The round was led by Graylock Partners with participation from Emergence Capital, 8VC, Lightspeed Venture Partners and Nyca Partners, bringing Blend’s total funding to $166 million.
“We saw a massive opportunity at Blend and the work they’re doing to deliver transparent, frictionless, affordable mortgages to everyone,” said Jerry Chen, partner at Greylock Partners. “Banks and lenders understand the need for innovation, but they cannot do it on their own. Blend is in a unique position to change the consumer lending industry with an unparalleled team of engineers, designers and product and data experts committed to helping people on their home-buying journey. “That’s right.
Founded in 2012, Blend is on a fast-growing path. Since January 2016, the company has tripled its customer base, which includes the country’s top mortgage lender, Wells Fargo, along with other top lenders, such as Movement Mortgage. The platform alone saw more than $30 billion in mortgage applications in 2017, and the company also doubled in size to nearly 200 people. New offices have also been opened in San Francisco and New York.
“In the wake of the financial crisis, we started Blend to bring simplicity and transparency to an industry that had long been underserved by technology and had a compelling need for digitization,” said Nima Ghamsari, CEO and founder of Blend. “Today, the impact of our modern, intuitive platform is felt by hundreds of thousands of borrowers across the country. Our partners account for around 25% of the total U Oh, S Mortgage market, and with this round of financing, we have the opportunity to expand the breadth of our product and serve more borrowers. “That’s right.
With its new capital, Blend is in a position to accelerate innovation across the consumer lending ecosystem and around the world. In addition to the expansion of its staff, the company plans to replicate its success with mortgages—the most extensive, data-heavy loan product—to other types of loans and to expand operations outside the U. Oh, S In the near term
About the mix
Blend is a Silicon Valley technology company that transforms the consumer lending ecosystem. Blend’s technology delivers speed and efficiency to lenders so that they can serve the modern borrower and safely navigate the changing rules and regulations of the industry.
Founded in May 2012, Blend is supported by Greylock Partners, Emergence Capital, 8VC, Founders Fund, Andreessen Horowitz, Lightspeed Venture Partners, Nyca, Max Levchin and other leading venture investors. Visit: blend to learn more. Come on,
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