Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 99

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 1
Chunk 99
---
ITEM 1. BUSINESS 

Company Overview 

It’s our vision to bring simplicity and transparency to financial services, so every consumer can more easily access the capital they need to reach their financial goals. To realize this vision, we have built a market-leading digital origination platform and suite of products designed to transform consumer banking experiences and streamline workflows for financial providers.

From the moment a consumer starts an application for a loan or a deposit account to the moment they digitally sign the final documents, our platform streamlines the process. Consumers expect modern banking experiences to be as simple as other online shopping experiences. However, financial services firms may not have the resources and in-house software expertise to fulfill consumer demands for intuitive, digital, and easy-to-use products. In addition, most financial providers are burdened by antiquated, inflexible systems and use separate technology stacks for different product lines, making it difficult to drive rapid improvements. Consequently, a broad range of financial providers including banks, credit unions, fintechs, and community and independent mortgage banks have turned to Blend to help them accelerate their digital transformation initiatives and position themselves for future growth.

Our Segments

We operate our business in two segments: Blend Platform and Title.

Blend Platform

The Blend Platform segment comprises a suite of products that power the entire origination process from back end workflows to consumer experience. Our growing suite of out-of-the-box products currently enables digital-first consumer journeys for mortgages, home equity loans and lines of credit, vehicle loans, personal loans, credit cards, and deposit accounts. Each of our products is guided by rules and a decisioning framework leveraging an extensive library of pre-defined rules that typically include data collection, verification checks, product selection, pricing, pre-approvals, disclosures delivery, addressing stipulations, and signing closing documents. 

The Blend Platform segment also includes Blend Builder, which offers a set of low-code, drag-and-drop design tools, modular components and integrations to allow our customers to create and deploy their own new product offerings. After years of research and development, our platform has evolved to the point where it can now power highly configurable workflows from a pre-built set of components, all while leveraging existing infrastructure.

In 2024, our products within the Blend Platform segment helped financial services firms process nearly $1.2 trillion in loan applications. We bring together an extensive ecosystem of technology, data, and service providers through our software platform, enabling financial services firms to collaborate with third parties to provide best-in-class banking experiences to consumers. As consumers apply for financial products, our