I’m excited to share that Blend has raised $300 million in Series G funding as we continue our work to create frictionless consumer experiences for any banking product.
Blend has aggressive plans for 2021 and beyond, and we can’t wait to put this investment to work. We want to build the banking software infrastructure for the future, with an end-to-end digital experience for any consumer banking product and a complete homebuying and financing journey from start to close.
We’re excited to partner with the teams at Coatue and Tiger Global Management and look forward to leveraging their expertise in technology and financial services as we discover more ways to deliver solutions for financial institutions that create deeper customer relationships. The addition of Coatue and Tiger Global, along with existing investors like Canapi, signals confidence in Blend’s goals as we continue to build on our success in mortgage and expand deeper into consumer banking. Together with our customers, we will accelerate the delivery of a unified software layer for all consumer banking products — from mortgages to personal loans to deposit accounts and more — on a modern, data-driven platform.
If we learned one thing from the pandemic, it’s that we can’t always predict what new products or services consumers may need. But, by unlocking our platform with no-code, drag and drop workflows that work across all channels, financial institutions can evolve their business faster than ever before while driving a personalized, dynamic experience. This is the software architecture we’re continuing to invest in and believe will be core to the future of banking. Our configurable platform will enable technology leaders at financial institutions to develop new products — using Blend components — at a much more rapid pace as consumer needs or market demands evolve.
While navigating the ups and downs of 2020, Blend rolled out new features and products to help our customers get their customers access to the capital they needed, including a new loss mitigation workflow for homeowners in forbearance; a digital portal to process PPP loans; and product updates to help lenders reduce processing workload, triage inbound leads, and streamline workflows in the midst of record loan volume. To meet the demands of a socially distant world, we expedited the development of Blend Close to provide consumers with the option to choose any closing type — traditional, hybrid, or fully digital with a Remote Online Notary — and are now working to roll out the product to more than 70 customers.
In 2020, Blend facilitated $1.4 trillion in loans — more than double what we facilitated in 2019 — for our more than 285 lender partners. With the addition of South State Bank, TCF National Bank, FirstBank, Evergreen Home Loans, Idaho Central Credit Union, and others to the Blend community, our customers now represent approximately 30% of all mortgage volume in the U.S. We also added more than 200 employees to the Blend team, onboarding all of them remotely via Zoom. I’m truly humbled by this progress, but still, we feel like we’ve only just begun.
The technology advancements of even just the last eight years of Blend’s existence have been enormous, and we want to bring the art of the possible to life with our software, pushing the edge and creating a new future for banking that benefits everyone and expands access to the financial system. Today’s news is just another step in Blend’s journey; we’re in it for the long haul, and we look forward to continuing to build the best lending and banking experiences for all.