[Editor’s note: This is a guest post from Dmytro Spilka. He is a tech and finance writer based in London. Founder of Solvid and Pridicto. His work has been published in The Diplomat, Investing.com, IBM, Investment Week, FXStreet, Entrepreneur and FXEmpire.]
Mortgage software company Blend Labs launched its IPO last week, generating $360 million and a valuation of more than $4 billion. Although these numbers seem impressive for a fintech startup still less than 10 years old, Blend’s ambitions show that the fintech ecosystem is ramping up its battle to overtake traditional financial institutions.
Blend made 20 million shares available at a price of $18 each and is listed on the New York Stock Exchange under the symbol BLND.
As a fintech that specializes in utilizing big data and automation to leverage end-to-end customer journeys for mortgages and other banking products, Blend has achieved widespread recognition in the world of real estate. The company was named as one of HousingWire’s 2021 Tech 100 winners, and has grown since its 2012 formation to become an industry leader in mortgage tech.
Blend’s white label technology is what powers mortgage applications through the websites of leading banks like Wells Fargo and US Bank – its offering was also integrated with CoreLogic in 2019 for an easier level of access to borrowers’ credit.
As Q3 2020 data published by Insider shows, global fintech merger and acquisition activity has accelerated rapidly over the past decade to $233.8 billion in 2019 – a full $100 billion clear of the next best year prior. 2020 was also shaping up to be a wildly successful year at the time the data was collected despite Covid-19 uncertainty dominating Q1 and Q2 of the year. [Read more…]