Blend raises $75 million
San Francisco-based digital lending solutions company Blend Labs has raised $75 million in Series F funding led by Canapi Ventures at a valuation of nearly $1.7 billion. Existing investors Temasek, General Atlantic, 8VC, Greylock, and Emergence also participated in the round.
Founded in 2012 and now a team of over 500 people, the company operates in the space of home equity, auto loans, and of course, insurance. Its Digital Lending Platform streamlines the journey from application to close for any banking product, helping lenders acquire more customers, increase productivity, and deepen customer relationships.
This year, Blend introduced its digital closing solution for mortgages and home equity loans, a mobile app for loan officers, and new reporting tools for lenders. The company also announced its expansion into consumer banking and a new offering for auto loans. Since the beginning of the year, Blend has hired and onboarded more than 130 new employees and helped its growing base of more than 250 lender customers process over $3.5 billion in consumer loans each day, totaling more than $771 billion in loan volume this year to date.
In the insurance space, Blend Insurance Agency offers home insurance from different carriers.
“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. 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.” – Marc Greenberg, head of finance at Blend.