Blend Labs Inc

blend.com

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.