Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 108

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 1
Chunk 108
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 — we see numerous opportunities to expand our product suite both horizontally and vertically over time in ways that help us increase the volume and type of transactions we power and increase our revenue per banking transaction. Through our deep customer relationships, we gain insights that help us align our roadmap and strategy with the most pressing needs of financial services firms. While we focus today on consumer banking, we believe we can rapidly expand our library of modular components to support commercial banking products. In addition to developing products in-house, we anticipate pursuing selective acquisitions and partnerships to accelerate our growth. We believe we are well-positioned over the long term to become one of the top cloud-based banking platforms responsible for powering end-to-end consumer origination experiences.

•Integrate ecosystem partners into our end-to-end consumer journeys — we receive fixed and/or variable license fees from our integrated marketplace partners for access by consumers to specialized services through our platform, such as providing property and casualty insurance carrier options or settlement services, which helps us increase our revenue per banking transaction. Our integrated shopping experiences can generate additional fees with zero incremental consumer acquisition costs, while enabling financial services firms to deliver better consumer experiences and drive operational efficiency.

Our Customers

Strong customer relationships are a cornerstone of our success. Our customer relationships grow over time as our software platform is used for a broader range of products. Customers typically complete an initial deployment for one or two products and then add more products over time, building toward a unified consumer experience that supports multi-product shopping journeys. 

Our customers are currently based in the United States and range in size from the largest banks, credit unions, fintechs, and other non-bank mortgage lenders in the nation to smaller community lenders with less than $1 billion in assets under management.

In 2024, 62.8% of our Blend Platform segment revenue was generated from 23 customers with more than $1 million each in revenue, and 79.4% of our Title segment revenue was generated from 7 customers with more than $1 million each in revenue.

Sales and Marketing 

We focus our go-to-market strategy on financial services firms. Our team focuses on building successful long-term customer relationships through a customer-first go-to-market approach. Accounts are staffed with account teams who are responsible for making customers successful using our products, whether it is through technical implementations, organizational change, loan officer enablement, or industry best practices. In order to provide focus and increase our ability to win, we orient our sales workforce around the account size categorized by assets under management, as well as targeting independent mortgage