Profile: Blend Labs, Inc ("BLND")

July 3, 2021 | Updated | In this Premium Service edition of The Institutional Risk Analyst, we look at impending IPO of Blend Labs, Inc. (BLND), a new entrant into the mortgage space that promises “to bring simplicity and transparency to financial services.” The S-1 filed with the SEC includes a great deal of hopeful fluff about “data-driven journeys from application to close.” The document has all of the right words. But what does BLND actually do to earn money? And is it really worth 10x book value in an IPO?

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