Mortgage tech startup Blend just secured $40M in Series C funding led by Founders Fund, a firm that's backed ventures like Palantir, SpaceX and Airbnb.
Founded in 2012, Blend's software finds digitized pay stubs, tax forms and bank statements to reduce the mortgage approval process from as long as 49 days to minutes.
Blend estimates that banks spend $7k per loan on labor cost and other details. The company says its software helped issue $6B in loan volume in Q4.
Lightspeed and Formation 8, two of Blend's existing investors, pumped in more cash this funding round. The new funds will go towards recruiting top engineering talent and expanding the user base, Blend CEO Nima Ghamsari says.
Blend is not the only tech company digitizing the mortgage industry. Last November, tech behemoth Google launched "Google Compare," a platform that connects lenders with borrowers online.
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