Aven has closed a $110m Series E funding round at a post-money valuation of $2.2bn, more than doubling its valuation from just a year ago.
The round was led by Khosla Ventures, with continued backing from existing investors General Catalyst, Caffeinated Capital, GIC, Electric Capital, and Founders Fund.
Founded to transform access to home equity through technology, Aven built the first successful HELOC-backed credit card, which gives consumers faster, lower-cost access to credit secured against their homes. Unlike traditional home equity lines of credit, which can involve lengthy approvals and high fees, Aven’s Home Equity Card is designed to provide convenience with a premium credit card experience. The company also offers a Rewards Card, which delivers unlimited 2% cash back alongside borrowing costs up to 50% lower than standard credit cards.
The fresh capital will support Aven’s mission to create what it calls America’s first “machine banking” platform. This technology-first approach relies on automation, robotics and large-scale machine learning to drive efficiency, lower borrowing costs and expand access to asset-backed financial products. The company plans to expand beyond home equity into other asset classes, aiming to offer a comprehensive platform that allows American consumers to unlock value across their wealth portfolios.
The funding comes as Aven continues its rapid growth. The company reports its customer base has tripled year-on-year, with more than $3bn in aggregate credit lines issued. Since launch, Aven claims to have saved homeowners more than $215m in interest payments, while securing a AAA investment rating just 10 months after its first rated transaction.
Alongside the new investment, Aven announced its entry into mortgage refinancing. Existing customers using its Home Equity and Rewards Cards will gain access to additional exclusive benefits as part of this expansion. The company said the move applies its technology-driven approach to another key segment of homeowner finance, with the goal of creating the most efficient mortgage refinance experience in the market.
Aven co-founder and CEO Sadi Khan said, “We’re not just expanding our product suite. We’re building a one-stop financial platform designed to fully serve the needs of homeowners. Our expansion into mortgage products will bring the same speed and efficiency that transformed home equity access, with the goal of creating the best mortgage refinance experience in the market.”
Khosla Ventures founder Vinod Khosla said, “Aven’s vision for reinventing consumer credit – grounded in hard asset value and powered by technology – has the potential to fundamentally change the cost of borrowing for millions of Americans. We invested in Aven in 2020 and have continued to deepen our investment over the years. They are building one of the most impactful companies in consumer finance and we are excited to continue partnering with Sadi and his team.”
In addition, the company has expanded its advisory board with two high-profile appointments: former U.S. Treasury Secretary Lawrence H. Summers and former Chair of the House Financial Services Committee Patrick McHenry. Summers said, “Aven is addressing a pervasive challenge in consumer finance: the high cost of capital. By leveraging frontier technology to make credit more efficient, they’re driving the kind of innovation that can improve financial outcomes for American families.”
The new investment builds on earlier funding milestones, with Khosla Ventures first investing in Aven in 2020 and steadily increasing its backing in subsequent rounds.
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