In addition to signing a multi-year deal with Pentagon Federal Credit Union, Blend laid off 50 workers in September, or about 9 percent of its workforce.
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Cloud banking software provider Blend Labs Inc. continues to inch toward profitability by trimming its workforce, signing new customers, and expanding the services it provides to existing customers.
Blend — which helps mortgage lenders handle about one in five home loans — grew third quarter revenue by 11 percent from a year ago, to $45.2 million. A 32 percent reduction in operating expenses, to $39.3 million, helped the company trim its Q3 net loss to $2.6 million, down from $19.4 million in Q2, Blend reported Wednesday.
Blend said it laid off 50 workers in September, about 9 percent of its workforce, as part of a workforce reduction plan it expects to complete by the end of the year.
It also signed a multi-year mortgage and home equity deal with Pentagon Federal Credit Union, the nation’s second-largest credit union, and inked a deal to power credit cards, auto and personal loans for a top 300 financial institution.
Blend CEO Nima Ghamsari said the company achieved “non-GAAP operating profitability” during the quarter, with income from operations exceeding expenses by $39,000.
“The third quarter resulted in several big wins for Blend, including the signing of multi-year deals with new customers in both mortgage and consumer banking as well as the significant milestone of achieving non-GAAP operating profitability ahead of our fourth quarter…