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Blend Raises $130 Million Series E

Blend co-founder and CEO Nima Ghamsari

Photograph by Stuart Isett/Fortune

Blend, a San Francisco-based SaaS platform for digital lenders, has raised $130 million in Series E funding. Temasek and General Atlantic led the funding, with participation from existing backers Greylock Partners, Founders Fund, 8VC and Lightspeed Venture Partners. With this funding, Blend has now raised a total of $310 million. Although the valuation for this round is not disclosed, Fortune reports Blend is now valued at close to $1 billion, up from a previous $500 million post-money valuation [according to Pitchbook data].

The funding comes at a good time for Blend, which claims it now processes nearly $2 billion in loans per day for more than 150 lenders. The company has also recently expanded into deposit accounts and home equity, and homeowners insurance. Blend says it'll make use of the funding to continue growing its current team of nearly 400 employees and invest in new tech, grow its partner ecosystem, and further its expansion into other consumer lending areas.

Blend CEO Nima Ghamsari (left) and Wells Fargo Senior Executive Mary Mack. Wells Fargo is one of the largest financial services firms in the U.S. [$86.4 billion 2018 revenue] and is also a Blend customer.

Photograph by Stuart Isett/Fortune

The company recently added former Fannie Mae [a U.S.-backed mortgage giant] CEO Tim Mayopoulos to its executive team and also added former Pixar CFO Ann Mather to its board. Mather also serves on the boards of Alphabet, Netflix and Airbnb.



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