San Francisco-based is simplifying the process of mortgage applications for both borrowers and lenders, but is looking to expand into other lending products. To do that the company has in new funding led by Greylock, with participation from a bunch of existing investors.
Founded in 2012 by a group of Palantir veterans, Blend builds technology used by multiple big banks to help collect and evaluate information in their mortgage underwriting processes.
By helping banks move their application process online, Blend is able to simplify the user experience and increase completed applications. Furthermore, its infrastructure is instrumental in helping underwriters at financial institutions to keep track of mortgages in process and keep them connected to their clients.
As more banks compete for mortgage business online, Blend has been able to rapidly expand its customer base. In the last 18 months, the company has tripled the number of financial institutions that use its technology, and in 2017 alone Blend has seen more than $30 billion in mortgage applications.
With all that in mind, the company raised another big round of funding, this time from Greylock Partners. Existing investors Emergence Capital, 8VC, Lightspeed Venture Partners and Nyca Partners all participated in the round, which brings total financing to $166 million.
While the mortgage industry represent a huge portion of the total lending market, Blend’s technology could be applicable to other lending products as well. While it’s just dipping its toes into those adjacent markets, its existing reach and customer base means that it could move quickly once it launches new products.