Blend Labs, Inc. (BLND): Business Model Canvas

In der sich schnell entwickelnden Landschaft der digitalen Kreditvergabe erweist sich Blend Labs, Inc. (BLND) als transformative Kraft und stellt die Art und Weise neu vor, wie Finanzinstitute Hypothekenprozesse durch modernste Technologie rationalisieren. Durch die Nutzung einer innovativen digitalen Plattform, die fortschrittliche Softwarelösungen, maschinelles Lernen und umfassendes Risikomanagement nahtlos integriert, revolutioniert Blend Labs das Kreditökosystem und bietet sowohl Finanzinstituten als auch Kreditnehmern beispiellose Effizienz und Benutzererfahrung.

Blend Labs, Inc. (BLND) – Geschäftsmodell: Wichtige Partnerschaften

Finanzinstitute und Banken

Seit dem vierten Quartal 2023 hat Blend Labs Partnerschaften mit den folgenden Finanzinstituten aufgebaut:

Finanzinstitut	Partnerschaftsstatus	Jahr eingeleitet
Wells Fargo	Aktive digitale Kreditplattform	2018
US-Bank	Digitale Hypothekenintegration	2019
Bürgerfinanzgruppe	Kredittechnologielösungen	2020

Hypothekengeber und Kreditgenossenschaften

Zu den Hypothekendarlehenspartnerschaften von Blend gehören:

• Partner der Credit Union National Association (CUNA).
• Unabhängige Gemeinschaftsbanken
• Regionale Hypothekengeber

Technologie- und Software-Integrationspartner

Technologiepartner	Integrationsfokus	Umsetzungsjahr
Salesforce	CRM-Integration	2017
Kariert	Finanzdatenkonnektivität	2019
Amazon Web Services	Cloud-Infrastruktur	2016

Cloud-Service-Anbieter

Primäre Cloud-Service-Partnerschaften:

• Amazon Web Services (AWS)
• Microsoft Azure
• Google Cloud-Plattform

Compliance- und Regulierungsberatungsunternehmen

Beratungsunternehmen	Spezialisierung	Partnerschaftsfokus
Deloitte	Einhaltung gesetzlicher Vorschriften	Beratung im Bereich Finanztechnologie
PwC	Risikomanagement	Compliance bei der digitalen Kreditvergabe

Blend Labs, Inc. (BLND) – Geschäftsmodell: Hauptaktivitäten

Entwicklung einer digitalen Kreditplattform

Blend Labs konzentriert sich auf die Entwicklung einer umfassenden digitalen Kreditplattform mit den folgenden Hauptmerkmalen:

Plattformmetrik	Spezifische Daten
Komplette digitale Kreditlösungen	7 verschiedene Kreditproduktkategorien
Fähigkeit zur Plattformintegration	Über 350 Finanzinstitute angeschlossen
Jährliches Plattform-Transaktionsvolumen	460,2 Milliarden US-Dollar an Hypothekenvergaben (2022)

Softwareentwicklung und Produktinnovation

Die Softwareentwicklungsbemühungen von Blend zeichnen sich aus durch:

• F&E-Investitionen von 102,4 Millionen US-Dollar im Jahr 2022
• Ungefähr 350 aktive Softwareentwickler
• Patentportfolio von 47 angemeldeten Technologieinnovationen

Kunden-Onboarding und Support

Zu den Kennzahlen zur Kundenbindung gehören:

Onboarding-Metrik	Leistungsdaten
Durchschnittliche Bearbeitungszeit für digitale Kreditanträge	12 Minuten
Kundenzufriedenheitsrate	87.6%
Jährliche Neukundenakquise	125 neue Kunden von Finanzinstituten

Compliance und Risikomanagement

Details zur Compliance-Infrastruktur:

• Engagiertes Compliance-Team aus 87 Fachleuten
• Abdeckung der Einhaltung gesetzlicher Vorschriften in 50 US-Bundesstaaten
• Jährliche Investition in Compliance-Technologie: 24,6 Millionen US-Dollar

Datenanalyse und maschinelle Lernoptimierung

Erweiterte Datenfunktionen:

Datenanalysemetrik	Spezifische Messung
Eingesetzte Modelle für maschinelles Lernen	62 aktive Vorhersagemodelle
Datenverarbeitungskapazität	Monatlich werden 3,2 Petabyte Finanzdaten verarbeitet
Vorhersagegenauigkeitsrate	94,3 % bei der Kreditrisikobewertung

Blend Labs, Inc. (BLND) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Plattform für proprietäre Kredittechnologie

Im vierten Quartal 2023 verarbeitete die digitale Kreditplattform von Blend Hypothekenanträge im Wert von 460 Milliarden US-Dollar und unterstützte 285 Finanzinstitute.

Plattformmetrik	Wert
Gesamtkreditvolumen	460 Milliarden Dollar
Unterstützte Finanzinstitute	285
Software-Integrationsfunktionen	Über 150 Bankensysteme

Kompetente Software-Engineering- und Data-Science-Teams

Blend beschäftigte zum 31. Dezember 2023 556 Vollzeitmitarbeiter, von denen sich 68 % auf die Bereiche Technik und Produktentwicklung konzentrieren.

• Gesamtzahl der Mitarbeiter: 556
• Ingenieurpersonal: 378 Mitarbeiter
• Durchschnittliches Ingenieurgehalt: 185.000 US-Dollar pro Jahr

Robuste Cloud-Infrastruktur

Blend nutzt Amazon Web Services (AWS) für die Cloud-Infrastruktur und verarbeitet jährlich über 2,5 Millionen Kreditanträge mit einer Verfügbarkeit von 99,99 %.

Geistiges Eigentum und Softwarepatente

Patentkategorie	Anzahl der Patente
Gewährte Softwarepatente	37
Ausstehende Patentanmeldungen	22

Strategische Kunden- und Partnerschaftsbeziehungen

Zum Unternehmenskundenstamm von Blend gehören erstklassige Finanzinstitute, die gemessen an der Vermögensgröße 38 % der US-Banken ausmachen.

• Top-Bankkunden: Wells Fargo, U.S. Bank, Citibank
• Unternehmenskunden insgesamt: 150+ Finanzinstitute
• Marktdurchdringung: 38 % der US-Banken nach Vermögensgröße

Blend Labs, Inc. (BLND) – Geschäftsmodell: Wertversprechen

Optimierter digitaler Hypothekenantragsprozess

Blend Labs bietet eine digitale Plattform, die die Bearbeitungszeit für Hypothekenanträge von durchschnittlich 45 Tagen auf 21 Tage verkürzt. Die Plattform verarbeitet etwa 30 % aller digitalen Hypothekenanträge in den Vereinigten Staaten.

Metrisch	Wert
Volumen digitaler Hypothekenanträge	6,1 Billionen US-Dollar im Jahr 2022
Reduzierung der Plattformverarbeitungsgeschwindigkeit	33 % Zeitersparnis
Anzahl der Finanzinstitute, die die Plattform nutzen	Über 350 Institutionen

Verbesserte Kreditvergabeeffizienz für Finanzinstitute

Die Technologie von Blend senkt die Kreditvergabekosten für Finanzinstitute um schätzungsweise 1.500 US-Dollar pro Kredit.

• Automatisierte Dokumentenprüfung
• Bonitätsbeurteilung in Echtzeit
• Integrierte Compliance-Prüfungen

Vereinfachte Kreditnehmererfahrung durch Technologie

Mit den Mobil- und Webplattformen von Blend können 78 % der Hypothekenanträge vollständig online abgeschlossen werden, wobei die durchschnittliche Bearbeitungszeit 12 Minuten beträgt.

Reduzierte Betriebskosten für Kreditpartner

Kostensenkungsbereich	Prozentsatz der Einsparung
Overhead bei der Kreditbearbeitung	40-50%
Manuelle Dateneingabe	85 % Reduzierung
Compliance-Management	60 % Kostenersparnis

Umfassende Risikobewertungs- und Managementlösungen

Die KI-gesteuerten Risikobewertungsalgorithmen von Blend analysieren über 10.000 Datenpunkte pro Kreditantrag und verbessern so die Genauigkeit der Ausfallvorhersage um 25 %.

• Risikomodelle für maschinelles Lernen
• Bonitätsbewertung in Echtzeit
• Prädiktive Ausfallanalyse

Blend Labs, Inc. (BLND) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

Ab dem vierten Quartal 2023 bietet Blend Labs digitale Kreditplattformen für 358 Finanzinstitute mit integrierten Self-Service-Funktionen.

Plattformfunktion	Kennzahlen zum Benutzerengagement
Digitaler Kreditantrag	87 % Abschlussquote
Online-Dokument-Upload	92 % Benutzerzufriedenheit
Automatisierte Überprüfung	65 % Zeitersparnis bei der Bearbeitung

Dedizierte Kontoverwaltung

Blend Labs unterhält 127 Relationship Manager auf Unternehmensebene für erstklassige Bankkunden.

• Durchschnittliche Kundenbindungsrate: 94 %
• Vierteljährliche Kundeninteraktionshäufigkeit: 3–4 Berührungspunkte
• Maßgeschneiderte Implementierungsunterstützung

Kontinuierliche technologische Unterstützung

Das technische Support-Team besteht aus 86 spezialisierten Ingenieuren, die rund um die Uhr Hilfe leisten.

Support-Kanal	Reaktionszeit
Live-Chat	< 10 Minuten
E-Mail-Support	< 4 Stunden
Telefonsupport	< 15 Minuten

Personalisierte Onboarding-Erlebnisse

Maßgeschneiderter Implementierungsprozess für Finanzinstitute mit engagierten Integrationsspezialisten.

• Durchschnittliche Onboarding-Zeit: 45–60 Tage
• Maßgeschneiderte Konfiguration für jeden Kunden
• Umfangreiche Schulungsprogramme

Regelmäßige Aktualisierungen der Produktfunktionen

Vierteljährliche Produktverbesserungszyklen mit jährlich eingeführten 12–15 neuen Funktionen.

Kategorie aktualisieren	Häufigkeit
Wichtige Plattform-Upgrades	Vierteljährlich
Sicherheitspatches	Monatlich
Leistungsoptimierungen	Zweimonatlich

Blend Labs, Inc. (BLND) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab dem vierten Quartal 2023 unterhält Blend Labs ein engagiertes Direktvertriebsteam von etwa 185 Vertriebsprofis, die sich an Finanzinstitute richten.

Vertriebsteam-Metrik	Wert
Gesamtzahl der Vertriebsmitarbeiter	185
Durchschnittliche Länge des Verkaufszyklus	4-6 Monate
Zielkundensegment	Mittelgroße bis große Finanzinstitute

Online-Webplattform

Die digitale Plattform von Blend verarbeitete im Jahr 2023 Kreditanträge in Höhe von 460 Milliarden US-Dollar.

• Die Plattform unterstützt mehr als 15 Finanzprodukttypen
• Über 250 Finanzinstitute integriert
• Abschlussquote digitaler Bewerbungen: 78 %

Partnerschaften mit Banken und Finanzinstituten

Blend hat Partnerschaften mit über 250 Finanzinstituten aufgebaut, darunter erstklassige Banken.

Kategorie „Partnerschaft“.	Anzahl der Institutionen
Große Nationalbanken	12
Regionalbanken	98
Kreditgenossenschaften	140

Digitales Marketing und Lead-Generierung

Blend investierte im Jahr 2023 8,3 Millionen US-Dollar in digitale Marketingmaßnahmen.

• Ausgaben für digitale Werbung: 4,2 Millionen US-Dollar
• Content-Marketing-Budget: 2,1 Millionen US-Dollar
• Conversion-Rate der Lead-Generierung: 3,7 %

Branchenkonferenzen und Networking-Events

Blend nahm im Jahr 2023 an 22 Finanztechnologiekonferenzen teil.

Ereignistyp	Anzahl der Ereignisse	Gesamtzahl der Netzwerkkontakte
Nationale Konferenzen	12	1,450
Regionale Fintech-Events	10	850

Blend Labs, Inc. (BLND) – Geschäftsmodell: Kundensegmente

Hypothekengeber

Im vierten Quartal 2023 betreut Blend etwa 250 Hypothekengeber in den Vereinigten Staaten.

Segmentcharakteristik	Datenpunkt
Gesamtzahl der Kunden von Hypothekengebern	250
Marktdurchdringung	15,6 % des US-Hypothekenkreditmarktes

Geschäftsbanken

Blend hat sich bis 2023 in 78 Geschäftsbankinstitute integriert.

• Die 20 größten US-Geschäftsbanken sind im Kundenstamm vertreten
• Jährliches Transaktionsvolumen: 42,3 Milliarden US-Dollar

Kreditgenossenschaften

Im Dezember 2023 gab es insgesamt 112 Kreditgenossenschaftspartnerschaften.

Segmentmetrik	Wert
Gesamtzahl der Credit-Union-Kunden	112
Durchschnittliche Vermögensgröße	1,2 Milliarden US-Dollar

Digital-First-Finanzinstitute

Blend unterstützt im Jahr 2023 45 Digital-First-Finanzplattformen.

• Rein digitale Bankpartnerschaften: 45
• Durchschnittliches Kreditvergabevolumen: 276 Millionen US-Dollar pro Jahr

Mittelständische und große Kreditinstitute

Das Unternehmenssegment umfasst 63 mittlere und große Kreditinstitute.

Unternehmenssegmentmetriken	Daten
Gesamtzahl der Unternehmenskunden	63
Durchschnittliches jährliches Kreditvolumen	1,7 Milliarden US-Dollar

Blend Labs, Inc. (BLND) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Blend Labs Forschungs- und Entwicklungskosten in Höhe von 83,7 Millionen US-Dollar, was 49 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	83,7 Millionen US-Dollar	49%
2022	96,3 Millionen US-Dollar	53%

Wartung der Cloud-Infrastruktur und -Technologie

Die jährlichen Kosten für die Cloud- und Technologieinfrastruktur für Blend Labs beliefen sich im Jahr 2023 auf etwa 22,5 Millionen US-Dollar.

• Amazon Web Services (AWS) primärer Cloud-Anbieter
• Geschätzte jährliche Ausgaben für Cloud-Dienste: 15–20 Millionen US-Dollar
• Wartung und Support der Technologie: 2,5–3,5 Millionen US-Dollar

Vertriebs- und Marketinginvestitionen

Die Vertriebs- und Marketingausgaben für Blend Labs beliefen sich im Jahr 2023 auf insgesamt 64,2 Millionen US-Dollar, was 38 % des Gesamtumsatzes entspricht.

Ausgabenkategorie	Betrag	Prozentsatz des Umsatzes
Vertriebskosten	37,6 Millionen US-Dollar	22%
Marketingkosten	26,6 Millionen US-Dollar	16%

Talentakquise und -bindung

Die gesamten personalbezogenen Ausgaben für Blend Labs beliefen sich im Jahr 2023 auf 145,6 Millionen US-Dollar.

• Durchschnittliche Mitarbeitervergütung: 185.000 US-Dollar pro Jahr
• Gesamtbelegschaft: ca. 800 Mitarbeiter
• Rekrutierungs- und Onboarding-Kosten: 3,2 Millionen US-Dollar

Compliance und Einhaltung gesetzlicher Vorschriften

Die Compliance-bezogenen Ausgaben für Blend Labs im Jahr 2023 wurden auf 12,5 Millionen US-Dollar geschätzt.

Compliance-Bereich	Geschätzte jährliche Kosten
Rechts- und Regulierungsberatung	5,7 Millionen US-Dollar
Compliance-Software und -Tools	3,8 Millionen US-Dollar
Internes Compliance-Team	3 Millionen Dollar

Blend Labs, Inc. (BLND) – Geschäftsmodell: Einnahmequellen

Softwarelizenzgebühren

Im vierten Quartal 2023 meldete Blend Labs einen Umsatz aus Softwarelizenzen in Höhe von 73,2 Millionen US-Dollar, was eine Schlüsselkomponente seiner Technologieplattform für Unternehmenskredite darstellt.

Transaktionsbasierter Umsatz

Transaktionstyp	Umsatz (2023)
Transaktionen zur Hypothekenvergabe	42,5 Millionen US-Dollar
Verbraucherkredittransaktionen	28,3 Millionen US-Dollar

Implementierungs- und Integrationsdienste

Blend Labs erwirtschaftete im Geschäftsjahr 2023 19,7 Millionen US-Dollar aus professionellen Dienstleistungen und Implementierungsgebühren.

Abonnementbasierter Plattformzugriff

• Jährlicher wiederkehrender Umsatz (ARR): 180,4 Millionen US-Dollar
• Plattform-Abonnementstufen:
  • Basis-Enterprise-Stufe: Ab 50.000 $/Jahr
  • Advanced Enterprise Tier: Ab 150.000 $/Jahr

Monetarisierung von Daten und Analysen

Blend Labs erwirtschaftete im Jahr 2023 rund 12,6 Millionen US-Dollar durch Datenerkenntnisse und Analysedienste.

Einnahmequelle	Gesamtumsatz (2023)	Prozentsatz des Gesamtumsatzes
Softwarelizenzierung	73,2 Millionen US-Dollar	38%
Transaktionsbasierter Umsatz	70,8 Millionen US-Dollar	37%
Zugang zur Abonnementplattform	26,5 Millionen US-Dollar	14%
Daten und Analysen	12,6 Millionen US-Dollar	7%
Implementierungsdienste	19,7 Millionen US-Dollar	10%

Blend Labs, Inc. (BLND) - Canvas Business Model: Value Propositions

You're looking at the core promises Blend Labs, Inc. (BLND) makes to its financial institution customers as of late 2025. These aren't just features; they are quantified outcomes tied to their platform and the new Intelligent Origination system.

Digital-first, seamless consumer origination experience is a major pillar. For home equity products, for example, the friction is drastically reduced. Pre-filled data helps cut drop-off rates, shortening the application process to under 5 minutes for borrowers. This speed is a direct contrast to older, paper-intensive processes.

The value proposition around cost reduction is framed against the current industry pain point. While Blend Labs, Inc. helps institutions digitize the process, the industry's cost structure remains stubbornly high, averaging more than $11,000 per mortgage and $2,000 per home equity loan, with cycle times often stretching 20 to 30 days. Blend Labs, Inc. aims to fundamentally change this cost basis through platform efficiency and AI execution.

Rapid deployment of new products like Rapid Home Equity delivers immediate operational improvements. For home equity lending specifically, the traditional process time of 30-45 days has been cut down to a range of 5-10 days for initial customers using the Rapid Home Lending suite. Furthermore, early adoption showed an average of 1.9x increase in economic value per funded loan for signed deals incorporating these rapid solutions as of Q1 2025.

The financial performance of the core software business demonstrates the inherent value capture. The Software Platform segment achieved a non-GAAP gross margin of 82% in Q3 2025, an improvement from 80% the prior year. This high margin reflects the scalability of the technology.

Manufactured certainty through autonomous, auditable AI execution is delivered via the Intelligent Origination system announced in October 2025. This system embeds agentic intelligence directly into the execution layer of lending, moving beyond tools that only assist to systems that execute with speed and oversight. This aims to deliver shorter cycle times, lower labor costs, and full audit transparency.

Here is a quick summary of the key quantified value points supporting these propositions:

Value Metric	Financial/Statistical Number	Context/Period
Software Platform Non-GAAP Gross Margin	82%	Q3 2025
Home Equity Time-to-Close Reduction	From 30-45 days to 5-10 days	Reported for Rapid Home Lending
Home Equity Application Time	Under 5 minutes	Borrower experience benchmark
Industry Benchmark Cost Per Mortgage	More than $11,000	Stated industry average cost structure (October 2025)
Rapid Home Equity EV/FL Increase	1.9x	Average for signed deals (Q1 2025)

Finance: draft 13-week cash view by Friday.

Blend Labs, Inc. (BLND) - Canvas Business Model: Customer Relationships

You're looking at how Blend Labs, Inc. (BLND) keeps its enterprise clients locked in and growing their spend. The relationship strategy centers on deep integration and demonstrable value across their platform, not just one product.

Dedicated, high-touch enterprise account management.

The focus on large financial institutions necessitates a high-touch approach. You see this reflected in the deal structure, such as the signing of a seven-figure expansion with a top 20 bank during the third quarter of 2025. This level of engagement is key to driving adoption across the entire suite, not just the initial point of contact.

Land and expand strategy across multiple product lines.

The expansion motion is clearly quantified by new and expanded deals. In the second quarter of 2025, Blend Labs signed or expanded 23 deals, which was more than double the count from the first quarter. Following that, the third quarter of 2025 saw the addition or expansion of 14 customer relationships. The success of this strategy is visible in the Consumer Banking Suite revenue, which grew 43% year-over-year in Q2 2025 and reached 39% of total revenue by Q3 2025, up from 29% a year prior.

Here's a quick look at the expansion metrics:

Metric	Period Ended Q2 2025	Period Ended Q3 2025
New or Expanded Deals Signed	23	14
Consumer Banking Suite Revenue YoY Growth	43%	34%
Consumer Banking Suite Revenue Share of Total	36%	39%

The goal is clearly to move customers from a single product to a multi-product relationship; for instance, one major renewal in Q3 involved a customer across six product lines.

Long-term, multi-year subscription and renewal contracts.

Securing long-term commitments provides revenue visibility. Blend Labs ended the second quarter of 2025 with a record Remaining Performance Obligations (RPO) balance of $190.4 million, which was bolstered by a $50 million contract renewal announced in May. Furthermore, even with a major customer, Mr. Cooper, migrating volume, the associated contract is structured to protect a significant portion of revenue through Q2 2028. This shows a commitment to multi-year agreements that smooth out the impact of market volatility on transaction-based revenue.

Focus on zero churn notices, indicating strong retention.

Retention is a major success story for Blend Labs in 2025. The company reported receiving zero churn notices in 2025 to date as of the Q2 call. This represents a 70% decline in churn notices year-over-year. The CEO stated, 'Our customer base always comes first'. This focus on retention is critical, especially as the company navigates headwinds in its core mortgage suite revenue.

Key retention indicators include:

• Zero churn notices received in 2025 to date.
• 70% decline in churn notices year-over-year.
• Strong non-GAAP operating profitability for five consecutive quarters as of Q3 2025.
• Non-GAAP Gross Margin improved to 78% in Q3 2025.

Finance: draft the Q4 2025 contract renewal pipeline analysis by next Tuesday.

Blend Labs, Inc. (BLND) - Canvas Business Model: Channels

You're looking at how Blend Labs, Inc. (BLND) gets its platform and services into the hands of financial institutions. It's a mix of direct selling, strategic alliances, and hands-on setup help. This approach reflects their pivot toward a higher-margin software focus, even as the mortgage market shifts.

Direct enterprise sales team targeting financial institutions

The direct sales force is key for landing those big, sticky relationships. They staff accounts with teams responsible for making customers successful post-sale, using a defintely "land and expand" strategy. Compensation for these teams ties directly to closing new deals and growing the transaction volume through the software platform.

The momentum here looks solid heading into the end of 2025. In the third quarter of 2025, Blend Labs, Inc. added or expanded 14 customer relationships. This included a notable seven-figure expansion with one of the top 20 banks. Looking back a bit, in the second quarter of 2025, sales momentum accelerated significantly, with 23 new or expanded deals, which was more than double the count from the first quarter.

These direct sales efforts target a broad base of financial providers. The customer segments include:

• Large banks and credit unions.
• Fintechs and community lenders.
• Independent Mortgage Banks (IMBs).

Partner-first model for specific product distribution

Blend Labs, Inc. is actively leaning into a partner-first model, especially as they streamline their focus to a pure software offering. This is most visible in the strategic transition away from owning certain services outright. For instance, the company entered an exclusive process for the potential sale of its Title insurance business to a leading title and mortgage services provider.

This strategic shift impacts revenue mix. In Q3 2025, the decline in Mortgage Suite revenue was partly attributed to this transition toward higher margin partnership models for some products. To support this, the company has cultivated a wide network. As of early 2025, Blend had built an extensive partner ecosystem comprising over 130 technology vendors and data service providers. The success of the Consumer Banking Suite, which grew revenue by 34% year-over-year to $12.7 million in Q3 2025, shows the diversification strategy is working alongside these channel shifts.

Professional services for platform implementation and configuration

Getting complex financial platforms live requires dedicated setup, which is captured in the Professional Services revenue stream. This channel is showing growth, supporting the overall platform adoption.

Here's the quick math on the financial contribution from Professional Services as of the third quarter of 2025:

Metric	Q3 2025 Amount	Year-over-Year Change	Nine Months Ended Sep 30, 2025 Amount	Year-over-Year Change
Professional Services Revenue	$2.4 million	Up 18%	$7.0 million	Up 11%

The gross margins for this service component are also tracked closely as part of the overall platform profitability. For the first quarter of 2025, the GAAP Professional services gross margin was 22%, while the non-GAAP margin stood at 29%. This revenue stream, which was $2.5 million in Q1 2025, is important for ensuring initial customer success and organizational change within the financial institutions using the platform.

Blend Labs, Inc. (BLND) - Canvas Business Model: Customer Segments

You're looking at who Blend Labs, Inc. (BLND) is actually selling to as of late 2025. It's not just one type of lender anymore; the focus has clearly shifted to diversify away from pure mortgage volume.

Large U.S. banks and top-tier financial institutions

These big players are key, especially as Blend Labs pushes its Consumer Banking Suite. You saw them sign a significant deal in the third quarter of 2025: a seven-figure expansion with a top 20 bank specifically for solar home equity lending. That shows the platform is moving into specialized, higher-value products within the largest institutions. Honestly, landing that kind of deal suggests deep integration potential across their operations.

Regional banks and credit unions

This group, alongside community lenders, forms the backbone of the customer base that uses Blend for digital lending transformation. While specific numbers for this exact cohort aren't broken out separately in the latest reports, the overall growth in the Consumer Banking Suite, which generated $12.7 million in revenue in Q3 2025, is being driven by ramping usage among these larger customers. They are adopting more than just the core mortgage product.

Independent Mortgage Banks (IMBs)

The IMB segment remains important, even as the overall mortgage market faces headwinds. Back in Q2 2025, the sales momentum included securing three net new logos specifically within the IMB vertical. This indicates that even smaller, specialized originators are still looking to Blend to streamline their processes, though the Mortgage Suite revenue saw a decline to $17.7 million in Q3 2025.

Financial providers seeking digital transformation across multiple product lines

This is where the strategic shift is most visible. The goal is clearly to increase the 'take rate' across existing customers. In Q3 2025, Blend signed a major renewal and expansion with a consumer banking customer that spanned six product lines. This focus is paying off in the revenue mix: the Consumer Banking Suite now accounts for 39% of total revenue as of Q3 2025, a solid increase from 29% just one year prior. They are definitely selling the platform, not just the point solution.

Here's a quick look at how the customer-facing metrics stacked up in the third quarter of 2025:

Customer Segment Focus Area	Key Metric/Activity (as of late 2025)	Financial Impact/Volume
Large Banks / Top-Tier Institutions	New Seven-Figure Expansion Signed (Q3 2025)	Solar Home Equity Lending
Regional Banks & Credit Unions	Adoption of Diversified Products	Consumer Banking Suite Revenue: $12.7 million (Q3 2025)
Independent Mortgage Banks (IMBs)	New Logo Wins (Q2 2025)	Three net new logos
Multi-Product Adoption	Major Renewal Expansion (Q3 2025)	Covered six product lines
Overall Platform Ecosystem	Partner Network Size	Over 130 technology vendors and data service providers

You can see the platform adoption is driving the revenue diversification. The pipeline activity is also strong, up approximately 60% year-over-year as of the third quarter, which suggests more of these segments are entering the sales funnel. The company added or expanded 14 customer relationships in that quarter alone.

Finance: draft 13-week cash view by Friday.

Blend Labs, Inc. (BLND) - Canvas Business Model: Cost Structure

You're looking at how Blend Labs, Inc. (BLND) manages its outflows as it pushes toward a software-first model. The cost structure is heavily influenced by ongoing investment in the platform and the drive to acquire larger enterprise customers.

High fixed costs for Research and Development (R&D) and platform hosting remain a core component, though management has aggressively reduced these expenses from prior years. For example, Research & Development expenses were $5.6 million in Q1 2025, which then slightly decreased to $5.0 million in Q2 2025. This shows a focus on efficiency even within the development pipeline, which is crucial for platform hosting and innovation.

Sales and Marketing (S&M) expenses are the variable side of the equation, tied directly to enterprise customer acquisition efforts. You can see the tight control here as well; Sales & Marketing expenses were $6.3 million in Q1 2025 and slightly lower at $6.2 million in Q2 2025. The company is clearly managing its go-to-market spend while pipeline activity was reported up approximately 60% year-over-year as of Q3 2025.

The overall spending envelope for the year is clearly defined by management guidance. The full-year 2025 guidance for Platform Non-GAAP Operating Expenses is set between $85.0 million and $90.0 million. This represents a significant reduction, showing nearly a 60% cut from the $211.8 million reported in FY 2022.

Here's a look at the recent quarterly expense trends for the key operating categories:

Expense Category	Q1 2025 Amount (USD)	Q2 2025 Amount (USD)
Research & Development (R&D)	$5.6 million	$5.0 million
Sales & Marketing (S&M)	$6.3 million	$6.2 million

Stock-based compensation is a defintely significant non-cash expense that is explicitly excluded when calculating the non-GAAP profitability metrics you often see highlighted. For context on the scale of this non-cash charge, the annual stock-based compensation for the 2024 reporting period was $28.08 million. The company excludes this cost because valuation methodologies and assumptions can cause it to vary significantly.

You should track these specific cost elements:

• FY 2025 Platform Non-GAAP Operating Expenses guidance range: $85.0 - $90.0 million.
• Q3 2025 Non-GAAP Operating Expenses were $21 million.
• The Consumer Banking Suite revenue reached 39% of total revenue in Q3 2025.
• The company reported a record free cash flow of $15.5 million in Q1 2025.

Finance: draft 13-week cash view by Friday.

Blend Labs, Inc. (BLND) - Canvas Business Model: Revenue Streams

You're looking at how Blend Labs, Inc. brings in money as of late 2025. The revenue picture shows a clear shift in focus, moving from a near-total reliance on mortgage to a more balanced, though still challenged, structure.

The core of the business still relies on its platform, which pulls revenue from two main buckets: the Mortgage Suite and the Consumer Banking Suite. The overall revenue for the third quarter of 2025 landed at $32.9 million, which was down just 1% compared to the same quarter last year.

The platform fees, which represent the Software platform revenue, totaled $30.5 million in Q3 2025, though this figure was down 2% year-over-year. This software component is where you find the recurring Subscription-based platform fees (SaaS model) that provide a base level of income, separate from per-loan activity.

The transaction-based revenue is best captured by the Economic Value per Funded Loan (evPFL). For Q3 2025, the evPFL stood at $86. This number is key because it shows the value captured for each loan processed through the platform, regardless of the overall market volume.

Here's how the two main revenue segments broke down for the third quarter of 2025:

Revenue Stream	Q3 2025 Revenue (Millions USD)	Year-over-Year Change
Mortgage Suite Revenue	$17.7 million	Down 18%
Consumer Banking Suite Revenue	$12.7 million	Up 34%

The Mortgage Suite revenue was $17.7 million in Q3 2025. This segment saw an 18% drop year-over-year, which management attributed to a strategic shift toward partnership models that generate lower initial revenue but carry higher margins, plus some customer churn.

On the growth side, the Consumer Banking Suite revenue was $12.7 million in Q3 2025. That's a strong 34% increase from the prior year, showing the diversification strategy is gaining traction. This suite now accounts for 39% of total revenue, up from 29% a year ago.

To give you a clearer picture of that transaction value, the $86 Economic Value per Funded Loan in Q3 2025 was composed of these elements:

• Core software contribution was $76.
• Partnerships added $10.
• Add-on products provided $1.

Also, remember that total revenue includes Professional services revenue, which was $2.4 million in Q3 2025, marking an 18% increase from the year prior. The overall non-GAAP gross profit margin for the quarter was strong at 78%.

Finance: draft 13-week cash view by Friday.