#13 blend Investor Overview July 2021#2Disclaimer 2 This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may relate to, but are not limited to, expectations of future results of operations or financial performance of Blend Labs, Inc. ("Blend," the "Company," "we," "us," or similar terms), market size and growth opportunities, capital expenditures, plans for future operations, competitive position, technological capabilities, and strategic relationships, as well as assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted quantified. In ome cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "could," "would," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other comparable terminology. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith beliefs and assumptions as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Many of these risks are set forth in our periodic reports that we file with the Securities and Exchange Commission. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this presentation may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. These factors could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this presentation. Except as required by law, Blend does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. This presentation contains statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information. Accordingly, we make no representations as to the accuracy or completeness of that data nor do we undertake to update such data after the date of this presentation. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the platform and products of Blend or this proposed offering. This presentation does not constitute an offer to s sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.#3Blend Overview 3 □ Cloud-based software platform Our products make the process of getting a loan or opening a deposit account simpler, faster, and more secure Flexible, modular architecture We enable the rapid creation of new products through our modular architecture and low-code design tools Integrated marketplaces Through our products, we connect consumers to service providers at the precise moment of need Powerful network effects Our scale attracts an extensive ecosystem of partners, who integrate via our APIs, help us deliver value, and accelerate our growth 162% 2020 dollar-based net retention rate 98% 2020 pro-forma revenue growth rate $33B Serviceable addressable market Nearly $1.4T 2020 loan volume customers processed through Blend blend#4Our software platform is designed to power end-to-end journeys for any banking product 4 TRUIST HH BMO WELLS FARGO Harris Bank PRMI MOUNTAIN AMERICA CREDIT UNION usbank elements FINANCIAL LENNAR MORTGAGE M&T Bank Opendoor PennyMacⓇ VJ Application Closing Verification Settlement Stipulations Product Selection Pre-approval Pricing blend#5The future of banking 5 Proactive Personalized Data-driven Emblem Good morning, Bailey! Based on your updated financial goals, we think you might be interested in a few great offers: Borrowing Protecting $50,000 $1,000,000 Homebuying Power Shop for more home with increased buying potential on a new mortgage. Saving $830,500 $1,000,000 Generate and send offer Investing Spending $50,000 Home Improvements Increase the value of your current home with a home equity line of credit. $250,000 $190,500 $1,000,000 Access HELOC funds blend#6The future of banking 6 One-stop shop Integrated Omnichannel Emblem Let's take the next step! $830,500 Offer letter generated Search for homes Sign closing docs O Mark D. Homebuying Concierge Purchase Insurance Schedule move-in blend#7Current process: complex, inefficient, stressful Manual data entry Complex, tedious, inefficient Bailey Borrower 7 ***_**_*** 150 Main St. Acme, Inc. $180,000 3 years Checking...1234 -417-243-4678 dependents Ayrixeu 75% Co-borrower Gather, stare & compare Frustrating, error-prone, re-requests Redundant paper documentation Data converted to massive paper stacks as required to scan/mail/fax 7 Await verification Disjointed systems and workflows add friction Income Identity A Employment Assets Credit Messy approval chain Manual routing, approval delays Race to gather closing requirements Last-minute add-ons add to final stress Home Insurance Title Insurance Appraisal Inspection blend#8Our cloud-based software platform 8 Mortgage Home Equity STA Experience Design Verification UNIFIED PRODUCT EXPERIENCE Deposit Account I Vehicle Loan JOURNEY BUILDER Decisioning Process Orchestration Workflow Intelligence APIs & INTEGRATIONS Personal Loan PARTNER ECOSYSTEM Credit Card Custom Product Persona-based Workspaces Marketplaces blend#9To create simple banking experiences means connecting a range of disparate components Technologies 9 Total Expert React Wolters Kluwer Postgres ## Optimal Blue Redshift Closing Corp Typescript AWS Rubernetes Webpack Golang MongoDB SQL APIs & Integrations Salesforce Velocify Twilio Docusign Mortech Docutech Data Providers Plaid CoreLogic Estated Factual Data Experian Equifax Yodlee Avantus Finicity Google J.D Power Service Providers Hippo Lemonad Travelers State Auto Vroom Safeco Ethos Life Mercury Stillwater TrueCar Nationwide blend#10Our architecture is designed to maximize digital agility across product lines 10 blend Core Banking System Jack Henry Fiserv *In discussion Mortgage LOS ICE Mortgage Technology Black Knight User Experience Configuration Modules Consumer Profile Decisioning Consumer LOS Finastra Temenos Commercial LOS Jack Henry Digital Banking Alkami Q2* blend#11Rapid software innovation fueled by customer requests Mortgage 11 Mortgage 2016 Lender Workspace Consumer Banking Verification Homeownership Journey 2017 Workflow Intelligence P&C Insurance Home Equity Loan Officer Mobile App 2018 Banker Workspace Self-service Pricing Platform Deposit Account Pre-Approval 2019 Vehicle Loan Realtor Mobile App Journey Builder Title Insurance Personal Loan Close 2020 Realty Credit Card Settlement Agent Workspace Cross Sell Loan Officer Toolkit 2021 blend#12Re-architecting banking software around the consumer 12 ++ Home Equity Mortgage Credit Card Financial Profile Verification Realty One software platform designed for any banking product Data-driven journeys from application to close Extensive ecosystem of integrated marketplaces Insurance Title Insurance Auto Workflow Intelligence Personal Loan Decisioning Vehicle Loan Deposit Account blend#13Our vision: Bring simplicity and transparency to financial services Emblem E Your money is on the way! P 11 blend#14We help hundreds of financial services firms process an average of more than $5B in loan volume per day. TRUIST HH 14 usbank BMO Harris Bank Opendoor WELLS FARGO MOUNTAIN AMERICA elements FINANCIAL 31 of the top 100 U.S. financial services firms are Blend customers* * As of December 31, 2020; based on assets under management M&T Bank LENNARⓇ MORTGAGE ▲ PRMI PennyMac® 24 of the top 100 U.S. non-bank mortgage lenders are Blend customers** ** As of December 31, 2020; based on loan volume blend#15Powering best-in-class consumer experiences Increased consumer acquisition Deeper consumer relationships Higher levels of consumer satisfaction 15 PRMI 33% Increase in funded loan volume in 2019* BMO Harris Bank 253% Increase in submitted applications from 2018 to 2019* LENNAR MORTGAGE 42% Higher Net Promoter Scores* * Statistics provided by customers to Blend Emblem Bailey, it's time to close! COMPLETE Fill out application COMPLETE Document upload and review COMPLETE Prepare for closing CURRENT STEP Attend closing appointment blend#16Maximizing agility and operational efficiency Faster innovation cycles Lower operating and development costs Reduced risk of fraud and human errors BMO Harris Bank 16 LENNAR MORTGAGE 100,000 2 hours Loan processing hours saved* Saved by loan officers on average per loan* * Statistics provided by customers to Blend $520 Average financial impact per loan** Eligible Products Product name OSP J10 Select 30 year fixed SP J10 Select SP J10 Select SP J10 Select ** Source: MarketWise Q420 Survey of Blend customers Bailey Borrower Product Name Sprout Mortgage Rate Payment LENDER PORTAL //////////////// Select Product Interest 5.75% APR 5.79% Lock Term 30 Est. closing costs Down Payment Closing Costs Fees Prepaids Other Credits Credi 0.7€ blend#17Blend + BMO Harris 17 253% year-over-year increase in digital home equity applications from 2018 to 2019 Over 100,000 hours of processing time saved for home equity applications in a single year 2018 2020 2020 Mortgage Home Equity Personal Loans Close $973B assets under management 8th largest bank in North America Statistics provided by BMO Harris Bank BMO 41 "Blend has been an important part of the profitable growth across our mortgage and home equity lending products." Mark Shulman, Head of Consumer Lending blend#18Blend + Elements Financial 18 105% average increase in application submission rate for deposit accounts 60% average reduction in application submission times from 11.2 to 4.4 minutes and an 11% increase in approved applications for vehicle loans, personal loans, and credit cards 2017 2019 Mortgage Deposit Account Vehicle Loan Personal Loan Home Equity Credit Card elements FINANCIAL $2B+ in assets 100,000+ members Statistics provided by Elements Financial EN AR "We want a consumer solution for all products because we don't want our members to have different experiences on different platforms." Ron Senci, Executive Vice President of Sales and Lending blend#19Blend + Opendoor 19 66.2 average consumer Net Promoter Score 40% of applications submitted via mobile devices on average 2017 2019 Mortgage Home Insurance $10B in assets 90,000+ members Statistics provided by Opendoor Opendoor opendoor.com "Blend helped us meet our goals of delivering a digital experience to our customers, while accelerating our time to market." Eric Wu, Co-Founder and CEO blend#20Our growth strategies 20 +Products +Transactions Breadth Market Share Depth +Marketplaces blend#21Driving rapid growth in banking transactions 21 Banking transaction volume 2015 2016 2017 2018 1.4M Banking transaction in 2020 190% Growth rate 2019 2020 usbank WELLS FARGO Successfully expanding coverage to more banking products MOUNTAIN AMERICA CREDIT UNION elements FINANCIAL BMO Harris Bank blend#22Driving rapid growth in transactions 22 Available now Mortgage Mortgage Consumer Banking Home Equity Vehicle Loan Credit Card Close Personal Loan Deposit Account Close Adjacent opportunities Income verification Fee management Student loan Solar financing Small Business Deposit Account Ai data extraction Pricing Wealth management Analysis Business loan Decisioning Servicing Decisioning Servicing Credit card blend#23Success-based business model drives strong revenue retention 142% 2019 dollar-based net retention rate 23 162% 2020 dollar-based net retention rate $75M Revenue by cohort $50M $25M $0 2018 2019 2020 2018 ←------ X 2.9x 2019 3.0x ←------ X 1.7x 2020 blend#24Driving revenue through integrated marketplaces 24 Blend customers serve over 100 million consumers Consumers using Blend can shop for service providers at the precise moment of need Emblem Realtor Network Home Insurance Title Insurance 20 Online Auto Sales Blend can increase revenue per banking transaction ====== 10x + Potential With zero incremental consumer acquisition costs $0 Incremental consumer acquisition costs blend#25Significant increase in revenue per banking transaction Example of recent quarterly revenue per funded loan at a credit union customer 4.5x + Increase in revenue per transaction in 2020 25 4 Products and marketplaces used in 2020 $68 Revenue funded per loan Mortgage Q1 '20 Q2 '20 $68 Q3 '20 $247 + Home. Insurance Q4'20 + Close $323 + Title Q1'21 blend#26Blend Title Agency A complete digital transformation of the title process from the initial title search through post-closing. Instant title search Title commitment upon application submit in Blend Streamlined collaboration Between consumers, settlement agents, and closing teams 26 OQ D B Automatic fee reconciliation For closing disclosures Digital closing Secure payment instructions to reduce fraud and errors Emblem #132192 APPLICATION COMPLETED APPLICATION FOLLOW UPS DISCLOSURE & CLOSING Bailey Borrower [email protected] (415) 2353423 Title Updated by Blend Title Agency Title ordered 02/20/2020 Title Commitment Liens & Judgements CREDITOR NAME Emblem Mortgage ABC Credit Union Collection SolarCity + Add lien/judgement Taxes TAX NAME ACTIVITY DOCS Manage borrowers COMMS Titie received 02/23/2020 TYPE Mortgage Mortgage Judgement Lien DUE DATE Title cleared mm/dd/yyyy AMOUNT $ TOTAL TAXES STATUS $30,153.00 Cleared-Paid at Closing. 430.50 $15,600.00 Cleared - Subordinated $1,384.00 Cleared - Paid Prior to Closing Requested View Tale Commitment. Update Title Commitment STATUS Resend invit blend View Ord View *** View *** ACTION#27Title365 helps us drive faster adoption of our innovations in title, settlement, and closing 27 Accelerated scale for Blend Title Agency Potential increase in revenue per banking transaction Deeper customer relationships ra Go-to-market strategy TITLE365 Migrate joint customers to our platform Sell Blend Title backed by Title365 scale to our Mortgage and Home Equity customers blend#28Ecosystem-driven network effects 28 More upside for partners to join the Blend ecosystem Nearly $1.4 Trillion Loan Volume Increased transaction volume processed on Blend's software platform 162% Dollar-based net retention* *As of December 31, 2020 More Transactions ** As of March 31, 2021 Adoption VJ More Partn More Value Better and more complete experience for consumers 2,200+ Ecosystem Partners** Increased value for new customers and higher engagement from existing ones blend#29Massive market opportunity 29 Serviceable Addressable Market $33B+ 2020 North America home financing and consumer banking transactions VJ 3 $308M 2020 pro-forma revenue $72B 2020 global enterprise spend on software in the banking industry ₁ $19B 2020 Title insurance premiums 2 $106B 2020 Home insurance premiums 3 $124B 2020 Realty commissions 4 1.Gartner, Forecast: Enterprise IT Spending by Vertical Industry Market, Worldwide, 2019-2025, 1021 Update, March 2021. The Gartner content described herein, or the Gartner Content, representis) research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc., or Gartner, and are not representations of fact. Gartner Content speaks as of its original publication date (and not as of the date of this prospectus) and the opinions expressed in the Gartner Content are subject to change without notice. 2. American Land Title Association, Preliminary Comparative 2020 vs 2019 Family Company Survey 3. IBISWorld Inc., Homeowners' Insurance, Worth the risk: growth in housing starts and homeownership rate will boost industry revenue, March 2020. 4. Based on data from the National Association of Realtors, EffectiveAgents.com, and the Louis Federal Reserve. blend#30Our experienced, innovative team QPalantir Fannie Mae PXAR 30 Nima Ghamsari Head of Blend & Co-founder Tim Mayapolous President BANK OF AMERICA Deutsche Bank SABA 7 Marc Greenberg Head of Finance & People Evernote vmware Invoice2go RESY Erik Wrobel Head of Product amazon Kallol Das Head of Engineering bmc salesforce Microsoft Aesha Shah Head of Design xe WageWorks P acxiom Barry May Head of Customer Success Justin Schuster Head of Marketing Live Ramp lan Hopping Head of Growth Percolate NEW YORK, Brian Martin Business Head Development Bloomberg citi LEAP MOTION Crystal Sumner Head of Legal, Compliance & Risk eventbrite cfpb Jonathan Lachman Head of Strategic Operations blend#31Summary One software platform designed for any banking product → Configurable 31 software platform for rapid innovation Powerful network effects → Expansive partner ecosystem Extensive network of customers Industry credibility and operational scale blend#32blend