New York – August 21, 2020 – Cooley advised fintech-focused Canapi Ventures on leading Blend's $75 million Series F financing. Existing investors Temasek, General Atlantic, 8VC, Greylock and Emergence also participated in the round, which brings the digital lending solutions provider's valuation to nearly $1.7 billion. Sacha Ross led the Cooley team advising Canapi.
Blend, which helps lenders streamline the customer journey for any banking product from application to close, will use the capital to accelerate the development of its unified digital platform for mortgages, consumer loans and deposit accounts.
"Financial institutions have traditionally taken time to modernize legacy systems, but digital is now table stakes," said Jeffrey Reitman, a partner at Canapi Ventures, in a news release. "Shelter in place and social distancing mandates have forced banks and other lenders to accelerate digital transformation plans from years to months. Blend is at the forefront of this innovation, offering flexible digital solutions to help lenders like Wells Fargo, US Bank, Truist, M&T Bank and other key regional banking institutions meet their accelerated timelines and their customers' changing needs."
Canapi Ventures is a venture capital firm investing in early- to growth-stage fintech companies. Its model connects high-quality fintech companies to an extensive network of banks and strategic partners. The company's partners have been at the forefront of financial services innovation as operators, investors, bankers, advisers and regulators.