Blend Labs Inc, a digital banking platform focused on mortgage lending, is targeting a valuation of nearly $4 billion in its initial public offering (IPO) in the United States, seeking to cash in on the boom in demand for online financial services.
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Blend aims to sell 20 million shares priced between $16 and $18 each to raise up to $360 million, it said in an amended filing on Tuesday.
The company, which had filed confidentially for its listing in April, was last valued at $3.3 billion after a funding round in January.
Blend's cloud-based software platform digitizes banking, making it more convenient for customers to borrow money or deposit cash.
On average, more than $5 billion in transactions are processed via the San Francisco-based company's platform every day. It had 291 customers including Wells Fargo & Co and Lennar Mortgage, as of last year.
