Blend, a supplier of loan origination software for the US mortgage industry, has closed $300 million in Series G funding led by Coatue and Tiger Global, nearly doubling its valuation to $3.3B in just five months.
The fresh funding comes on the heels of a record year as the firm facilitated $1.4 trillion in mortgages and consumer loans in 2020 and added more than 200 new employees, increasing its headcount by over 60%.
Blend added many key customers in 2020, expanding coverage to approximately 30% of all US mortgage volume with the addition of South State Bank, TCF National Bank, FirstBank, Evergreen Home Loans, and Idaho Central Credit Union.
Wells Fargo, the largest bank retail mortgage originator in the US, was one of Blend's first contracts, and today approximately 75% of its mortgage originations come in through its digital application powered.
In total, the company has 285 financial institutions on its books.
The firm has recently branched out into the consumer loan and deposit markets with the aim of creating a technology platform capable of supporting all consumer banking needs.
"Today's consumers expect Amazon-like experiences across the board, and Blend is well-positioned to help financial institutions achieve that," said John Curtius, a Partner at Tiger Global Management. "The company's momentum is a reflection of their rapid pace of innovation and deep commitment to helping their customers bring the simplicity and transparency consumers crave to the banking industry."