Blend’s software makes banks cool.
While many finance startups rip big banks, Blend secretly powers them.
They’re one of those tech companies you don’t always see as a consumer, but they process $2 billion in loans per day for lenders that comprise about 25% of the U.S. mortgage market, and are now moving into deposits, insurance, and the rest of your bank’s offerings.
They count Wells Fargo and U.S. Bank among their 150 bank and lender customers, and in in 2019 alone Blend has done the following:
– Launched products that let you tap home equity without headaches. Americans have the most home equity in 13 years—about $5.6 trillion—after a long run of home appreciation, but still a third of you fund home improvements with credit cards because that’s been easier than getting a home equity loan. Until now. Blend powers your lender to do all this from your phone, and close 19 days faster than you could before this technology existed.
– Hired the former head of Fannie Mae Tim Mayopoulos as their president. Fannie Mae sets most mortgage lending guidelines in America. The Basis Point recently led a webinar with Blend and Fannie Mae called But seriously, how close are we to a fully digital mortgage?. It’s been a 26 year journey so far because of a few key reasons, but now well-funded, properly-connected teams like Blend will help make all your finance digital and safe, while also keeping the system safe.
– Added non-mortgage products like bank account openings, which make your entire banking experience super easy without having to leave your existing bank.
– Added former Pixar CFO Ann Mather to its board. She also sits on boards of Google parent Alphabet, Netflix, and Airbnb, so she knows a thing or two about how to help consumer companies get big and do the right thing.
– Raised $130 million in Series E funding today, bringing their total funding to $310 million so they can keep building. Now they add Temasek and General Atlantic to this list of top tier investors.
When companies like Blend are making big moves like this, it’s a good thing for consumer finance and for you. Please reach out to us with any questions.