U.S. online lending platform Blend announced earlier this week it secured $300 million through its Series G funding round, which was led by Coatue and Tiger Global. The company reported that it has doubled its valuation to $3.3 billion in just five months. Blend previously raised $75 million through its Series F, which was led by Canapi Ventures
Founded in 2012, Blend states it is dedicated to improving consumer lending. The company has notably partnered with banks and lenders to power “frictionless, compliant, and more accessible” lending, starting with mortgages.
“Blend helps lenders streamline the customer journey for any banking product from application to close. Its Digital Lending Platform is used by Wells Fargo, U.S. Bank, and over 250 other leading financial institutions to acquire more customers, increase productivity, and deepen customer relationships.”
Blend also revealed it facilitated $1.4 trillion in mortgages and consumer loans in 2020, and it added more than 200 new employees, increasing the headcount by over 60%. Speaking about the company’s growth, Nima Ghamsari, Founder and CEO of Blend, stated that the Blend team is working to build a “smarter future” for banking that will deliver an end-to-end digital experience for any consumer banking product, as well as optimal home buying experience from start to close.
“No consumer dreams about applying for a home equity line of credit or a mortgage – they’re looking to create a dream kitchen or purchase their first home. We are helping our lenders be there as trusted advisors for their customers at every one of life’s milestones.”
Blend added that the investment round’s funds will be used to fuel its next phase of growth and support investment in the products and services that matter most to financial institutions as the company aims to power the future of consumer banking.
