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Digital lending solution company Blend closed $300 million in series G funding, led by Coatue and Tiger Global. With the latest round of funding, Blend is close to doubling its valuation to $3.3B in five months, according to a press release.
The company will use the capital to fund its next phase of growth and support investment in the products and services for financial institutions. Blend is on the heels of a record year as its technology facilitated $1.4 trillion in mortgages and consumer loans in 2020, according to the release. The company also added more than 200 new employees, increasing its workforce by over 60%.
"2020 was a big year of change for the banking industry. Stay at home orders and social distancing mandates accelerated digital adoption faster than anyone could have expected," said Coatue Managing Partner Kris Fredrickson, according to the release. "Blend has been at the forefront of this revolution, helping banks rapidly meet the changing needs of their customers."
Blend was able to expand coverage to approximately 30% of all U.S. mortgage volume in 2020, with the addition of South State Bank, TCF National Bank, FirstBank, Evergreen Home Loans, and Idaho Central Credit Union. Wells Fargo was one of Blend's first partners and today approximately 75% of its mortgage originations come in through the digital application powered by Blend.
The company is currently working on a technology platform featuring a unified configurable platform for mortgages, consumer loans, and deposit accounts as well as an end-to-end digital mortgage solution where consumers can complete the full home finance process, including insurance and closing, in a single place.
"We're working to build a smarter future for banking that delivers an end-to-end digital experience for any consumer banking product and an optimal homebuying journey from start to close," said Nima Ghamsari, founder and CEO of Blend.