Led by Khosla Ventures, Aven Expands Beyond Home Equity in its Mission to Deliver the Lowest-Cost Credit in America

SAN FRANCISCO–(BUSINESS WIRE)–Aven, the pioneer in home equity–backed credit cards, today announced a $110 million Series E financing at a $2.2 billion post-money valuation — more than double its valuation from a year ago. The round was led by Khosla Ventures, with participation from existing investors General Catalyst, Caffeinated Capital, GIC, Electric Capital, and Founders Fund.

With the support of their investors, Aven is well-positioned to accelerate building America’s first full-service “machine banking” platform – powered by automation, patented robotics, and large-scale machine learning – to dramatically reduce borrowing costs and support consumers in every aspect of their financial lives.

Aven’s rapid growth highlights strong customer adoption and capital markets validation:

• 3x customer base growth year-over-year
• More than $3 billion in aggregate credit lines issued
• Over $215 million in interest savings delivered to homeowners since inception
• Achieved a AAA investment rating just 10 months after its first rated transaction

Product Expansion into Mortgage

Aven is announcing its expansion into mortgage refinancing, as the company applies its technology-first approach to revolutionize yet another category of homeowner finance. Existing Aven customers, such as those with Aven’s Home Equity Card and Rewards Card will be able to access additional exclusive benefits and savings.

“We’re not just expanding our product suite. We’re building a one-stop financial platform designed to fully serve the needs of homeowners,” said Sadi Khan, co-founder and CEO of Aven. “Our expansion into mortgage products will bring the same speed and efficiency that transformed home equity access, with the goal of creating the best mortgage refinance experience in the market.”

Building the Future of Consumer Credit

Aven built the first successful HELOC-backed credit card, which fundamentally reimagines how consumers access their home equity. Unlike a traditional HELOC with lengthy approvals and high upfront costs, Aven’s Home Equity Card provides fast and convenient access to a consumer’s home equity with a premium credit card experience.

The innovation delivers borrowing costs up to 50% lower than traditional credit cards while providing 2% unlimited cash back — the “best of both worlds,” unmatched by other options.

Aven’s Series E funding will fuel expansion into multiple new asset classes beyond home equity, creating a comprehensive platform that helps American consumers unlock value from their entire asset portfolio and build wealth. It represents the next phase of the company’s mission to build a technology-first “machine banking” platform that can efficiently underwrite and manage asset-backed financial products at speed and scale.

“Aven’s vision for reinventing consumer credit – grounded in hard asset value and powered by technology – has the potential to fundamentally change the cost of borrowing for millions of Americans,” said Vinod Khosla, founder of Khosla Ventures. “We invested in Aven in 2020 and have continued to deepen our investment over the years. They are building one of the most impactful companies in consumer finance and we are excited to continue partnering with Sadi and his team.”

The recent launch of Aven’s Rewards Card has accelerated customer acquisition and validated the company’s ability to expand its asset-backed approach across multiple product categories.

World-Class Advisory Board Expansion

Aven is also pleased to announce the expansion of its Advisory Board with two major additions: Former U.S. Treasury Secretary Lawrence H. Summers and former Chair of the House Financial Services Committee Patrick McHenry.

“Aven is addressing a pervasive challenge in consumer finance: the high cost of capital,” said Summers. “By leveraging frontier technology to make credit more efficient, they’re driving the kind of innovation that can improve financial outcomes for American families.”

Summers and McHenry join Aven’s existing Advisory Board, which includes Kevin Warsh (former Federal Reserve Governor), Michael DeVito (former CEO of Freddie Mac), Tim Mayopoulos (former CEO of Fannie Mae), and Jim Messina (former White House Deputy Chief of Staff).

About Aven

Founded in 2019, Aven has transformed access to low-cost capital by helping consumers unlock the value of their existing assets. It invented the first HELOC-backed credit card, giving homeowners credit for what they own and cutting their rates by up to 50%. Aven has since issued over $3 billion in credit lines and saved consumers over $215 million in interest.

Aven is building America’s first “machine banking” platform — powered by industry-leading efficiency and technology, and backed by real assets to dramatically lower the cost of consumer credit.

Aven Visa Credit Cards are issued by Coastal Community Bank, pursuant to a license from Visa U.S.A., Inc. Aven accounts are made by Coastal Community Bank, Member FDIC. Equal Housing Lender. NMLS #462289. Learn more at www.aven.com.

Contacts

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