Mortgage-focused Blend Labs aims to raise up to $100 million in U.S. IPO

(Reuters) – Blend Labs Inc, a digital platform for lenders to offer mortgage and consumer loans, said on Monday it aimed to raise up to $100 million in its U.S. initial public offering and list on the New York Stock Exchange.

The San Francisco-based company had confidentially filed for a listing in April and was valued at $3.3 billion after a funding round in January, according to media reports.

Blend Labs on average processes more than $5 billion in transactions per day, its website showed, and counts Wells Fargo & Co and Lennar Mortgage as some of its customers.

The company said its revenue last year jumped 90% to $96 million, driven by the pandemic-led shift to digital banking services.

Fintechs are fast becoming a force to reckon with, even for longstanding traditional financial institutions. Brazilian digital bank Nubank is also weighing a U.S. IPO that could value it over $40 billion, Reuters reported on Monday.

Blend’s IPO is being underwritten by a syndicate of banks led by Goldman Sachs & Co, Allen & Company and Wells Fargo Securities. The company’s shares will be listed on the NYSE under the symbol “BLND”.

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