bankingciooutlook

Blend Raises USD 75 Million in Series F; Valuation at USD 1.7 Billion

Banking CIO Outlook | Wednesday, August 19, 2020

Nima Ghamsari, CEO and Co-founder

Blend provides a unified digital platform for mortgages, consumer loans, and deposit accounts. The Digital Lending Platform streamlines the journey from application to close for any banking product, enabling lenders to acquire more customers, increase productivity, and deepen customer relationships.

San Francisco: Digital lending solutions provider Blend secured USD 75 million in a Series F funding round led by Canapi Ventures, with participation from existing investors Temasek, General Atlantic, 8VC, Greylock, and Emergence. The Series F funding round takes the company's valuation to nearly USD 1.7 billion. The company will use proceeds from the investment round for the development of its unified digital platform for mortgages, consumer loans, and deposit accounts.

"Financial institutions have traditionally taken time to modernize legacy systems, but digital is now table stakes. Shelter in place and social distancing mandates have forced banks and other lenders to accelerate digital transformation plans from years to months," said Jeffrey Reitman, a partner at Canapi Ventures. "Blend is at the forefront of this innovation, offering flexible digital solutions to help lenders like Wells Fargo, U.S. Bank, Truist, M&T Bank, and other key regional banking institutions meet their accelerated timelines and their customers' changing needs."

Blend provides a unified digital platform for mortgages, consumer loans, and deposit accounts. The Digital Lending Platform streamlines the journey from application to close for any banking product, enabling lenders to acquire more customers, increase productivity, and deepen customer relationships.

"Our customers are our top priority. This additional capital allows us to accelerate our broader strategy to create long-term value by serving our customers, expanding our offerings, and building out the Blend ecosystem," said Marc Greenberg, head of finance at Blend. "Our goal is to deliver software that gives lenders the flexibility to meet the evolving needs of consumers. We're committed to being the digital layer that enables millions of people to gain access to the capital they need, while helping our customers be there as trusted advisors for every milestone in a consumer's financial journey."

Blend is also launching new products, including its digital closing solution for mortgages and home equity loans, a mobile app for loan officers, and new reporting tools for lenders. It also announced its expansion into consumer banking and a new offering for auto loans in late 2019. The company has a base of over 250 lender customers which process over USD 3.5 billion in customer loans each day.

Weekly Brief

Read Also