US-based digital lending platform Blend has secured $75m in Series F funding round at a valuation of nearly $1.7bn.
The funding round was led by venture capital firm Canapi Ventures and joined by the company’s existing investors Temasek, General Atlantic, 8VC, Greylock, and Emergence.
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Blend offers a digital closing solution for mortgages, home equity loans, a mobile app for loan officers, and reporting tools for lenders.
The company intends to use the proceeds to fund the development of its digital lending platform for mortgages, consumer loans, and deposit accounts.
The platform helps lender customers to streamline their customers’ journey for any banking product from application to close.
It also helps lenders onboard more customers and bolsters their overall productivity.
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By GlobalDataBlend head of finance Marc Greenberg said: “This additional capital allows us to accelerate our broader strategy to create long-term value by serving our customers, expanding our offerings, and building out the Blend ecosystem.
“We are committed to being the digital layer that enables millions of people to gain access to the capital they need while helping our customers be there as trusted advisors for every milestone in a consumer’s financial journey.”
Last year, the company said it would expand into the consumer banking business and roll out a new solution for auto loans.
Blend employs over 130 people. Its digital lending platform is used by the likes of Wells Fargo, US Bank, and 250 other financial institutions.
