Aven, a technology company offering consumer credit cards backed by home equity, announced a $142 million series D round of funding led by Khosla Ventures and General Catalyst, with participation from existing investors including Caffeinated Capital, Electric Capital, Founders Fund, and The General Partnership.
Aven was founded in 2019 by Sadi Khan, Collin Wikman, and Murtada Shah, former product, design, and engineering executives at Facebook and Square. Aven is on a mission to provide consumers with the lowest cost and most convenient access to capital.
Their first product – the Aven Home Card – allows homeowners to access their home equity in minutes, starting at $0 to get, with all the benefits of a traditional credit card. Since launching in California in 2022, the company has issued over $1.5 billion in credit lines for the Home Card, earning a 4.9 star rating on Trustpilot. The company has saved customers over $100 million in interest payments to date.
“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,”
said Sadi Khan, co-founder and CEO of Aven.
“With our asset-backed credit cards, we give consumers credit for what they own – saving them thousands of dollars without sacrificing convenience.”
