Real Estate-Focused Fintech UpEquity Turns to Blend to Power Simpler Mortgage Process for Consumers

Rhea-AI Summary

Blend (NYSE: BLND) has partnered with UpEquity, a digital mortgage company based in Austin, to enhance digital mortgage experiences. UpEquity aims to simplify homebuying, particularly vital in a competitive market where cash offers dominate. Their Cash Offer program, enabled by Blend’s platform, gives buyers a competitive edge. With the fintech sector growing rapidly, UpEquity reports an impressive 500% year-over-year revenue growth.

Positive

• Partnership with UpEquity enhances Blend's market presence.
• UpEquity's Cash Offer program increases competitiveness in homebuying.
• UpEquity's 500% year-over-year revenue growth highlights its strong market position.

Negative

• None.

SAN FRANCISCO--(BUSINESS WIRE)-- Blend (NYSE: BLND), a leader in cloud banking software, today announced a new fintech customer UpEquity, an Austin-based digital mortgage company assisting customers in making cash offers. UpEquity will use Blend’s platform to help power seamless digital mortgage experiences as part of a broader effort to simplify the process of buying a home. This is particularly critical for consumers in today’s ultra-competitive real estate market where many homes receive multiple offers and a delay in the loan process could mean losing out on a dream home.

“In today’s competitive housing market, a third of the offers are all cash, rendering traditionally financed offers significantly less competitive. UpEquity’s Cash Offer provides the best of both worlds for buyers by making a cash offer on behalf of the buyer and providing a mortgage,” said Tim Herman, CEO UpEquity. “By streamlining the borrower experience, Blend enables us to deliver a frictionless user experience that gets them into their dream home even faster.”

With the global fintech industry growing by an estimated 25 percent each year and nearly 10,000 total fintech companies in the U.S. alone, there is a race to bring new capabilities to market that address the financial needs of consumers. Fintechs offering iBuying, home search, and other real-estate services are increasingly adopting Blend’s platform as the infrastructure powering their mortgage origination experience, so they can quickly add capabilities their customers need without undertaking huge development and maintenance costs.

“We view all of our customers as integral partners in building toward the future of financial services, and being a fintech ourselves, we know how much innovation fintechs like UpEquity can bring to the table in this industry,” Nima Ghamsari, co-founder and head of Blend, said. “As digitally-enabled real estate finance firms become a more integral part of the landscape, we’re excited to be a catalyst for bringing modern consumers the great experiences they expect.”

For more information on how Blend partners with financial services firms, please visit blend.com.

About UpEquity

Co-founded by Tim Herman and Louis Wilson, UpEquity is on a mission to transform the homebuying experience by giving every homebuyer the opportunity to make a competitive, winning offer on their dream home. Its Buy with Cash program helps homebuyers make an all-cash offer that's four times more likely to be accepted than traditional mortgages. UpEquity's differentiated mortgage technology works at superhuman speed to provide a painless, fast mortgage experience for its customers. The company has experienced 500% year-over-year growth in revenue and carries a Net Promoter Score five times higher than the industry average. This further highlights the company's truly unique approach in an otherwise saturated market. UpEquity is headquartered in Austin and has locations around the country. Visit their website at upequity.com.

About Blend

Blend’s cloud banking platform is designed to power the end-to-end consumer journey for any banking product, from application to close. Our technology is used by Wells Fargo, U.S. Bank, and over 310 other financial services firms to acquire more customers, increase productivity, and deepen relationships. Through our software, we enable our customers to process an average of more than $5 billion in loans per day, helping consumers get into homes and gain access to the capital they need to lead better lives. To learn more, visit blend.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211104005408/en/

Sarah Frueh – press@blend.com

Source: Blend

FAQ

What is the significance of Blend's partnership with UpEquity?

Blend's partnership with UpEquity enhances its digital mortgage offerings, helping streamline the homebuying process in a competitive market.

How is UpEquity performing in the digital mortgage space?

UpEquity has experienced a remarkable 500% year-over-year revenue growth, indicating strong demand for its services.

What competitive advantages does UpEquity offer?

UpEquity's Cash Offer program allows homebuyers to make cash offers, significantly increasing their chances of securing homes in a competitive market.

How does Blend support financial services firms?

Blend provides cloud banking technology that enables financial firms to streamline their mortgage origination processes and enhance customer experiences.