Blend Labs, Inc.
We have built a market-leading cloud-based software platform for financial services firms that is designed to power the end-to-end consumer journey for any banking product – from mortgages, home equity loans and lines of credit to vehicle loans, personal loans, credit cards and deposit accounts. From the moment a consumer starts an application for a loan or a deposit account to the moment they digitally sign the final documents, our software platform streamlines the process, so financial services firms can deliver superior consumer experiences, drive growth, and increase operational efficiency.
We offer our products through software-as-a-service agreements, where fees are assessed based on completed transactions, such as a funded loan, new account opening or closing transaction. We do not charge for abandoned or rejected applications, even though they cause us to incur costs. While we currently offer products for consumer banking, we plan to extend our modular software platform over time to add support for commercial banking products. In 2020, our software platform helped financial services firms process nearly $1.4 trillion in loan applications.
Our customers are currently based in the United States and range in size from the largest banks, credit unions, FinTechs and non-bank mortgage lenders in the nation to smaller community lenders with less than $1 billion in assets under management. Representative customers include Wells Fargo, U.S. Bank, M&T Bank, Truist, BMO Harris Bank, Elements Financial Federal Credit Union, Mountain America Credit Union, Lennar Mortgage, PennyMac, Primary Residential Mortgage, Inc. and Opendoor.
As of Dec. 31, 2020, we had 291 customers, including 31 of the top 100 financial services firms in the United States by assets under management and 24 of the top 100 non-bank mortgage lenders by loan volume. In 2020, 18 customers each generated more than $1 million in revenue for us, which represented 53% of our revenue in 2020.
(Note: Blend Labs priced its IPO on July 15, 2021, at $18 – the top of its $16-to-$18 range – on 20 million shares, the same number of shares in the prospectus, to raise $360 million.)
|Industry:||Services - Computer Programming & Data Processingp|
|Address||415 Kearny Street San Francisco, California 94108|
|Phone Number||(650) 550-4810|
|View Prospectus:||Blend Labs, Inc.|
|Revenues||$112.31 mil (last 12 months)|
|Net Income||$-78.84 mil (last 12 months)|
|Price range||$18.00 - $18.00|
|Est. $ Volume||$360.0 mil|
|Manager / Joint Managers||Goldman Sachs/ Allen & Co./ Wells Fargo Securities|
|CO-Managers||KeyBanc Capital Markets/ Truist Securities/ UBS Investment Bank/ Piper Sandler/William Blair/ Canaccord Genuity/ Drexel Hamilton/ Loop Capital Markets/ Ramirez & Co. Inc.|
|Expected To Trade:||7/16/2021|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|