Digital Lender Blend Adds $130 Million in New Funding

Blend, which provides a digital lending platform, announced it raised $130 million in Series E funding, bringing its total funding to $310 million.

The funding was led by Temasek and Genreral Atlantic, joining existing investors Founders Fund, Greylock Partners, 8VC and Lightspeed Venture Partners.

Blend routinely processes nearly $2 billion in loans every day in partnership with more than 150 lending customers. It recently announced product expansions into deposit account opening, home equity, and homeowners insurance, and brought in several high-level additions to its executive team, including former Fannie Mae CEO Tim Mayopoulos.

Blend plans to use the new capital to expand its staff, which has nearly 400 employees currently, and strengthen its efforts to digitize the entire mortgage process from application to close. Blend plans to invest in new technologies, grow its ecosystem of partners, and further its expansion into a broader suite of consumer lending products.

“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 statement. “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.”

Bend also announced it has named former Pixar CFO Ann Mather to an independent board member position. Mather currently serves on the boards of Alphabet, Airbnb and Netflix, among others.

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