Mortgage technology companies, a sector of proptech, continue to be active. Last week, mortgage lending software platform Blend announced its intention to hit the public market.
This news comes only a few months after the company raised a $300 million Series G funding round led by Tiger Global Management. That round of funding valued the company at over $3 billion.
More on Blend
There's a chance you might have used Blend before without even knowing it. The company has built a white-label mortgage application for banks -- Blend works with large lenders like Wells Fargo (NYSE: WFC), Navy Federal Credit Union, Citizens Bank (NYSE: CFG) and U.S. Bank (NYSE: USB).
Blend also provides other tangential products. For example, Blend launched a "one-tap" mortgage preapproval in 2019. What does this mean? According to Blend, the technology "enables lenders to verify a consumer's assets, income, employment, and liabilities with source data and zero friction, significantly reducing the amount of paperwork to review and saving time for the lender."
Mortgages aren't the only lending products Blend supports. The company also works with home equity lenders and vehicle loan providers, supports onboarding for deposit accounts, and offers an eClosing solution.
A big 2019 followed by a record 2020
2019 was a big year for Blend beyond the launch of its "one-tap" preapproval program. Not only did Blend win HousingWire Tech100 for Mortgage that year, but the company also hired former Fannie Mae (OTCMKTS: FNMA) CEO Tim Mayopolous as president.
That year, Blend also announced a partnership and strategic investment from Salesforce (NYSE: CRM) and raised over $100 million from investors.
According to the company, more than 300 consumer banks use Blend to process over $4 billion of mortgages and other consumer loans daily. In total, Blend's platforms altogether saw roughly $1.4 trillion in total loans in 2020.
Blend has already gotten off to a hot start this year. The company announced the acquisition of Title365 from Mr. Cooper Group for approximately $422 million in March.