How does Blend's Q2 performance stack up against key peers in the digital banking origination space?

Blend’s Q2 2025 performance – what we know from the release

How the reported performance stacks up against peers

Because the press‑release excerpt you supplied does not contain concrete financial numbers (revenue, growth rates, profitability, or guidance), any head‑to‑head comparison must be qualitative and limited to what is disclosed:

Key observations from the comparison:

1. Deal‑count velocity – Blend’s 23 new/expanded deals in a single quarter represents a strong pipeline for a pure‑play origination platform. Most public‑company peers in the same space usually cite mid‑teens to low‑20s for new‑client or new‑deal counts per quarter. The fact that this is twice the prior‑quarter count suggests an acceleration that is at least on par with, if not ahead of, the average pace reported by many peers.

2. Revenue growth implied – While revenue numbers are not disclosed, the company’s narrative (“solid execution,” “sales momentum accelerated”) indicates that revenue growth is likely positive. In comparable quarters, peers such as nCino and Mambu have been reporting 20‑30 % YoY revenue growth driven by new‑deal wins. If Blend’s deal count translates into a comparable or higher revenue uplift (which it likely does, given the higher average deal size of a platform such as Blend), it would be competitive with the top performers in the sector.

3. Platform‑centric strategy – Blend’s emphasis on being a “platform company” mirrors the strategic positioning of peers like FIS and ICE, which have been emphasizing API‑first, modular architectures to capture more of the digital‑banking stack. This alignment suggests no competitive disadvantage on the product side.

4. Scale vs. Growth – Large incumbents (FIS, ICE) have far larger absolute revenues, but they typically grow at single‑digit percentages because of their size. Blend, as a smaller, high‑growth SaaS business, is expected to show double‑digit growth in the same period. The 2‑fold increase in deal count is a typical indicator of such double‑digit revenue growth.

Bottom‑line assessment

• Relative momentum – 23 new/expanded deals, double the prior quarter’s count, signals strong sales momentum and a high‑velocity pipeline that most peers would consider a top‑quartile performance in the digital‑banking origination space.

• Financial comparability – Without specific revenue or profitability figures, we cannot quantify Blend’s absolute financial performance relative to peers’ revenue or earnings growth. However, the qualitative indicators (deal count, management tone) suggest that Blend’s Q2 2025 results are at least on par with, and likely ahead of, many peer companies that are reporting 15‑30 % YoY revenue growth in the same period.

• What to watch – To confirm the relative standing, investors should:

  1. Review Blend’s SEC Form 10‑Q for Q2 2025 (revenue, ARR, net loss/profit, and guidance).
  2. Compare those numbers to peer SEC filings (e.g., FIS, ICE, nCino, Mambu) for the same quarter.
  3. Track pipeline‑to‑revenue conversion rates and average deal size—both are publicly disclosed in many peers’ earnings calls and can provide a more granular benchmark.

In short: Based on the limited data disclosed, Blend’s Q2 performance appears robust and possibly ahead of the typical growth rhythm of its key competitors in the digital‑banking origination arena. For a definitive ranking, a deeper dive into the full financial statements and peer earnings releases is required.