Blend Labs, which provides a digital platform for consumer banking, announced terms for its IPO on Tuesday.
The San Francisco, CA-based company plans to raise $340 million by offering 20 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Blend Labs would command a fully diluted market value of $4.5 billion.
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. As of December 31, 2020, Blend Labs had 291 customers, including 31 of the top 100 financial services firms in the US by assets under management and 24 of the top 100 non-bank mortgage lenders by loan volume.
Blend Labs was founded in 2012 and booked $112 million in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol BLND. Goldman Sachs, Allen & Company, Wells Fargo Securities, KeyBanc Capital Markets, Truist Securities, and UBS Investment Bank are the joint bookrunners on the deal.
