San Francisco-based, mortgage-tech provider Blend announced it raised $100 million in Series D funding, marking its second round of funding for the year.

The new round of funding brings Blend's total funding to $166 million.

Greylock Partners led the funding, with participation from Emergence Capital, 8VC, Lightspeed Venture Partners, and Nyca Partners.

"We saw a massive opportunity in Blend and the work they are doing to deliver transparent, frictionless, accessible mortgages for everyone," said Jerry Chen, partner at Greylock Partners.

"Banks and lenders understand the need for innovation, but they can't do it alone,” said Chen. “Blend is in a unique position to change the consumer lending industry with an unparalleled team of engineers, designers and product and data experts committed to helping people along their homebuying journey."

The HousingWire 2017 Tech 100 winner has already recorded a successful year so far.  Since January 2016, the company tripled its customer base, which includes working with Wells Fargo and Movement Mortgage. And, the digital mortgage platform was only founded in 2012.

The platform processed more than $30 billion in mortgage applications in 2017 alone, and the company has doubled in size to nearly 200 people.

"We started Blend in the wake of the financial crisis to bring simplicity and transparency to an industry that had long been underserved by technology, and had a compelling need for digitization," said Nima Ghamsari, CEO and founder at Blend.

And thanks to its success and the new funding, the company revealed it doesn’t want to stop at only mortgages.

In addition to expanding its staff, Blend said it plans to replicate its success with mortgages to other types of loans and expand operations outside the U.S. in the near-term.

"Today, the impact of our intuitive, modern platform is felt by hundreds of thousands of borrowers across the country. Our partners command around 25% of the total U.S. mortgage market, and with this round of funding, we have the opportunity to expand the breadth of our product and serve more borrowers," said Ghamsari.

 

 

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