Blend Labs hit a nearly $4 billion valuation as it makes its NYSE debut
Blend’s cloud-based platform is now used by 31 of the top 100 U.S. financial firms, including big mortgage lenders like Wells Fargo and US Bank. The software processes $5 billion worth of loans per day and in 2020, its front-end, white label technology was used to process $1.4 trillion in mortgage and consumer loans, up nearly threefold from the prior year. Its staff grew to 750 this year, up from 425 before the pandemic.
Though it started with mortgages, the company has expanded its product offerings since 2019 to include homeowner’s insurance, as well as home equity and auto loans. In March, it agreed to acquire title-insurance and settlement company Title365 for $422 million, with the aim of integrating even more of the home closing process into its services—and collecting insurance fees.
Blend reported a 166% increase in transactions on its platform from March 2020 through the end of the year compared to 2019. The company also reported it had a net loss of $75 million on revenue of $96 million in 2020, compared with a loss of $81 million on revenue of $51 million the previous year.—$10.9 billion by Forbes’ calculations—if the company’s stock skyrockets in the years after going public and hits every single incentive award outlined in his compensation agreement.
“In 10 years, finance is going to be truly digital and proactive in real time,’’ Ghamsari says. “ will be one of the biggest companies in the world.”
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