Technology firm Aven has recently achieved a significant milestone by raising USD 110 million in Series E funding, valuing the company at USD 2.2 billion post-investment.

The Investment Round

Aven’s latest round of financing was led by Khosla Ventures and included continued support from existing investors such as General Catalyst, Caffeinated Capital, GIC, Electric Capital, and Founders Fund.

Through the development of one of the first HELOC-backed credit cards, Aven is aiming to improve access to home equity for consumers. Unlike traditional home equity lines of credit, which can involve lengthy approval processes and higher fees, Aven’s Home Equity Card offers a more convenient credit card experience with lower borrowing costs.

In addition to its Home Equity Card, Aven also provides a Rewards Card that delivers unlimited 2% cashback along with borrowing rates up to 50% lower than standard credit cards, according to the company’s claims.

Future Plans

Aven plans to use the newly raised capital to drive its initiative towards creating a machine banking platform in the United States. This approach will focus on automation, robotics, and large-scale machine learning to boost efficiency, reduce borrowing costs, and expand access to asset-backed financial products.

The company intends to broaden its offerings beyond home equity and explore other asset classes, aiming to create an integrated wealth management platform that benefits American consumers across their various financial needs. Aven also announced plans to enter the mortgage refinancing market, offering exclusive benefits to existing Home Equity and Rewards Card users as part of this expansion.