LendTech Blend ropes in $130M in recent Series E

BFSI News

LendTech-Blend-ropes-in-130M-in-recent-Series-E LendTech Blend ropes in $130M in recent Series EBlend, a San Francisco, California-based provider of digital lending technology, as per recent reports last week, has just closed a Series E fundraising round, raising $130 million in investment funding.

Blend’s recent Series E was led by Temasek, a Singapore-based global investment company, and General Atlantic, a New York, NY-based leading global growth equity firm, and was participated by existing investors 8VC, Founders Fund, Greylock Partners, and Lightspeed Venture Partners. With this recent funding, the San Francisco-based Blend has to date raised $310 million in total funding.

“Blend’s technology platform is driving an evolution in how lenders do business and interact with their clients,” states Paul Stamas, Managing Director at General Atlantic. “Blend’s approach of partnering with financial institutions to reimagine consumer finance has proven hugely successful thus far.”

The recent funding follows Blend’s peak performance figures, processing nearly $2 billion in loans every day in partnership with more than 150 lenders. The lendtech has also recently announced an expansion in its product offerings with new deposit account opening, home equity, and homeowners insurance. Additionally, the company has also on-boarded former Fannie Mae CEO, Tim Mayopoulos, into its executive team.

With this new capital, Blend plans to hire new professionals, expanding its team of nearly 400 employees; invest in new technologies; grow its partner ecosystem; and expand on its portfolio of consumer lending products.

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