California-based Aven has raised $142 million to make its home-funded credit card available to homeowners across the United States.
Khosla Ventures and General Catalyst co-led the Series D round that secured Aven unicorn status just five years after it was founded by former product, design and engineering managers 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 and has reportedly saved its customers over $100 million in interest payments.
The startup now operates in over 30 states and has more than 160,000 members. With the new funding, the startup plans to launch in all 50 states by next year.
The company is also expanding its offerings; Having already launched a mobile financial advisory tool, the company plans to launch auto-secured cards and mortgage refinancing.
Sadi Khan, CEO of Aven, says: “We believe that there is no reason for anyone who owns an asset and has good credit to use unsecured loans. Point: Unsecured loans are 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.”