Blend raises $300 mn in Series G funding, doubling its valuation to $3.3 bn

By Pavithra R

Blend, a market-leading digital lending technology provider that makes the process of getting a loan simpler, faster, & safer has announced securing $300 mn in Series G funding, doubling the company’s valuation to $3.3 bn. Blend announced its $75 mn in Series F funding at a valuation $1.7 bn in August 2020. 

Blend aims to build the banking software infrastructure for the future, with an end-to-end digital experience for any consumer banking product and a complete home buying and financing journey from start to close. The investment round saw participation from two new investors Coatue & Tiger Global Management, along with existing investors like Canapi. The funding signals confidence in Blend’s goals as the firm continues to build success in mortgage and expand deeper into consumer banking.

The FinTech will leverage the partnership with Coatue and Tiger Global Management to use their expertise in technology and financial services as the company continues to discover more ways to deliver solutions for financial institutions that create deeper customer relationships.

“If we learned one thing from the pandemic, it’s that we can’t always predict what new products or services consumers may need. But, by unlocking our platform with no-code, drag and drop workflows that work across all channels, financial institutions can evolve their business faster than ever before while driving a personalized, dynamic experience. This is the software architecture we’re continuing to invest in and believe will be core to the future of banking. Our configurable platform will enable technology leaders at financial institutions to develop new products — using Blend components — at a much more rapid pace as consumer needs or market demands evolve,” wrote Nima Ghamsari, Founder & CEO at Blend.

While navigating the ups and downs of 2020, Blend rolled out new features and products to help customers get their customers to access the capital they needed, including a new loss mitigation workflow for homeowners in forbearance; a digital portal to process PPP loans; expedited the development of Blend Close to provide consumers with the option to choose any closing type including traditional, hybrid, or fully digital with a Remote Online Notary and product updates to help lenders reduce processing workload, triage inbound leads, and streamline workflows in the midst of record loan volume. The company has aggressive plans for 2021 and beyond.