Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Digital loan start-up Blend jumps to $1.7 billion valuation as mortgage demand surges

Digital loan start-up Blend jumps to $1.7 billion valuation as mortgage demand surges

Digital lending start-up Blend raised $75 million in fresh funding at a valuation of almost $1.7 billion, a jump of more than 70% from its previous round a year earlier, CNBC has learned. Refinance application volumes jolted more than 1,000% higher in March, and purchase applications climbed by more than 100% every month since May, according to company figures. The Series F funding round was led by Canapi Ventures, a fintech VC fund that is backed by the banking industry and led in part by Gene Ludwig, a former U.S. regulator who founded the Promontory Financial Group.
Digital lending start-up Blend raised $75 million in fresh funding amid surging demand for streamlined mortgage applications during the coronavirus pandemic.

The move values the company at almost $1.7 billion, a jump of more than 70% from its previous funding round a year earlier, CNBC has learned.

Blend is growing rapidly as U.S. banks and credit unions seek help in updating tedious, paper-heavy loan processes. The start-up, founded in 2012, began with software that helped banks offer faster digital mortgage applications. More recently, it branched out into auto loans, deposit account openings and homeowners’ insurance.

As it has with digital adoption trends across banking and e-commerce, the pandemic led to a surge in demand for Blend’s software: Refinance application volumes jolted more than 1,000% higher in March, and purchase applications climbed by more than 100% every month since May, according to company figures.

The Series F funding round was led by Canapi Ventures, a fintech VC fund that is backed by the banking industry and led in part by Gene Ludwig, a former U.S. regulator who founded the Promontory Financial Group. Existing investors Temasek, General Atlantic, 8VC and Greylock also took part in the round.

“We’re seeing banks accelerate their move to digital from what was three to five years to months now,” Jeffrey Reitman, a partner at Canapi Ventures, said in an interview. “What really drove us to investing now was just looking at all their expansion opportunities” throughout retail banking, he said. “We just think they’ve wedged themselves into the market in a great place.”

Wells Fargo, U.S. Bank and Truist are among Blend’s 250-plus customers, and the company has handled over $771 billion in loan volumes so far this year.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×