San Francisco-based Blend, a mortgage technology company, announced it raised $40 million in Series C funding led by Founders Fund, with existing investors Lightspeed and Formation 8 also participating.
The tech company said it plans to use the funds to recruit engineering talent and bring its platform to more lenders.
Founded in May 2012, Blend finds data sources, including digitized pay stubs, tax forms and bank statements, for borrowers to give to their lender.
“We’ve built a flexible product that reduces the data collection burden for borrowers and speeds up processes for lenders while retaining airtight digital compliance,” said Blend CEO Nima Ghamsari. “We’re thrilled that Founders Fund’s support will allow us to reach even more lenders and improve the mortgage experience for their borrowers.”
Blend is the just latest example of a company coming out San Francisco changing the mortgage industry.
SoFi is also a younger company in San Francisco, launching into mortgages less than two years ago. The lender announced back in September 2015 that it secured $1 billion in Series E funding to help expand its range of products.