Campbell, California, October 30th ( PRNewswire ) – Aven Financial completed its first issuance of asset-backed securities, and this transaction, valued at $304.2 million, saw over-subscription.
The issuance is named AVNHT 2026-HE1 Trust, and it is supported by 6,786 receivables with fixed interest rates and fixed maturities. These receivables were issued under the Aven Home Equity Card project. Aven Home Equity Card is the company's flagship HELOC credit card product. These receivables are secured by first or second mortgage loans on residential properties.
Papers of priority classes A-1A and A-1B with a total amount of approximately $234.5 million have received a rating of AAA from S& P Global Ratings, as well as a rating of AAA ( sf ) from Morningstar DBRS. S& P Global Ratings has also assigned ratings ranging from AA to B for papers of classes B to F. Morningstar DBRS has rated papers of class B as AA ( high ) ( sf ).
Aven, co-founder and CEO, Sadi Khan, stated: "We have been building our business with the goal of making net worth financing better serve homeowners and investors. Our first 144A offering is built on our experience in the rated debt market, and it also marks our first transaction to receive an S& P Global Ratings rating. We are delighted to have completed an oversubscribed offering with new investors participating in Aven. This result indicates that the market sees the value we are creating."
Barclays served as the structured lead underwriter and lead bookrunner, while Goldman Sachs acted as the co-lead underwriter and co-bookrunner. Funds related to Davidson Kempner Capital Management LP contributed assets to this transaction and purchased Class G and XS notes at the time of delivery. WSFS assumed roles such as participating agent, trustee, custodian, and payment agent. Mayer Brown represented Aven. Hunton Andrews Kurth represented the joint sponsors, and Morgan Lewis represented the bookrunner.
These securities were issued to qualified institutional buyers in accordance with Sections 144A and Regulation S of the Securities Act of 1933.
About Aven
Aven is working to create financial products for homeowners to reduce costs and improve the efficiency and convenience of banking services. The company has established the first "robot bank" platform, which uses robots and software to automate financial services and provide products on a large scale at lower costs. Its flagship product, Home Equity Visa Card, combines the convenience of home equity credit lines with that of credit cards, allowing approvals to be completed in just minutes. Aven also offers high-yield checking accounts, home renovation loans, reward credit cards, digital asset-backed credit cards, and other financial products. Founded in 2019, as of September 2026, it has helped consumers save over $400 million in interest costs.
Aven is a fintech company, not a bank. Banking services are provided by Coastal Community Bank, which is a member of FDIC.
Aven Visa The credit card is issued by Coastal Community Bank under the license of Visa U . S.A . Inc . Aven ( NMLS #2042345) account is held by Coastal Community Bank ( NMLS #462289), who is a member of FDIC Equal Housing Loan Institution. For more information, please visit www.aven.com.
