Aven Closes Oversubscribed $304 Million HELOC-Backed Securities Offering

Senior notes received AAA ratings from S&P Global Ratings and AAA (sf) ratings from Morningstar DBRS

CAMPBELL, Calif., Oct. 30, 2026 /PRNewswire/ -- Aven Financial closed its first asset-backed securities offering, a $304.2 million transaction that was oversubscribed. The offering, AVNHT 2026-HE1 Trust, is backed by 6,786 fixed-rate, fixed-term receivables issued under the Aven Home Equity Card, the company's flagship HELOC credit card product. The receivables are secured by first- or second-lien mortgages on residential properties.

The senior Class A-1A and Class A-1B notes, totaling approximately $234.5 million, received AAA ratings from S&P Global Ratings and AAA (sf) ratings from Morningstar DBRS. S&P Global Ratings assigned ratings ranging from AA to B to Classes B through F. Morningstar DBRS rated Class B at AA (high) (sf).

"We've built a business around making home equity financing work better for both homeowners and investors," said Aven co-founder and CEO Sadi Khan. "Our first 144A issuance builds on our experience in the rated debt markets and marks our first transaction rated by S&P Global Ratings. We're pleased to have completed an oversubscribed offering, with investors new to Aven. This response shows the market sees value in what we're building."

Barclays served as structuring lead manager and lead bookrunner, and Goldman Sachs served as co-lead manager and joint bookrunner. Funds affiliated with Davidson Kempner Capital Management LP contributed assets to the transaction and purchased Class G and XS notes at closing. WSFS served as participation agent, trustee, custodian and paying agent, among other roles. Mayer Brown represented Aven. Hunton Andrews Kurth represented the co-sponsor, and Morgan Lewis represented the bookrunners.

The notes were offered to qualified institutional buyers under Rule 144A and Regulation S of the Securities Act of 1933.

About Aven

Aven is building financial products for homeowners that lower costs and make banking more efficient and convenient. The company has built the first machine-banking platform, using robotics and software to automate financial services and offer lower-cost products at scale. Its flagship Home Equity Visa Card combines a home equity line of credit with the convenience of a credit card and can be fully approved in minutes. Aven also offers high-yield checking accounts, home improvement loans, rewards credit cards, digital asset-backed credit cards and other financial products. Founded in 2019, Aven has helped consumers save more than $400 million in interest costs as of September 2026.

Aven is a financial technology company, not a bank. Banking services are provided by Coastal Community Bank, Member FDIC.

Aven Visa credit cards are 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), Member FDIC. Equal Housing Lender. Learn more at www.aven.com.

SOURCE Aven Financial, Inc.