Technology company Aven has announced that it has secured USD 110 million in a Series E funding round, bringing its post-money valuation to USD 2.2 billion.
Led by Khosla Ventures, Aven’s Series E also saw continued backing from existing investors such as General Catalyst, Caffeinated Capital, GIC, Electric Capital, and Founders Fund.
Focused on improving access to home equity through technology, Aven developed one of the first successful HELOC-backed credit card, which provides consumers with more efficient, lower-cost access to credit secured against their homes. Compared to traditional home equity lines of credit, which often involve long approval times and higher fees, Aven’s Home Equity Card aims to deliver convenience through a credit card experience. Additionally, the company offers a Rewards Card, which facilitates unlimited 2% cashback alongside borrowing costs up to 50% lower than standard credit cards, according to Aven’s data.
How will Aven leverage the capital?
With the newly acquired capital, Aven plans to support its commitment to create a machine banking platform in the US. This approach relies on automation, robotics, and large-scale machine learning to increase efficiency, decrease borrowing costs, and scale access to asset-backed financial products. Aven intends to grow beyond home equity and enter other asset classes, looking to provide a comprehensive platform that enables American consumers to benefit from value across their wealth portfolios.
Furthermore, Aven also announced its entry into mortgage refinancing, with existing customers utilising its Home Equity and Rewards Cards gaining access to additional exclusive benefits as part of this expansion. The company intends to apply its technology-driven approach to another segment of homeowner finance to develop an efficient mortgage refinance experience for the market.
