Lenders using MeridianLink Consumer loan origination software (LOS) will be able to leverage Blend’s unified platform and consumer banking origination software for a fast onboarding and application process for banking, credit card and loan products, Blend said in a news release on Tuesday.
“Our Marketplace unites a multitude of industry-leading solutions with the MeridianLink One platform to deliver exceptional consumer experiences and streamline contemporary lending processes,” Megan Pulliam, SVP of MeridianLink Marketplace, said in a statement.
Blend’s platform will give lenders the flexibility to choose the technology stack that best fits their unique needs while increasing their operational efficiency and deepening relationships with their borrowers, the California-headquartered mortgage tech firm said.
Blend, which went public in July 2021, is focused on growing its Blend Builder platform – a cloud banking platform designed to help businesses in the financial services industry streamline processes for mortgages, loans, deposits and accounts.
The firm aims to create a unified platform that can serve all the products that a bank can offer – including personal loans, credit cards, car loans, student loans and mortgages.
In the second quarter of 2023, Blend reported a non-GAAP net loss of $22.7 million, narrowing its financial loss compared to a non-GAAP net loss of $35.6 million in Q1 and non-GAAP net loss of $45.1 million in Q2 2022.
Blend’s executives had repeatedly reiterated its goals of reaching non-GAAP profitability by 2024.
MeridianLink provides LOS, digital lending platforms and digital banking technology that helps banks, credit unions and financial institutions streamline lending and account origination processes.
The company’s partnership includes integration with Equifax that enables instant verifications of employment and income through the Meridian Consumer LOS for credit unions, banks and other lenders.