Blend Labs, which provides a digital platform for lenders to offer mortgages and consumer loans, raised $360 million by offering 20 million shares at $18, the high end of the range of $16 to $18.
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 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 acted as joint bookrunners on the deal.
