Mortgage Software Platform Blend Targets $4B Valuation In US IPO: Reuters

Digital banking platform Blend Labs Inc BLND is seeking a valuation of nearly $4 billion in its confidential U.S. initial public offering (IPO) filing, Reuters reports.
Blend will list on the NYSE under the symbol "BLND."
It aims to capitalize on the demand boom for online financial services. Blend's cloud-based software platform digitizes banking.
However, recovery in the interest rates from the ease of the pandemic could hurt Blend's mortgage insurance business.
Blend plans to sell 20 million shares between $16 - $18 per share to raise $360 million.
Blend was last valued at $3.3 billion after a Jan. funding round.
On average, it processes over $5 billion in transactions every day. It had 291 customers, including Wells Fargo & Co WFC and Lennar Mortgage, as of 2020.
Blend was co-founded in 2012 by Nima Ghamsari, its current head, and a former Palantir Technologies Inc PLTR employee. Ghamsari will have 68% of the voting power after the offering.