US-based digital lending solutions provider Blend has closed a $300m Series G investment round, nearly doubling its valuation to $3.3bn in a span of five months.
In August, Blend secured $75m in Series F funding round at a valuation of nearly $1.7bn.
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The latest funding round was led by Coatue and Tiger Global.
Blend will use the proceeds to support its next phase of growth and invest in product and services that financial institutions need.
Blend offers a unified platform for mortgages, consumer loans, and deposit accounts.
It offers a digital closing solution for mortgages, home equity loans, a mobile app for loan officers, and reporting tools for lenders.
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By GlobalDataBlend founder and CEO Nima Ghamsari said: “We are working to build a smarter future for banking that delivers an end-to-end digital experience for any consumer banking product and an optimal home buying journey from start to close.
“No consumer dreams about applying for a home equity line of credit or a mortgage – they are looking to create a dream kitchen or purchase their first home.
“We are helping our lenders be there as trusted advisors for their customers at every one of life’s milestones.”
The latest round comes after Blend processed $1.4trn in mortgages and consumer loans last year. The company hired over 200 employees, increasing its total headcount by over 60%.
The company added several customers to its platform, including South State Bank, TCF National Bank, FirstBank, Evergreen Home Loans, and Idaho Central Credit Union.
Moreover, nearly 75% of Wells Fargo’s mortgage originations come through Blend.
Additionally, BMO Harris Bank, City Bank, Credit Union, and BCU selected Blend’s new suite of consumer banking products, and over 70 lenders selected Blend for its digital closing solution.
