Blend, the digital lending platform, helps in making the processes easier for getting a loan. The company aims at providing transparency and simplicity to consumer banking. It offers a future that is healthier in terms of finance by helping consumer loans and mortgages to process more than $3.5 billion.
Blend Doubles Valuation to $3.3 Billion
Blend has developed a digital lending platform, and attracted a huge $300 million series G funding.
Since its inception from 2012, Blend has raised as high as $665 million. In 2020, the company facilitated a total of $1.4 trillion in consumer and mortgage loans. The company is growing gradually in the industry of mortgage tech.
Coatue and Tiger Global Management were the two large international investors leading the Series G. The participation of these two companies made it simpler for Blend to decide. The capital raised by the company will be used to phase its development. The company also aims to use the money to fuel investments that can drive financial institutions.
By 2020, the company added many prominent customers to their list, covering about 30% of all U.S. mortgages. A few of the notable clients included TCF National Bank, Evergreen Home Loans, First Bank, and South State Bank, etc. 75% of mortgage origination of Wells Fargo (the first partner of Blend) comes through the digital platform that is powered by Blend. Various new banks have also selected Blend’s customer banking products. More than 70 lenders are now choosing Blend as their solution to digital lending. The number of employees of the company increased by 200 in 2020, considering a 60% growth in the number of employees.
A partner at Tiger Global management stated that Blend is well-positioned to help the financial institutions achieve Amazon-like experiences on board. The deal made by the company will be very fruitful, and it will help them achieve their aim in providing end-to-end digital experience for any customer looking for an optimal home journey. With this, the consumers can have a full home finance process, with closing and finance under one roof. Blend will help banks to revolutionize digital adoption by letting them meet the fast-paced needs of their customers.
Check out the Blend use-case