Blend Labs, a mortgage technology provider, has confidentially filed with the Securities and Exchange Commission for an initial public offering.
The San Francisco-based fintech said Friday it submitted its draft registration statement with the regulator for an IPO. Blend did not disclose how many shares it would offer or their price range. The company is expected to launch its IPO once the SEC completes its review.
Founded in 2012, Blend provides a digital lending platform that is used by major banks like Wells Fargo (ticker: WFC) and U.S. Bank, as well as 285 other financial institutions, to offer mortgage and consumer loans. Using its software, Blend’s customers process more than $4 billion in mortgages and consumer loans daily. Its technology facilitated $1.4 trillion in mortgages and consumer loans in 2020, the company said in January.
Mortgage technology has gained prominence since Rocket (RKT), the parent of Rocket Mortgage and Quicken Loans, listed its shares in August. Rocket gained 19.5% in its first day of trading to close at $21.51.
Blend’s IPO filing comes three months after the startup raised $300 million in a Series G round led by Coatue and Tiger Global in January. The fintech was valued at $3.3 billion with the round, a statement said.
Write to Luisa Beltran at luisa.beltran@dowjones.com
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