FT Partners The Only Investment Bank
Focused Exclusively on FinTech
  • San Francisco
  • New York
  • Miami
  • London

FT Partners Advises Blend on its $150,000,000 Financing from Haveli Investments

Overview of Transaction

  • On April 29, 2024, Blend Labs, Inc. (NYSE: BLND) (“Blend”) a leading provider of cloud banking services, announced a $150 million investment from Haveli
  • The investment is in the form of Series A convertible 0% coupon preferred stock with an initial conversion price of $3.25 per share, representing a 44% premium to the closing share price on 4/29/2024 (1)
  • The agreement includes Class A common stock warrants issued at $4.50 per share exercisable for 24 months, representing a 100% premium to the closing share price on 4/29/2024 (1)
  • Based in San Francisco, Blend is the infrastructure powering the future of banking
  • Financial providers from large banks, FinTechs, and credit unions to community and independent mortgage banks use Blend’s platform to transform banking experiences for their customers

Significance of Transaction

  • Blend will use approximately $145 million of the proceeds to repay all borrowings and other amounts payable under its existing credit agreement, with the remainder for general corporate purposes
  • The investment strengthens Blend’s financial position and capitalizes the Company's balance sheet for long-term value
  • As part of the transaction, Brian Sheth, Founder and Chief Investment Officer at Haveli Investments, will join Blend’s Board of Directors
  • Prior to founding Haveli, Brian served as President of Vista Equity Partners and has spent 25 years investing in winning companies and entrepreneurs; the investment reflects confidence in Blend’s growth strategy, continued success and long-term value creation

FT Partners' Role

  • FT Partners served as the exclusive financial and strategic advisor to Blend on this transaction
  • This transaction highlights FT Partners’ domain expertise in the banking technology space, along with its successful track record generating highly favorable outcomes for high-growth FinTech companies

Source: S&P Capital IQ.
(1) Investment announcement date.