California-based Aven has successfully raised $142 million to expand its home equity-backed credit card offering to homeowners across the United States.
Khosla Ventures and General Catalyst co-led the Series D funding round, which elevates Aven to unicorn status just five years after its establishment by former product, design, and engineering executives from Facebook and Square.
Since launching the Aven Home Card in California in 2022, the company has issued over $1.5 billion in credit lines and claims to have saved its customers more than $100 million in interest payments.
Currently serving over 30 states and with more than 160,000 members, Aven plans to utilize the new funding to expand its services to all 50 states by next year. The company is also broadening its offerings; in addition to a mobile-first financial advisory tool, it plans to introduce auto-backed cards and mortgage refinancing options.
Sadi Khan, CEO of Aven, stated, “We believe there’s no reason for anyone who owns an asset and has a good credit history to use unsecured credit. Unsecured credit is expensive and unhealthy. With our asset-backed credit cards, we give consumers credit for what they own – saving them thousands of dollars without sacrificing convenience.”