Blend Labs, Inc. (BLND): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de los préstamos digitales, Blend Labs, Inc. (BLND) surge como una fuerza transformadora, reinventando cómo las instituciones financieras racionalizan los procesos hipotecarios a través de la tecnología de vanguardia. Al aprovechar una plataforma digital innovadora que integra perfectamente soluciones de software avanzadas, aprendizaje automático y gestión integral de riesgos, Blend Labs está revolucionando el ecosistema de préstamos, ofreciendo una eficiencia sin precedentes y experiencia en el usuario tanto para instituciones financieras como para prestatarios.

Blend Labs, Inc. (BLND) - Modelo de negocio: asociaciones clave

Instituciones y bancos financieros

A partir del cuarto trimestre de 2023, Blend Labs ha establecido asociaciones con las siguientes instituciones financieras:

Institución financiera	Estado de asociación	Año iniciado
Wells Fargo	Plataforma de préstamos digitales activos	2018
Banco estadounidense	Integración de hipotecas digitales	2019
Grupo Financiero de Ciudadanos	Soluciones de tecnología de préstamos	2020

Prestamistas hipotecarios y cooperativas de crédito

Las asociaciones de préstamos hipotecarios de Blend incluyen:

• Socios de la Asociación Nacional de Credit Union (CUNA)
• Bancos comunitarios independientes
• Prestamistas de hipotecas regionales

Socios de integración de tecnología e software

Socio tecnológico	Enfoque de integración	Año de implementación
Salesforce	Integración CRM	2017
Tartán	Conectividad de datos financieros	2019
Servicios web de Amazon	Infraestructura en la nube	2016

Proveedores de servicios en la nube

Asociaciones de servicio de la nube primaria:

• Servicios web de Amazon (AWS)
• Microsoft Azure
• Plataforma en la nube de Google

Cumplimiento y empresas de consultoría regulatoria

Consultoría	Especialización	Enfoque de asociación
Deloitte	Cumplimiento regulatorio	Consultoría de tecnología financiera
PWC	Gestión de riesgos	Cumplimiento de préstamos digitales

Blend Labs, Inc. (BLND) - Modelo de negocio: actividades clave

Desarrollo de la plataforma de préstamos digitales

Blend Labs se enfoca en desarrollar una plataforma de préstamo digital integral con las siguientes características clave:

Métrica de plataforma	Datos específicos
Soluciones de préstamos digitales totales	7 categorías de productos de préstamo distintos
Capacidad de integración de la plataforma	Más de 350 instituciones financieras conectadas
Volumen de transacción de plataforma anual	$ 460.2 mil millones en originaciones hipotecarias (2022)

Ingeniería de software e innovación de productos

Los esfuerzos de ingeniería de software de Blend se caracterizan por:

• Inversión de I + D de $ 102.4 millones en 2022
• Aproximadamente 350 ingenieros de software activos
• Portafolio de patentes de 47 innovaciones de tecnología registrada

INTERRACIÓN Y SOPORTE DEL CLIENTE

Las métricas de participación del cliente incluyen:

Métrica de incorporación	Datos de rendimiento
Tiempo promedio de procesamiento de aplicaciones de préstamos digitales	12 minutos
Tasa de satisfacción del cliente	87.6%
Adquisición anual de nuevos clientes	125 nuevos clientes de instituciones financieras

Cumplimiento y gestión de riesgos

Detalles de la infraestructura de cumplimiento:

• Equipo de cumplimiento dedicado de 87 profesionales
• Cobertura de cumplimiento regulatorio en 50 estados de EE. UU.
• Inversión anual de tecnología de cumplimiento: $ 24.6 millones

Análisis de datos y optimización de aprendizaje automático

Capacidades de datos avanzados:

Métrica de análisis de datos	Medición específica
Modelos de aprendizaje automático implementado	62 modelos predictivos activos
Capacidad de procesamiento de datos	3.2 petabytes de datos financieros procesados ​​mensualmente
Tasa de precisión predictiva	94.3% en evaluación de riesgos de préstamos

Blend Labs, Inc. (BLND) - Modelo de negocio: recursos clave

Plataforma de tecnología de préstamos patentada avanzada

A partir del cuarto trimestre de 2023, la plataforma de préstamos digitales de Blend procesó $ 460 mil millones en aplicaciones hipotecarias y apoyó a 285 instituciones financieras.

Métrica de plataforma	Valor
Volumen total de préstamos	$ 460 mil millones
Instituciones financieras apoyadas	285
Capacidades de integración de software	Más de 150 sistemas bancarios

Equipos calificados de ingeniería de software y ciencia de datos

Blend emplea a 556 empleados a tiempo completo al 31 de diciembre de 2023, con un 68% concentrado en roles de ingeniería y desarrollo de productos.

• Total de empleados: 556
• Personal de ingeniería: 378 empleados
• Salario promedio de ingeniería: $ 185,000 anualmente

Infraestructura de nube robusta

Blend utiliza Amazon Web Services (AWS) para la infraestructura en la nube, procesando más de 2.5 millones de solicitudes de préstamos anualmente con un tiempo de actividad del 99.99%.

Propiedad intelectual y patentes de software

Categoría de patente	Número de patentes
Patentes de software otorgadas	37
Aplicaciones de patentes pendientes	22

Relaciones estratégicas de clientes y asociaciones

La base de clientes empresariales de Blend incluye instituciones financieras de primer nivel que representan al 38% de los bancos estadounidenses por tamaño de activo.

• Los mejores clientes bancarios: Wells Fargo, U.S. Bank, Citibank
• Total de clientes empresariales: más de 150 instituciones financieras
• Penetración del mercado: 38% de los bancos estadounidenses por tamaño de activo

Blend Labs, Inc. (BLND) - Modelo de negocio: propuestas de valor

Proceso de solicitud de hipoteca digital optimizado

Blend Labs proporciona una plataforma digital que reduce el tiempo de procesamiento de aplicaciones de la hipoteca de un promedio de 45 días a 21 días. La plataforma procesa aproximadamente el 30% de todas las aplicaciones de hipotecas digitales en los Estados Unidos.

Métrico	Valor
Volumen de solicitud de hipoteca digital	$ 6.1 billones en 2022
Reducción de la velocidad de procesamiento de la plataforma	33% de ahorro de tiempo
Número de instituciones financieras que utilizan la plataforma	Más de 350 instituciones

Eficiencia de préstamos mejorados para instituciones financieras

La tecnología de Blend reduce los costos de origen del préstamo en un estimado de $ 1,500 por préstamo para instituciones financieras.

• Verificación automatizada de documentos
• Evaluación de crédito en tiempo real
• Verificaciones de cumplimiento integradas

Experiencia de prestatario simplificada a través de la tecnología

Las plataformas móviles y web de Blend permiten que el 78% de las aplicaciones hipotecarias se completen completamente en línea, con un tiempo de finalización promedio de 12 minutos.

Costos operativos reducidos para los socios de préstamos

Área de reducción de costos	Porcentaje guardado
Sobrecarga de procesamiento de préstamos	40-50%
Entrada de datos manual	Reducción del 85%
Gestión de cumplimiento	60% de ahorro de costos

Evaluación integral de riesgos y soluciones de gestión

Los algoritmos de evaluación de riesgos impulsados ​​por la IA de Blend analizan más de 10,000 puntos de datos por aplicación de préstamo, mejorando la precisión de predicción por incumplimiento en un 25%.

• Modelos de riesgo de aprendizaje automático
• Puntuación crediticia en tiempo real
• Análisis predeterminado predictivo

Blend Labs, Inc. (BLND) - Modelo de negocios: relaciones con los clientes

Plataformas digitales de autoservicio

A partir del cuarto trimestre de 2023, Blend Labs proporciona plataformas de préstamos digitales que atienden a 358 instituciones financieras con capacidades integradas de autoservicio.

Característica de la plataforma	Métricas de participación del usuario
Solicitud de préstamo digital	Tasa de finalización del 87%
Carga de documentos en línea	92% Satisfacción del usuario
Verificación automatizada	65% de reducción del tiempo en el procesamiento

Gestión de cuentas dedicada

Blend Labs mantiene 127 gerentes de relaciones a nivel empresarial para clientes bancarios de primer nivel.

• Tasa promedio de retención del cliente: 94%
• Frecuencia trimestral de interacción del cliente: 3-4 puntos de contacto
• Soporte de implementación personalizado

Apoyo tecnológico continuo

El equipo de soporte técnico comprende 86 ingenieros especializados que brindan asistencia las 24 horas, los 7 días de la semana.

Canal de soporte	Tiempo de respuesta
Chat en vivo	<10 minutos
Soporte por correo electrónico	<4 horas
Soporte telefónico	<15 minutos

Experiencias de incorporación personalizadas

Proceso de implementación personalizado para instituciones financieras con especialistas de integración dedicados.

• Tiempo de incorporación promedio: 45-60 días
• Configuración a medida para cada cliente
• Programas de capacitación integral

Actualizaciones de características de producto regulares

Ciclos de mejora de productos trimestrales con 12-15 nuevas características introducidas anualmente.

Categoría de actualización	Frecuencia
Actualizaciones de plataformas principales	Trimestral
Parches de seguridad	Mensual
Optimizaciones de rendimiento	Bimensual

Blend Labs, Inc. (BLND) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Blend Labs mantiene un equipo de ventas directo dedicado de aproximadamente 185 profesionales de ventas dirigidos a instituciones financieras.

Métrica del equipo de ventas	Valor
Representantes de ventas totales	185
Duración del ciclo de ventas promedio	4-6 meses
Segmento de cliente objetivo	Medio de tamaño para grandes instituciones financieras

Plataforma web en línea

La plataforma digital de Blend procesó $ 460 mil millones en aplicaciones de préstamos en 2023.

• La plataforma admite más de 15 tipos de productos financieros
• Más de 250 instituciones financieras integradas
• Tasa de finalización de la aplicación digital: 78%

Asociaciones de instituciones bancarias y financieras

Blend ha establecido asociaciones con más de 250 instituciones financieras, incluidos los bancos de primer nivel.

Categoría de asociación	Número de instituciones
Grandes bancos nacionales	12
Bancos regionales	98
Coeficientes de crédito	140

Marketing digital y generación de leads

Blend invirtió $ 8.3 millones en esfuerzos de marketing digital en 2023.

• Gasto publicitario digital: $ 4.2 millones
• Presupuesto de marketing de contenido: $ 2.1 millones
• Tasa de conversión de generación de leads: 3.7%

Conferencias de la industria y eventos de redes

Blend participó en 22 conferencias de tecnología financiera en 2023.

Tipo de evento	Número de eventos	Contactos totales de redes
Conferencias nacionales	12	1,450
Eventos regionales de fintech	10	850

Blend Labs, Inc. (BLND) - Modelo de negocio: segmentos de clientes

Prestamistas hipotecarios

A partir del cuarto trimestre de 2023, Blend atiende a aproximadamente 250 prestamistas hipotecarios en los Estados Unidos.

Característica de segmento	Punto de datos
Clientes de prestamistas hipotecarios totales	250
Penetración del mercado	15.6% del mercado de préstamos hipotecarios de EE. UU.

Bancos comerciales

Blend se ha integrado con 78 instituciones de banca comercial a partir de 2023.

• Top 20 bancos comerciales estadounidenses representados en la base de clientes
• Volumen de transacción anual: $ 42.3 mil millones

Coeficientes de crédito

Las asociaciones de cooperativas de crédito total 112 a diciembre de 2023.

Métrico de segmento	Valor
Total Credit Union Clients	112
Tamaño promedio del activo	$ 1.2 mil millones

Instituciones financieras digitales

Blend admite 45 plataformas financieras digitales primero en 2023.

• Asociaciones bancarias solo digitales: 45
• Volumen de origen de préstamo promedio: $ 276 millones anualmente

Organizaciones de préstamos de tamaño mediano y empresarial

El segmento empresarial incluye 63 organizaciones de préstamos medianos y grandes.

Métricas de segmento empresarial	Datos
Total de clientes empresariales	63
Volumen anual promedio de préstamos	$ 1.7 mil millones

Blend Labs, Inc. (BLND) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Blend Labs reportó gastos de I + D de $ 83.7 millones, lo que representa el 49% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 83.7 millones	49%
2022	$ 96.3 millones	53%

Infraestructura en la nube y mantenimiento de tecnología

Los costos anuales de infraestructura de nubes y tecnología para Blend Labs fueron de aproximadamente $ 22.5 millones en 2023.

• Amazon Web Services (AWS) Proveedor de nube primaria
• Gasto anual de servicio en la nube estimado: $ 15-20 millones
• Mantenimiento y soporte de tecnología: $ 2.5-3.5 millones

Inversiones de ventas y marketing

Los gastos de ventas y marketing para Blend Labs en 2023 totalizaron $ 64.2 millones, que fue del 38% de los ingresos totales.

Categoría de gastos	Cantidad	Porcentaje de ingresos
Gastos de ventas	$ 37.6 millones	22%
Gastos de marketing	$ 26.6 millones	16%

Adquisición y retención de talentos

Los gastos totales relacionados con el personal para Blend Labs en 2023 fueron de $ 145.6 millones.

• Compensación promedio de empleados: $ 185,000 por año
• Fuerza laboral total: aproximadamente 800 empleados
• Costos de reclutamiento e incorporación: $ 3.2 millones

Cumplimiento y adherencia regulatoria

Los gastos relacionados con el cumplimiento para Blend Labs en 2023 se estimaron en $ 12.5 millones.

Área de cumplimiento	Costo anual estimado
Consultoría legal y regulatoria	$ 5.7 millones
Software y herramientas de cumplimiento	$ 3.8 millones
Equipo de cumplimiento interno	$ 3 millones

Blend Labs, Inc. (BLND) - Modelo de negocio: flujos de ingresos

Tasas de licencia de software

A partir del cuarto trimestre de 2023, Blend Labs informó ingresos por licencia de software de $ 73.2 millones, que representa un componente clave de su plataforma de tecnología de préstamos empresariales.

Ingresos basados ​​en transacciones

Tipo de transacción	Ingresos (2023)
Transacciones de originación de la hipoteca	$ 42.5 millones
Transacciones de préstamos de consumo	$ 28.3 millones

Servicios de implementación e integración

Blend Labs generó $ 19.7 millones a partir de servicios profesionales y tarifas de implementación en el año fiscal 2023.

Acceso a la plataforma basado en suscripción

• Ingresos recurrentes anuales (ARR): $ 180.4 millones
• Niveles de suscripción de plataforma:
  • Nivel empresarial básico: a partir de $ 50,000/año
  • Nivel empresarial avanzado: a partir de $ 150,000/año

Monetización de datos y análisis

Blend Labs generó aproximadamente $ 12.6 millones a partir de servicios de información y servicios de análisis en 2023.

Flujo de ingresos	Ingresos totales (2023)	Porcentaje de ingresos totales
Licencia de software	$ 73.2 millones	38%
Ingresos basados ​​en transacciones	$ 70.8 millones	37%
Acceso a la plataforma de suscripción	$ 26.5 millones	14%
Datos y análisis	$ 12.6 millones	7%
Servicios de implementación	$ 19.7 millones	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.