Aven, a company specialising in home equity-backed financial products, has raised $110m in a Series E funding round, achieving a valuation of $2.2bn.
Khosla Ventures led the round, with participation from existing investors, including General Catalyst, Caffeinated Capital, GIC, Electric Capital, and Founders Fund.
The funding aims to support Aven’s development of America’s first “machine banking” platform for homeowners. This platform will utilise automation, robotics, and machine learning to reduce borrowing costs.
Aven said that it has seen significant growth over the past year. Its customer base has tripled, and it has issued more than $3bn in credit lines.
Since its inception, Aven claims to have delivered over $215m in interest savings to homeowners.
With the new funding, Aven plans to expand into mortgage refinancing, offering additional benefits to existing customers of its Home Equity Card and Rewards Card.
Aven co-founder and CEO Sadi Khan said: “We’re not just expanding our product suite. We’re building a one-stop financial platform designed to fully serve the needs of homeowners.
“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 introduced a Home Equity Line of Credit (HELOC)-backed credit card, offering an alternative method for consumers to access their home equity. Unlike traditional HELOCs that require lengthy approvals and entail high upfront costs, Aven’s card offers quick approvals and lower costs.
This product combines reduced borrowing costs with cash-back rewards, presenting an alternative to conventional credit cards.
The latest funding will also enable Aven to explore new asset classes beyond home equity. This expansion aligns with the company’s mission to build a comprehensive technology-driven “machine banking” platform that efficiently manages asset-backed financial products for American consumers.
Founded in 2019, Aven aims to transform access to low-cost capital by enabling consumers to unlock value from their assets.
The company’s previous funding round, Series D was in July 2024 through which it raised $142m. This earlier round was led by Khosla Ventures and General Catalyst.
