Fintech company Blend Labs files for IPO

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Blend Labs Inc. has filed for an initial public offering, according to a filing Monday. The mortgage and consumer-loan software company seeks to sell $100 million worth of shares, although that’s often a placeholder figure used to calculate fees. Blend Labs filed for its IPO confidentially in April. The San Francisco company plans to trade its shares on the New York Stock Exchange under the symbol BLND. Blend said it lost $27 million, or 20 cents a share, in the January-March quarter, compared with a loss of 21 cents for the same period last year. Revenue for the quarter rose to $32 million, from $16 million a year ago. The company listed as clients banks such as Wells Fargo, U.S. Bank, M&T Bank, and others, as well as credit unions and mortgage lenders such as Lennar Mortgage. Underwriters include Goldman Sachs and Allen & Co.

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