Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 110

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 1
Chunk 110
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 design teams build our software platform and products in close partnership with our customers and use focus groups with both customers and consumers to gain a deep understanding of the tasks and workflows we automate. We also analyze the data from millions of applications flowing through our system to understand opportunities for driving further efficiencies and improvements. 

We use Agile software development methodologies and automated testing to support continuous product deployment with new code shipping nearly every week. Our modular platform architecture uses microservices and APIs to support the ability for our customers to create unique financial product offerings and consumer journeys.

Competition 

The primary competitors for our software platform include point solution vendors, providers of back office software with proprietary digital capabilities, and systems developed internally at financial services firms. We also expect new players to enter the market and existing companies to allocate more resources to develop and market products that compete with ours. We contract with several providers of back-office software for financial services firms in order to integrate our products with their software, and these providers may choose to offer competing software products. We believe we distinguish ourselves from the competition through the breadth of our product offerings, the flexibility of our configurable platform architecture, our ability to support multi-product shopping experiences, the scale of our ecosystem, the service-provider marketplaces integrated into our product offerings, the size and scale of our customer base, and our ability to power superior end-to-end consumer journeys. 

8

Competition in the title insurance industry may impact our business and is intense, particularly with respect to price, service, and expertise. Larger residential mortgage originators also look to the size and financial strength of a title insurance provider. Although we provide title and settlement services to large commercial and residential customers and mortgage originators, there are other title insurance agencies that have substantially greater capital than we do, especially those affiliated with large title insurance underwriters. The size and number of title insurance agencies vary in the geographic areas in which we conduct our title business. Our competitors include other major title brokers, agencies and underwriters, as well as other regional title insurance companies, underwritten title companies, and independent agency operations at the regional and local level. Competition, expansion of existing competitors, or new entrants to the title business could affect our business operations and financial condition. 

The principal competitive factors in our industry include:

•product functionality;

•consumer experience;

•employee user experience;

•time to value;

•total cost of ownership;

•flexibility;

•scalability;

•ease of integration;

•level of customer satisfaction;

•ability to innovate rapidly;

•brand awareness; and