Mortgage technology firm Blend raises $130 million to add jobs, expand
Blend, a mortgage technology firm that named former Fannie Mae CEO Tim Mayopoulos its president early this year, has raised $130 million in Series E funding for an expansion.
In addition, Blend also has named former Pixar Chief Financial Officer Ann Mather an independent board member. Mather also is a member of the board at other companies, including Netflix and Airbnb.
Temasek and General Atlantic led the funding round, which existing investors 8VC, Founders Fund, Greylock Partners and Lightspeed Venture Partners also participated in.
The company plans to put the funding toward expanding its staff of nearly 400 people, broadening its consumer lending products, investing in new technologies and increasing its business partnerships.
With the addition of the Series E funding, the company has raised $310 million in total.
Blend currently has more than 150 lenders as customers and processes nearly $2 billion in loans. It recently expanded its technology to help automate processes related to home equity lending, homeowners insurance and deposit account opening.
The company also recently added a new integration with Mortech's technology. Mortech offers a mortgage pricing engine, lock desk and underwriting technologies, among other things.
"Together with our partners, we've made significant strides in transforming lending experiences for consumers and institutions across the country," said Nima Ghamsari, founder and CEO at Blend, in a press release. "As we build toward a more transparent and frictionless future where lending transactions happen in one tap, we're grateful to have the experience of Ann, along with the teams at Temasek and General Atlantic, in our corner for this journey."