Campbell, California, October 30 (PRNewswire) — Aven Financial completed its first asset-backed securities offering, which was oversubscribed with a transaction size of $304.2 million.
The issuance is named the AVNHT 2026-HE1 Trust, backed by 6,786 fixed-rate, fixed-term receivables issued under the Aven Home Equity Card. The Aven Home Equity Card is the company’s flagship HELOC credit card product. These receivables are secured by first or second liens on residential properties.
Senior Class A-1A and A-1B notes, totaling approximately $234.5 million, received an AAA rating from S&P Global Ratings and an AAA (sf) rating from Morningstar DBRS. S&P Global Ratings also assigned ratings ranging from AA to B to the Class B through F notes. Morningstar DBRS rated the Class B notes as AA (high) (sf).
Sadi Khan, Co-founder and CEO of Aven, said: “We have been building our business around making home equity financing work better for homeowners and investors. Our first Rule 144A offering builds on our experience in the rated debt market and marks our first transaction to receive a rating from S&P Global Ratings. We are pleased to have completed an oversubscribed offering with new investors joining Aven. This outcome demonstrates that the market recognizes the value we are creating.”
Barclays serves as the structured lead underwriter and lead bookrunner, while Goldman Sachs serves as co-underwriter and co-bookrunner. Funds associated with Davidson Kempner Capital Management LP contributed assets to this transaction and purchased the Class G and Class XS notes at closing. WSFS acts in roles including participating agent, trustee, custodian, and paying agent. Mayer Brown represents Aven. Hunton Andrews Kurth represents the co-sponsors, and Morgan Lewis represents the bookrunners.
These notes are offered to qualified institutional buyers pursuant to Rule 144A and Regulation S under the Securities Act of 1933.
About Aven
Aven is building financial products for homeowners to reduce costs and improve the efficiency and convenience of banking services. The company has launched the first “robotic bank” platform, leveraging robotics and software automation to deliver financial services at a lower cost and at scale. Its flagship product, the Home Equity Visa Card, combines the flexibility of a home equity line of credit with the convenience of a credit card, enabling approval in minutes. Aven also offers high-yield checking accounts, home renovation loans, rewards credit cards, digital asset-backed credit cards, and other financial products. Founded in 2019, Aven has helped consumers save over $400 million in interest costs as of September 2026.
Aven is a fintech company, not a bank. Banking services are provided by Coastal Community Bank, a member of the FDIC.
The Aven Visa Card is issued by Coastal Community Bank pursuant to a license from Visa U.S.A. Inc. Aven (NMLS #2042345) accounts are held by Coastal Community Bank (NMLS #462289), a member of the FDIC. Equal Housing Lender. For more information, visit www.aven.com.