Blend, a US-based digital lending platform that counts enterprise software vendor Salesforce as an investor, picked up $75m in a series F round yesterday led by venture capital firm Canapi Ventures.
Singaporean government-owned investment firm Temasek also took part in the round, as did General Atlantic, 8VC, Greylock Partners and Emergence Capital Partners, and the funding was raised at a valuation of nearly $1.7bn.
Founded in 2012, Blend has built a software platform that serves as a digital layer for banks, allowing them to more easily process applications for products such as mortgages, car financing, consumer loans and deposit accounts.
The company also provides a dedicated mobile app for loan staff and reporting tools for lenders. The series F financing will enable it to accelerate platform development, expand its offering and build out its ecosystem.
Blend has received at least $385m in equity financing to date. Temasek and General Atlantic co-led its $130m series E round in June 2019, investing together with 8VC, Founders Fund, Greylock and Lightspeed Venture Partners.
Salesforce invested an undisclosed amount in Blend the month before through corporate venturing vehicle Salesforce Ventures. Although the size of the deal was undisclosed, Blend said it had raised $166m altogether following its series D round and $310m after its series E, implying Salesforce likely provided $14m.
Greylock led a $100m series D round for the company in 2017 that included Emergence Capital, 8VC, Lightspeed Venture Partners and Nyca Partners. It had secured $40m in a series C led by Founders Fund and backed by existing investors Lightspeed and Formation 8 the year before.
Details of Blend’s series A and B rounds could not be confirmed, but it raised $2.5m in seed funding from Andreessen Horowitz and angel investor Peter Thiel in 2012, according to Business Insider.
