Blend Labs (BLND)
Embeds a white-labeled origination platform inside banks' and lenders' own lending workflows.
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Provides a white-labeled, cloud-based origination platform that banks, credit unions, and mortgage lenders embed to run loan and account-opening workflows end to end, spanning mortgages, home equity, vehicle loans, credit cards, and deposits. Revenue comes from software licensed to those institutions rather than from consumers directly.
A cloud-based origination platform that banks, credit unions, independent mortgage banks, and mortgage servicers embed to run the application-to-close journey for mortgages, home equity, refinancing, vehicle loans, credit cards, personal loans, and deposit accounts, processing trillions of dollars in loan applications annually.
Blend Builder forms the modular workflow layer beneath these products; Intelligent Origination, added more recently, layers agentic AI onto document handling and pre-funding checks. The software is licensed to lenders and white-labeled inside their own digital experiences.
Loan volume tracks the mortgage cycle, rising and falling with interest rates. One lending customer supplies a meaningful share of recent revenue and is being acquired by a larger rival, concentrating near-term relationship risk. The founder's super-voting shares preserve control independent of economic ownership, and a capital-intensive title-insurance unit acquired alongside the public listing was recently divested, leaving a software-only structure.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 7, 2026 | Goldman Sachs | Target | Target: $3.50 | Target: $3 |
| May 15, 2026 | Canaccord Genuity | Reiterate | Rating: —Target: $5.25 | Target: $4.50 |
| May 8, 2026 | Goldman Sachs | Target | Target: $7 | Target: $3.50 |
| Mar 11, 2026 | UBS | Reiterate | Rating: —Target: — | Target: $2 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $44.9M · Total debt $2.0M · Total assets $143.6M · Shareholders' equity $94.8M
- Revenue
- $33.8M
- Operating income
- −$1.6M
- Net income
- −$1.5M
No dividends on record.
| Institutions | 64.94% | 153.59M shares | |
|---|---|---|---|
| 190 holders · as of Jun 30, 2026 | |||
| Insiders | 12.90% | 30.51M shares | |
| 13 holders · as of Sep 16, 2026 | |||
| Strategic holders | 9.68% | 22.90M shares | |
| 2 holders · as of Feb 14, 2022 | |||
| Other | 12.48% | 29.52M shares | |
| remainder | |||
236.51M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Haveli Investment Management LLCInstitution | 7.90% | 18.69M A | as of Jun 30, 2026 |
Nima Ghamsari1Insiderdirector, officer: HEAD OF BLEND | 7.38% | 17.82M A | filed Sep 16, 2026 |
BlackRock, Inc.Institution | 6.59% | 15.58M A | as of Jun 30, 2026 |
Cypress Point Investment Management LPInstitution | 6.05% | 14.30M A | as of Jun 30, 2026 |
Fullerton Management Pte LtdStrategic | 5.02% | 11.88M | filed Feb 14, 2022 |
- Nima Ghamsari's transaction reports restate only vehicles that traded; the 2022 ownership statement (17.82M) less the 358.9K net shares sold since is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 14, 2026 | Nima Ghamsari | director, officer: HEAD OF BLEND | −17,731 | $1.43 |
| Sep 11, 2026 | Srinivasan Venkatramani | officer: Head of Product Tech & Cust Op | −74,705 | $1.43 |
| Aug 17, 2026 | Haveli Investments, L.P. | director, 10 percent owner: | +17,397 | $1.44 |
| Aug 17, 2026 | Oxana Tkach | officer: PRINCIPAL ACCOUNTING OFFICER | −21,209 | $1.45 |
| Aug 5, 2026 | Matthew Christopher Thomson | officer: Head of Revenue | −15,041 | $2.00 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Blend Labs | $1.21 | −3.60% | $302.6M | — | 30.9 | 2.3 | +7.3% |
| Intercontinental Exchange | $152.74 | −1.69% | $87.22B | 21.9 | 18.6 | 6.5 | −18.3% |
| nCino | $19.84 | −2.88% | $2.24B | 68.1 | 13.7 | 3.6 | +8.2% |
| Q2 | $56.89 | −1.80% | $3.61B | 41.4 | 18.3 | 4.3 | +12.6% |
| Alkami Technology | $17.99 | −2.81% | $1.98B | — | 18.8 | 4.0 | +15.9% |
| Fiserv | $46.42 | −0.11% | $24.78B | 8.9 | 6.3 | 1.2 | −10.0% |
| FIS | $34.99 | −0.57% | $18.19B | 5.4 | 5.4 | 1.5 | +29.1% |
| Median | 21.9 | 16.0 | 3.8 | +10.4% |