Blend, a consumer lending platform, has launched its own homeowner insurance solution for consumers.
The service is being offered through new partnerships with insurers such as Stillwater Insurance and Swyfft.
By offering insurance, Blend hopes to ease the transition of applying for a mortgage and getting an insurance quote. This integration will enable Blend’s agency to automatically provide lenders with evidence of insurance, saving time for processing loans.
The company is creating a new office in Los Angeles which will be available to borrowers via phone, chat or e-mail, to help with insurance issues or queries.
Founded in 2012, Blend is a marketplace lending platform helping consumers apply for a home loan by connecting borrowers and lenders quickly.
Over the past year the California-based company has tripled its customer base, which includes Wells Fargo and Movement Mortgage. The platform has helped over $30bn worth of mortgage applications, according to the company.
In a company blog post, Greg Isaacs said, “We see our new insurance agency as an exciting step forward to further remove friction from the home buying process and improve customer satisfaction. We believe it will be better for our lenders, their borrowers, and the insurance providers we work with and will help to make the process of buying a home a little less daunting.”
To support the new insurance division, Blend is looking to hire lenders, insurers, or experienced insurance agents to its team.
Last year, the company collected $100m in its Series D round of funding, which was led by Greylock Partners.
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