Aven Raises $110M Series E, Expands Mortgage Refinancing

Aven, a fintech company specializing in home equity–backed credit cards, has raised $110 million in a Series E funding round at a $2.2 billion valuation, more than doubling its worth from the previous year. Led by Khosla Ventures with participation from existing investors, the funding will support Aven’s mission to expand its “machine banking” platform, which leverages automation and machine learning to lower borrowing costs and improve access to asset-backed financial products. The company has issued over $3 billion in credit lines, saving homeowners $215 million in interest, and recently expanded into mortgage refinancing to offer a comprehensive financial platform for homeowners. Aven’s technology reduces the traditional HELOC application time from weeks to just 15 minutes, incorporating innovations like digital notarization and robotic automation to streamline processes. CEO Sadi Khan aims to cut Americans' interest payments in half by providing lower-cost credit secured by home equity, with the company experiencing rapid growth and tripling its customer base in the past year. The advisory board includes prominent figures like former Treasury Secretary Summers and former Federal Reserve governor Warsh, underscoring Aven's ambition to transform consumer finance.