FinanceUS

Blend Layoffs

April 2022

Blend announced a layoff affecting 200 employees (10% of its workforce) in April 2022. The company operates in the Finance sector.

People Affected

200

Percentage

10%

Announced Date

Apr 19, 2022

About

Blend Labs, a publicly traded mortgage technology company, laid off approximately 200 employees, representing 10% of its workforce, as announced in an SEC filing. This fintech firm, which provides white-label software for major lenders, is implementing the cuts to reduce costs amid severe industry headwinds. With mortgage origination volumes expected to drop 35% in 2022 due to rising interest rates and inflation, Blend is aiming for about $35.4 million in annual savings. The layoffs, set to be completed in the second quarter, follow a significant net loss in 2021 and reflect broader challenges in the mortgage sector as refinancing activity declines.