TLDR:
- Aven, a fintech company offering home equity-backed credit cards, reaches unicorn status with a US$142m Series D funding round led by Khosla Ventures and General Catalyst.
- Founded in 2019 by former executives of Facebook and Square, Aven aims to provide homeowners with low-cost access to capital through its innovative credit card products.
Aven, a fintech company specializing in consumer credit cards backed by home equity, has achieved unicorn status after securing a US$142m Series D funding round. The investment, led by Khosla Ventures and General Catalyst, aims to bring the world’s first home equity-backed credit cards to homeowners in all 50 US States. Founded in 2019 by former executives of Facebook and Square, Aven has rapidly grown to issue over US$1.5bn in credit lines for its Home Card, saving customers over US$100m in interest payments to date.
The company’s first product, Aven Home Card, allows homeowners to access their home equity quickly, saving them up to 50% on credit card interest rates. With its latest funding, Aven plans to expand its services nationwide, launch new financial products such as auto-backed cards and mortgage refinancing, and scale its advisory tool, Aven Advisor, which currently has over 160,000 members.
Additionally, Aven has established an advisory board with industry experts such as former CEOs of Freddie Mac and Fannie Mae to guide its expansion and strategic initiatives. The company’s mission is to provide consumers with the lowest costs and most convenient access to capital, challenging the traditional reliance on unsecured credit.
Overall, Aven’s rapid growth and innovative approach to leveraging home equity for credit card products have solidified its position as a key player in the fintech industry, attracting significant investments and establishing a strong customer base.
