Blend Announces $150 Million Investment from Haveli

To all our customers—

Today, we announced a $150 million investment from Haveli at approximately a 44% premium to our closing stock price.

If you read nothing else below this, here are three takeaways from this that matter for you:

1. We’re investing in the future of mortgage and consumer banking, like we always have.
2. We’re now debt-free and have an even stronger balance sheet. We are here for the long haul.
3. We provided information to Haveli for their review of our business, including our customer base. We have YOU to thank for this milestone.

We have always been a leader in innovation in the mortgage tech space, and in our more nascent consumer banking tech space. Not only does this mean we will continue to innovate in all aspects of our business, but Haveli will be a strong, supportive partner in this innovation.

The Haveli team has deep technology investing and operating experience, especially in fintech, and we are eager to partner with them to continue serving our customers while driving industry change. I can’t wait to see what we can do together, and I expect them to be jet fuel for our business.

On the topic of our balance sheet, I’ve spoken with a number of you about how tough the macro is and the worries you have about your critical partners. While I’ve always felt good about our balance sheet and our customer base, I realize that we’ve never seen an industry environment like this. With this new fundraise, you can check this off the list of things you have to wonder about. We’re completely debt free and focused on continuing to drive the change we’ve been driving for the last decade.

On the last point, I can’t thank you enough, our hundreds of customers, for all your help over the last 10 years. I know Haveli talked to many of you over the past couple months and the positive sentiments you shared mean everything to us. We are now focused entirely on the future. There’s a lot of work to do, and we are tremendously excited to charge forward.

Here’s to the next 10 years together. I can’t think of a better group of partners to be on this journey with.

Nima Ghamsari

Forward-Looking Statements

This blog post contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, quotations of management and others; Blend’s expectations regarding its financial condition and operating performance, including growth opportunities and plans for future operations and competitive position; Blend’s products, pipeline, and technologies; Blend’s strategies for growth; the impact of the Haveli investment on Blend’s financial position; Blend’s ability to create long-term shareholder value; and Blend’s expectations for changes in revenue, as well as assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other comparable terminology that concern Blend’s expectations, strategy, plans or intentions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which such performance or results will be achieved, if at all.

Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith beliefs and assumptions as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include the risks that: changes in economic conditions, such as mortgage interest rates, credit availability, real estate prices, inflation or consumer confidence, adversely affect our industry, markets and business, we fail to retain our existing customers or to acquire new customers in a cost-effective manner; our customers fail to maintain their utilization of our products and services; our relationships with any of our key customers were to be terminated or the level of business with them significantly reduced over time; we are unable to compete in highly competitive markets; we are unable to manage our growth; we are unable to make accurate predictions about our future performance due to our limited operating history in an evolving industry and evolving markets; we are unable to successfully integrate or realize the benefits of our acquisition of Title365; our restructuring actions do not result in the desired outcomes or adversely affect our business, impairment charges on certain assets have an adverse effect on our financial condition and results of operations; Blend’s expectations regarding the investment and its impact do not materialize; we are unable to generate sufficient cash flows or otherwise maintain sufficient liquidity to fund our operations and satisfy our liabilities. Further information on these risks and other factors that could affect our financial results are set forth in our filings with the Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2023. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this blog post may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. These factors could cause actual results, performance, or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this blog post. Except as required by law, Blend does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.