Blend’s Mortgage-Focused Income Nearly Doubles Amid Rising Pandemic – Document Filing

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(Reuters) – Mortgage software maker Blend Labs Inc on Monday released its filings for a U.S. initial public offering and reported a 90% jump in revenue in 2020, fueled by the pandemic-fueled digital banking transition.

The San Francisco-based company privately applied for a listing in April and was valued at $ 3.3 billion after a funding round in January, according to media reports.

Blend Labs, a digital platform for lenders offering mortgage and consumer loans, processes more than $ 5 billion in transactions per day on average, its website says. Its clients include Wells Fargo & Co and Lennar Mortgage.

The company’s filing with the US Securities and Exchange Commission used a dummy $ 100 million for the placement. He did not give any other indication of the size of the proposal or the potential rating.

Blend Labs said its 2020 revenues jumped to $ 96 million from $ 50.7 million a year earlier as home customers increasingly turned to online banking during the COVID-19 pandemic.

Fintech is fast becoming a force to be reckoned with, even for traditional financial institutions with a long tradition. Brazilian digital bank Nubank is also weighing a US IPO that could be worth more than $ 40 billion, Reuters reported on Monday.

Blend’s IPO is underwritten by a syndicate of banks led by Goldman Sachs & Co, Allen & Company and Wells Fargo Securities. The company’s shares will be listed on the NYSE under the symbol BLND.

Reporting by Niket Nishant in Bangalore; Edited by Ramakrishnan M.

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