AAA Blend tends to $300m series G

Blend tends to $300m series G

Blend, the US-based digital lending platform developer backed by enterprise software producer Salesforce, completed a $300m series G round yesterday at a $3.3bn valuation.

Investment management firm Coatue and hedge fund manager Tiger Global Management co-led the round, which lifted the company’s total funding to at least $685m since it was founded in 2012.

Blend provides software that helps some 285 banking partners including Wells Fargo and US Bank streamline and digitise activities such as issuing mortgage and consumer loans. It plans to allocate the series G proceeds to expanding its products and services.

Nima Ghamsari, Blend’s founder and chief executive, 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 homebuying 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 company was valued at almost $1.7bn in its last round, a $75m series F in August 2020 led by Canapi Ventures and backed by Temasek, General Atlantic, 8VC, Greylock Partners and Emergence Capital Partners.

Blend had received $130m in a June 2019 series E round co-led by Temasek and General Atlantic that included 8VC, Founders Fund, Greylock and Lightspeed Venture Partners, the month after Salesforce invested an amount likely to be $14m.

Emergence Capital, Lightspeed Venture Partners, Nyca Partners, Founders Fund, Andreessen Horowitz, Peter Thiel, 8VC and Formation 8, are among the company’s earlier investors.

By Robert Lavine

Robert Lavine is special features editor for Global Venturing.

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