Blend Labs (NYSE: BLND) is a financial technology company that provides a cloud-based software platform for mortgage and mortgage-related lending workflows. Revenue comes primarily from software platform fees tied to transaction volumes processed through the platform, supplemented by professional services fees. Software platform revenue was $114.4 million in FY2025, up from $106.9 million in FY2024 and $101.2 million in FY2023, representing the dominant share of total revenue of $123.6 million in FY2025. Professional services contributed $9.1 million in FY2025. The company serves lenders whose origination activity is directly tied to mortgage volumes, making results sensitive to interest rate cycles and Federal Reserve policy. As of December 31, 2025, Blend had an accumulated deficit of $1,391.8 million and has not achieved profitability. In Q1 2025, Blend decided to exit its title insurance operations, completing the sale of substantially all title business assets on March 1, 2026, as part of a strategic shift toward a platform-first model.

Revenue model

Software platform fees (transaction-volume-driven) and professional services fees. Software platform revenue was $114.4M in FY2025 (93% of total revenue). Professional services revenue was $9.1M in FY2025 (7% of total revenue).

Products and services

Cloud-based software platform for mortgage origination and mortgage-related lending workflows. Professional services supporting platform implementation and customer success. Title insurance operations (divested March 1, 2026).

Customers and end markets

Mortgage lenders and financial institutions processing mortgage originations and refinances. Revenue is materially driven by mortgage and mortgage-related transaction volumes, making demand directly dependent on interest rate conditions and overall mortgage origination activity in the United States.

Value-chain role

Software platform provider sitting between lenders and borrowers in the mortgage origination process. Platform hosted on third-party data center facilities. Exited capital-intensive title agency operations in March 2026.

Geographic exposure

United States mortgage market, with revenue driven by domestic mortgage origination volumes.

Source: SEC 10-K, filed 2026-03-16

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