Aven secures USD 142 million Series D investment

Led by Khosla Ventures and General Catalyst, the funding round saw participation from existing investors such as Caffeinated Capital, Electric Capital, Founders Fund, and The General Partnership, with the capital injection allowing Aven to gain its unicorn status. With its operations launched in 2019, Aven has been working towards providing consumers with convenient and cost-effective access to capital. One of the firm’s first products, the Aven Home Card, enables homeowners to receive their home equity efficiently, whilst benefiting from the capabilities of traditional credit cards.

Additionally, Aven Home Card allows customers to directly deposit cash from their card to their bank account, with a 2.5% transfer fee, as well as to transfer other high-interest credit cards or personal loan debt, the same fee being imposed. Aven also provides flexible repayment options, enabling its users to either make payments like a regular credit card or via Aven Simple Loan, to receive the option for fixed monthly payments for Cash Outs.

As detailed by Aven, in 2023, the company substantially increased its revenue as well as expanded its offering to include a mobile-first, free financial advisory service, Aven Advisor, which currently has 160,000 members. The current capital injection is set to allow Aven to provide its Home Card to all 50 states, while also scaling Advisor and opening out to additional categories, including auto-backed cards, and mortgage refinance, among others.

Moreover, according to Khosla Ventures’ officials, by leveraging technology to increase efficiency, Aven developed a product that can support US homeowners who utilise alternative credit cards in decreasing the cost of capital by nearly 50%. At the time of the announcement, Aven’s services were available in Alabama, Alaska, Arkansas, Arizona, California, Colorado, Florida, Iowa, Illinois, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Mississippi, North Carolina, North Dakota, Nebraska, New Hampshire, New Jersey, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, South Dakota, Tennessee, Utah, Virginia, Wisconsin, and Wyoming, planning to reach all 50 states by 2025.

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