US-based digital lending platform Blend has raised $130m in Series E funding to bring its total funding raised to $310m.

The latest round was led by Temasek and General Atlantic. The company’s existing investors 8VC, Founders Fund, Greylock Partners, and Lightspeed Venture Partners also participated.

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Blend fundraising: Future

The latest fundraising will help the company to support its business and strengthen its team of 400 employees.

Additionally, Blend aims to utilise a section of the funds to invest in new technologies and expand its suite of products. The company also plans to accelerate its efforts to digitise the entire mortgage process.

Based in San Francisco, the company focuses on streamlining loan processing. Through its digital lending platform, it enables the financial institutions to improve consumer lending processes and bolster efficiency.

Blend claims to process nearly $2bn in loans daily in partnership with more than 150 lender customers.

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Recently, it announced product expansions into deposit account opening, home equity, and homeowners insurance.

Blend founder and CEO Nima Ghamsari said: “Together with our partners, we’ve made significant strides in transforming lending experiences for consumers and institutions across the country.

“As we build toward a more transparent and frictionless future where lending transactions happen in one tap, we’re grateful to have the experience of Ann, along with the teams at Temasek and General Atlantic, in our corner for this journey.”