California-based Aven has raised $142 million to bring its home equity-backed credit card to homeowners across the US.
Khosla Ventures and General Catalyst co-led the Series D round, which secures unicorn status for Aven just five years after it was founded by former product, design, and engineering executives at Facebook and Square.
Since launching the Aven Home Card in California in 2022, the company has issued over $1.5 billion in credit lines, claiming to have saved customers over $100 million in interest payments.
Now operating in over 30 states, with more than 160,000 members, the startup plans to use the new funding to launch in all 50 states by next year.
The firm is also widening its offering; having already rolled out a mobile-first financial advisory tool it is planning to bring in auto-backed cards and mortgage refinancing.
Sadi Khan, CEO, Aven, says: "We believe there's no reason for anyone who owns an asset and has good credit history to use unsecured credit. Full stop. 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.”