Anyone from Blend here?
Just curious how is blend doing? Will company be able to recover from current housing crisis? https://blend.com YOE 1 Tc: 250k
Blend
They only have enough cash to survive another 2 years before going bankrupt. The answer is no. Actually it’s 7 quarters as the countdown starts 9/30.
Why did their ceo make 85 million last year
It depends. There is a lot of promising contracts and revenue in pipeline, as well as easy way to see how next couple years are very successful, but c suite made colossal fuck up in buying title 365. The debt on that is due in 2025, and really that’s the big question of whether blend survives. Runway is much less of a concern than that debt imo
There are always “promising” contracts, that’s just sales and leadership being optimistic. There have been plenty of promising contracts in the past that never pan out
Nope
We’ll recover when the fed drops rates, so get ready for a couple years of mediocrity. It’s evident the success of the business is on market conditions and not what the company actually produces since the product itself is necessary but mediocre
Not really sure what analysis you've performed to suggest their product is mediocre. Their customers (and end customers) are largely raving fans
lol I hope that was sarcasm. You should actually pay attention to the client slack channels and see how many customers are unhappy in yellow/red state. Raving fans is internal koolaid from leadership. Some yellow customers stick with Blend due to lack of options or cost for change management again, not because they like Blend
What’s blend?
A mortgage processing platform. Used to process around 23% of total mortgages in us. Also they had an ipo at around 3 billion during 2021 but rn they are at around 200mil valuation
Mortgage makes up most of our revenue and was our first product. But we have other loan products like personal loans, home insurance, heloc/heloan, credit cards, auto loan, etc