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.
