Silicon Valley-based consumer finance startup Blend has announced the closure of a $100 million funding round, led by Greylock Partners. The latest investment brings Blend’s total funding to $166 million.

Blend was founded five years ago by three entrepreneurs seeking “to bring simplicity and transparency” to the consumer finance market by leveraging technology and data to drive innovation in the industry.

Blend now boasts a team of almost 200 people and is currently working with 30 financial institutions in the US, including the country’s top mortgage lender Wells Fargo, to power a more accessible home lending system for its consumers.

In a blog post, Nima Ghamsari, CEO and co-founder of Blend, said: “This is just the beginning. The opportunity for our technology in the $40+ trillion consumer lending market is huge, but the industry won’t change overnight.

“To realise our goals, we need to continue scaling and bringing together the best talent, partners and backers to get us to the next level. Today’s news is an important stepping stone, and we’re excited to continue working closely with our customers to drive a better, more accessible lending experience for borrowers across the country and eventually, the world.”

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