15th of April, Blend Labs filed for an IPO with the Securities and Exchange Commission.
The company intends to attract additional funds to consolidate the leading position in the market of software providers for credit institutions. Management also plans to use the capital for the next phase of growth as well as the development of the current product range.
Blend’s filing with the SEC happened after record growth in 2020. Pandemic has stimulated major lending institutions to start the transition towards complex IT solutions of the company.
Today, Blend supplies software to financial giants like Wells Fargo and the U.S. Bank. Recently, the startup’s sphere of influence has expanded to car loans, opening deposit accounts, and homeowner insurance. The startup processes $ 2 billion of credit transactions daily.
Three months ago, Blend raised $ 300 million in Series G at a $ 3.3 billion valuation from 2 large international funds — Coatue and Tiger Global Management. In total, the startup has attracted almost $ 665 million of investments.
Blend — is a digital lending platform that supports and simplifies applications for mortgages, consumer loans, and deposit accounts. The company was founded in 2012 in San Francisco.