Aven, a cutting-edge FinTech company, has successfully closed its Series D funding round, amassing a notable $142m.
The investment was spearheaded by Khosla Ventures and General Catalyst, alongside contributions from previous investors such as Caffeinated Capital, Electric Capital, Founders Fund, and The General Partnership.
Aven, established in 2019 by former executives from Facebook and Square—Sadi Khan, Collin Wikman, and Murtada Shah—has swiftly become a beacon of innovation in the consumer credit market. The company’s flagship product, the Aven Home Card, revolutionizes how homeowners leverage their equity, combining the flexibility of a credit card with the benefits of secured funding.
The newly acquired funds are earmarked for a significant expansion. Aven plans to make the Aven Home Card available across all 50 states, broaden the scope of their Aven Advisor tool, and explore new markets including auto-backed cards and mortgage refinancing.
Additional details from the press release highlight Aven’s remarkable journey. Since its debut in California in 2022, the company has issued over $1.5bn in credit lines and has been instrumental in saving its customers over $100m in interest payments, reflecting the substantial impact of its financial solutions.
Sadi Khan, co-founder and CEO of Aven, said, “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.”
The announcement also includes the formation of the Aven Advisory Board, aimed at guiding the company’s strategic growth while safeguarding cardholder interests. The board will feature industry stalwarts like Michael DeVito and Tim Mayopoulos, former CEOs of Freddie Mac and Fannie Mae, respectively, as well as Jim Messina and Kevin Warsh, who bring a wealth of experience from their tenures in government and the Federal Reserve.
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
