Aven closed a $110 million Series E funding round at a $2.2 billion valuation, more than doubling its worth in just one year. Led by Khosla Ventures and joined by long-time backers such as General Catalyst, Caffeinated Capital, GIC, Electric Capital, and Founders Fund, this round positions Aven to move faster on its vision for next-generation home finance.
With this funding, Aven will expand its work on what it calls a machine banking platform. This platform taps automation, custom robotics, and large-scale machine learning to simplify borrowing. By replacing manual processes with technology, Aven plans to cut the cost of credit and offer a more seamless experience at every step of a homeowner’s financial journey.
Over the past year, Aven’s customer base tripled, reflecting strong demand for its offers. The company has now issued more than $3 billion in credit lines and helped homeowners save over $215 million in interest. In less than a year after finishing its first rated deal, Aven earned a top-tier AAA investment rating, signaling confidence from the markets in its model and growth prospects.
Building on its success in home equity credit, Aven is now moving into mortgage refinancing. Homeowners who already use its Home Equity Card or Rewards Card will gain access to special rates and benefits when they refinance. By applying the same focus on speed and low fees that reshaped home equity borrowing, Aven aims to make refinancing straightforward and transparent.
Aven’s original breakthrough was the first HELOC-backed credit card, which turned home equity into a premium credit card experience. Instead of waiting weeks and paying big fees for a traditional line of credit, homeowners get quick access to funds and swipe like they would on any other card. This approach blends the low cost of secured borrowing with the convenience of credit card payments.
Borrowing on the Home Equity Card can cost up to half as much as using a standard credit card, and cardholders earn unlimited 2 percent cash back on every purchase. By combining a secured lending rate with generous rewards, Aven’s card appeals to people who want both affordability and value.
The new funding will also support Aven’s push into other asset-backed products beyond home equity. The goal is to unlock value across a homeowner’s full portfolio—vehicles, investments, even collectibles—and to underwrite those assets quickly through its machine banking engine. This expansion represents the next step in Aven’s mission to offer low-cost, technology-driven credit on a broad scale.
Investors see massive potential in Aven’s model. Khosla Ventures first backed the company in 2020 and has steadily increased its commitment. The firm believes that tying credit to real asset value and automating underwriting can lower borrowing costs for millions of Americans, reshaping the consumer finance landscape.
Aven’s recently launched Rewards Card has already accelerated new customer growth and proven that the company can apply its asset-backed approach to different products. Early results show that homeowners value both the cost savings and the ease of managing credit in one place.
To guide its next phase, Aven expanded its advisory board with two influential additions. A former U.S. Treasury Secretary and a past chair of the House Financial Services Committee bring deep policy and industry insight. They join a team of advisors that includes former leaders from the Federal Reserve, Freddie Mac, Fannie Mae, and the White House.
Since its founding in 2019, Aven has issued more than $3 billion in credit and delivered over $215 million in interest savings by helping homeowners tap into the value of what they already own. A partner bank issues its products under Visa’s license, and Aven’s platform follows all regulatory standards for secure, compliant lending.
New board members: Former U.S. Treasury Secretary Lawrence H. Summers and former Chair of the House Financial Services Committee Patrick 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).
KEY QUOTES:
“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.”
Sadi Khan, co-founder and CEO of Aven
“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. 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.”
Vinod Khosla, founder of Khosla Ventures
“Aven is addressing a pervasive challenge in consumer finance: the high cost of capital. By leveraging frontier technology to make credit more efficient, they’re driving the kind of innovation that can improve financial outcomes for American families.”
Lawrency Summers
