SAN FRANCISCO — Aven, a 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.
Aven plans 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 has reported the following details about its growth:
- 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 also 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.”
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.”
