Aven, a expertise firm providing shopper bank cards backed by house fairness, introduced a $142 million sequence D spherical of funding led by Khosla Ventures and Normal Catalyst, with participation from current buyers together with Caffeinated Capital, Electrical Capital, Founders Fund, and The Normal Partnership.
Aven was based in 2019 by Sadi Khan, Collin Wikman, and Murtada Shah, former product, design, and engineering executives at Fb and Sq.. Aven is on a mission to supply shoppers with the bottom price and most handy entry to capital.
Their first product – the Aven Residence Card – permits householders to entry their house fairness in minutes, beginning at $0 to get, with all the advantages of a standard bank card. Since launching in California in 2022, the corporate has issued over $1.5 billion in credit score traces for the Residence Card, incomes a 4.9 star score on Trustpilot. The corporate has saved prospects over $100 million in curiosity funds up to now.
“We imagine there’s no cause for anybody who owns an asset and has good credit score historical past to make use of unsecured credit score. Full cease. Unsecured credit score is pricey and unhealthy,”
mentioned Sadi Khan, co-founder and CEO of Aven.
“With our asset-backed bank cards, we give shoppers credit score for what they personal – saving them 1000’s of {dollars} with out sacrificing comfort.”
