The latest tech IPO is due to hit the New York Stock Exchange Friday. Blend Labs, a fintech company that specializes in consumer solutions for online loans and banking, will trade under the stock ticker symbol BLND.
As Bloomberg reports, Blend sold 20 million Class A shares at $18 each—hitting the top-line IPO price of $16 to $18 per share. In total, Blend Labs raised $360 million via yesterday’s IPO. When added to its other outstanding shares and employee stock options, Blend now has a market valuation of $5 billion.
Blend Labs was founded in 2012. The San Fransisco-based fintech firm’s platform is used by 31 of the top 100 financial firms in America and helps those firms’ customers facilitate mortgages, loans, and credit card applications. According to Blend’s website, the company’s platform processes $5 billion worth of loans per day, and in 2020 processed nearly $1.4 trillion in loans in total.