Blend raises $75 mn in Series F funding, bringing valuation to $1.7 bn
By Pavithra R
Blend, a leading digital lending solution provider, has announced that the company has raised $75 mn in Series F funding led by Canapi Ventures, a FinTech-focused venture capital firm backed by major banks and financial institutions. The round also saw participation from existing investors, including Temasek, General Atlantic, 8VC, Greylock, and Emergence.
The investment brings Blend’s valuation to nearly $1.7 billion. The FinTech is planning to use the finance to bolster the development of its unified digital platform for consumer loans, mortgages, and deposit accounts.
“Financial institutions have traditionally taken time to modernize legacy systems, but digital is now table stakes. Shelter in place and social distancing mandates have forced banks and other lenders to accelerate digital transformation plans from years to months. Blend is at the forefront of this innovation, offering flexible digital solutions to help lenders like Wells Fargo, U.S. Bank, Truist, M&T Bank, and other key regional banking institutions meet their accelerated timelines and their customers’ changing needs,” said Jeffrey Reitman, a partner at Canapi Ventures.
COVID-19 has significantly impacted the lending industry, generating a surge in the mortgage refinance applications in response to record-low interest rates, demand for digital channels, and driving a sudden wave of demand for Paycheck Protection Program small business loans. Blend is helping financial institutions to respond to changing market dynamics with greater agility by offering modern lending experiences for consumers and loan teams. The firm’s Digital Lending Platform streamlines the journey from application to close for any banking product, helping lenders acquire more customers, deepen customer relationships and increase productivity.
“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,” said Marc Greenberg, head of finance at Blend.
Founded in 2012 by a group of former Palantir engineers, Blend is a Market-leading digital lending technology provider making the process of getting a loan simpler, faster, & safer.
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