Bank, and over 285 other financial institutions. Blend enables customers to process more than $4 billion in mortgages and consumer loans per day. Led by founder and CEO Nima Ghamsari, the company plans to use recent funding to accelerate its next phase of growth and invest in products and services. The company closed a $300m Series G that valued Blend at $3.3 billion. Blend provides a unified Digital Lending Platform that streamlines the journey from application to close for mortgages, consumer loans, and deposit accounts, enabling lenders to acquire more customers, increase productivity, and deepen customer relationships. The company reports a base of more than 250 lender customers that process over $3.5 billion in consumer loans each day, totaling more than $771 billion in loan volume year-to-date. Blend is launching new products, including a digital closing solution for mortgages and home equity loans, a mobile app for loan officers, and new reporting tools for lenders. It also announced expansion into consumer banking and a new offering for auto loans in late 2019. The company intends to use the proceeds from its latest financing to accelerate development of its unified digital platform. The round values the company at nearly $1.7 billion. Blend offers a digital lending platform used by banks and lenders to increase productivity and improve customer experiences for mortgage and consumer loan origination. The company processes nearly $2 billion in mortgages and consumer loans daily and works with more than 150 lender customers. Led by founder and CEO Nima Ghamsari, Blend has nearly 400 employees and has recently expanded its product footprint into deposit account opening, home equity, and homeowners insurance. Blend plans to expand its team further, invest in new technologies, grow its partner ecosystem, and broaden its suite of consumer lending products. The company has attracted significant investor interest as it scales its platform and services across financial institutions. Blend, started in 2012, sells software to banks and lenders to digitize the application and underwriting process. Its digital platform uses artificial intelligence to streamline mortgage applications and automates document collection to reduce time to close. The company says its technology cuts about two weeks off mortgage processing time and aims to bring mortgages down to a couple of weeks. Blend has more than 130 banking customers, including Wells Fargo and US Bank, which collectively account for more than a quarter of the U.S. mortgage market. PitchBook valued Blend at $600 million three months ago, and The New York Times listed it as a potential future unicorn. Former Fannie Mae CEO Tim Mayopoulos joined as president in January, and Blend described a new relationship with Salesforce as an integral partnership for its lending ecosystem.

Total raised

$755M

Funding rounds

6

Latest round

Series A

Latest activity

Apr 2024