Thursday , 17 October 2019

Blend Raises $130 Million in Series E Funding

Mortgage technology provider Blend reports that it has raised $130 million in Series E funding, led by Temasek and General Atlantic.

The company, which offers a digital point-of-sale platform, says it will use the funding to broaden its suit of digital lending products and to further its vision of a “one-tap lending future.”

Existing investors 8VC, Founders Fund, Greylock Partners and Lightspeed Venture Partners also participated in the round, which brings the company’s total funding to $310 million. 

In addition, the company has named Ann Mather, former chief operating officer at PIXAR, as an independent board member.

Mather, who also serves on the boards of Alphabet, Netflix and Airbnb, brings deep technology experience to Blend, the company says in a release.

Blend says its platform now processes close to $2 billion in loan applications every day. Currently, it has more than 150 lender customers.

“Blend’s technology platform is driving an evolution in how lenders do business and interact with their clients,” says Paul Stamas, managing director at General Atlantic, a leading global growth equity firm. “Blend’s approach of partnering with financial institutions to reimagine consumer finance has proven hugely successful thus far, and we’re thrilled to assist them in their next phase of growth.”

Blend has announced a barrage of integrations during the past year or so.

In January, the company announced that Tim Mayopoulos, former CEO of Fannie Mae, had joined the company as president.

And in February, Blend announced that its point-of-sale platform supports home equity loan and home equity line of credit (HELOC) products.

The post Blend Raises $130 Million in Series E Funding appeared first on MortgageOrb.

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