Digital lending platform startup Blend raises $130 million to accelerate growth and power one-tap mortgages and consumer loans
Blend, a Silicon Valley technology platform startup that delivers speed and efficiency to the consumer lending ecosystem, has raised $130 million in Series E funding to continue growing its team of nearly 400 employees to help financial institutions deepen their relationships with clients, bringing simplicity and transparency to consumer lending through one-tap experiences. The round brings the company’s total funding to date to $310 million.
The round was led by Temasek and General Atlantic, with participation from existing investors 8VC, Founders Fund, Greylock Partners, and Lightspeed Venture Partners. In conjunction with the funding, Blend has also named former Pixar CFO Ann Mather to an independent board member position.
Founded in 2012 by Erin Collard, Eugene Marinelli, Nima Ghamsari, Rosco Hill,Blend makes the process of getting a loan simpler, faster, and safer. With its digital lending platform, Blend helps financial institutions including Wells Fargo and U.S. Bank increase productivity and deliver exceptional customer experiences. The company regularly processes nearly $2 billion in mortgages and consumer loans daily, helping millions of consumers get into homes and gain access to the capital they need to lead better lives. Blend is backed by Greylock Partners, Emergence Capital, 8VC, Founders Fund, Andreessen Horowitz, Lightspeed Venture Partners, Nyca, Max Levchin, and other leading venture investors.
“Blend’s technology platform is driving an evolution in how lenders do business and interact with their clients,” said Paul Stamas, managing director at General Atlantic, a leading global growth equity firm. “Blend’s approach of partnering with financial institutions to reimagine consumer finance has proven hugely successful thus far, and we’re thrilled to assist them in their next phase of growth.”
The financing comes at a time of major momentum for Blend, which now routinely processes nearly $2 billion in loans every day in partnership with more than 150 lender customers. The company recently announced product expansions into deposit account opening, home equity, and homeowners insurance, along with a slew of high-level additions to its executive team, including former Fannie Mae CEO Tim Mayopoulos.
With the new capital, Blend intends to continue growing its team of nearly 400 employees to help financial institutions deepen their relationships with clients, bringing simplicity and transparency to consumer lending through one-tap experiences. In addition to doubling down on its efforts to digitize the entire mortgage process from application to close, Blend plans to invest in new technologies, grow its ecosystem of partners, and further its expansion into a broader suite of consumer lending products.
“Together with our partners, we’ve made significant strides in transforming lending experiences for consumers and institutions across the country,” said Nima Ghamsari, founder and CEO at Blend. “As we build toward a more transparent and frictionless future where lending transactions happen in one tap, we’re grateful to have the experience of Ann, along with the teams at Temasek and General Atlantic, in our corner for this journey.”