As a leader in digital lending technology, Blend has made quite a name for itself in a very short amount of time. This week, the company announced it has raised $130 million in Series E funding. Much of this investment came from Temesak and General Atlantic, who now join existing investors Lightspeed Venture Partners, 8VC, Greylock Partners, and Founders Fund. This brings Blend’s total funding to $310 million.
Blend’s technology platform is commonly known as a driving force in the evolution of the lending industry, encouraging banks to improve the way they do business and interact with clients. Furthermore, Blend’s approach to relationships—by partnering with financial institutions when reimagining consumer finance strategies—has consistently proven to be quite successful.
This round of financing comes at quite an important time for Blend, who has built momentum in the market by consistently processing $2 billion in loans every day. Of course, they do not manage this feat alone, but with more than 150 lender partners. Recently, Blend announced transitioning to product expansions that will include deposit accounts, home equity lines of credit, and even homeowners insurance.
On top of this, they also plan to hire many new high-level executives, including both former Fannie May CEO Tim Mayopoulos and former Pixar CFO Ann Mather.
With new capital in hand, Blend has made it known their plans to forge ahead with helping financial institutions deepen their client relationships. With a sales force of about 400, the aim is to simplify this aspect of financing through transparency of lending. Also, Blend wants to increase its efforts towards digitizing all of the mortgage process.
Blend founder and CEO Nima Ghamsari explains, “Together with our partners, we’ve made significant strides in transforming lending experiences for consumers and institutions across the country. As we build toward a more transparent and frictionless future where lending transactions happen in one tap, we’re grateful to have the experience of Ann, along with the teams at Temasek and General Atlantic, in our corner for this journey.”
Temesak is a global investment company based in Singapore. Incorporated in 1974, they tend to invest in one of four areas: Transforming Economies, Growing Middle Income Populations, Deepening Comparative Advantages, and Emerging Champions.
Also a global leader, equity firm General Atlantic provides both capital and strategic support for new growth companies. Founded in 1980, GA brings together a collaborative global approach with sector specific expertise, long-term investment purview, and exceptional growth driver knowledge.