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Brian Sheth, Haveli's Chief Investment Officer, to Join Blend's Board
Blend Labs, Inc. (NYSE:BLND), ("Blend" or the "Company"), a leading provider of cloud banking services,and Haveli Investments ("Haveli"), a technology-focused private equity firm, today announced a $150 million investment in the Company by Haveli Investments in the form of convertible preferred stock with a zero percent coupon. Blend will use approximately $145 million of the proceeds to repay all amounts payable under its existing credit agreement, and the remainder for general corporate purposes. This investment further strengthens Blend's financial position and balance sheet for long-term growth and value creation.
"This partnership with Haveli reflects confidence in Blend's continued journey to transform financial services and is an important show of faith in our growth strategy," said Nima Ghamsari, Co-founder and Head of Blend. "We look forward to working with Haveli to advance our goal of driving innovation in the space and delivering lasting value for our customers and shareholders."
"We are pleased to announce our partnership with Blend, a market leader in both Mortgage and Consumer Banking software for banks, credit unions, and other lending institutions," said Brian Sheth, Chief Investment Officer of Haveli Investments. "We have known the Blend team for several years and have been impressed with their innovation and vision. With a blue-chip customer base and an improved balance sheet, we believe Blend is well positioned to succeed with its modern, next-gen platform. We're excited to start this partnership, and we believe that we can work together with Blend to increase long-term value for all shareholders, customers, employees, and other key stakeholders."
In connection with the investment, Mr. Sheth will join Blend's Board of Directors.
Posted In: BLND
