Blend Labs, which provides a digital platform for consumer banking, filed on Monday with the SEC to raise up to $100 million.
Blend Labs' growing suite of products currently powers digital-first consumer journeys for mortgages, home equity loans and lines of credit, vehicle loans, personal loans, credit cards, and deposit accounts. While the company currently offers products for consumer banking, it plans to extend its modular software platform over time to add support for commercial banking products. In 2020, Blend Labs' software platform helped financial services firms process nearly $1.4 trillion in loan applications.
The San Francisco, CA-based company was founded in 2012 and booked $112 million in revenue for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol BLND. Blend Labs filed confidentially on April 15, 2021. Goldman Sachs, Allen & Company, Wells Fargo Securities, KeyBanc Capital Markets, Truist Securities, and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
