Aven, a fintech company developing financial products backed by home equity, has secured $110 million in a Series E funding round, bringing its valuation to $2.2 billion. The investment was led by Khosla Ventures and included contributions from existing investors such as General Catalyst, Caffeinated Capital and GIC.
The company specializes in providing homeowners with access to their home equity through products like the Home Equity Visa Card and the Rewards Visa Card. Aven states that these products are designed to reduce borrowing costs for consumers. Since its inception, the company has reportedly issued over $3 billion in credit lines.
With the new capital, Aven intends to expand its product offerings to include mortgage refinancing. The funding will also support the continued development of its machine banking platform, which uses automation and machine learning to manage asset-backed financial products.
