Trovy, a New York-based fintech platform that turns home equity into a flexible credit tool via a HELOC paired with a Mastercard, has raised $15M in Series A funding led by Left Lane Capital. The platform allows homeowners to access equity through a credit card with rates starting at 5.99% APR, no minimum upfront draw on lines up to $100k, and features like FixedPay for converting balances to fixed-rate loans. The capital will accelerate national expansion, deepen product capabilities including the upcoming 1Loan, and grow the team.
HELOC Fintechs Ride Equity Wave
The timing comes amid surging demand for alternatives to high-interest credit cards as nonmortgage consumer debt exceeds $5 trillion. Aven raised $110M in its Series E in September 2025 at a $2.2B valuation, while Figure has raised $435M in equity plus a $2B joint venture. Trovy's approach — a Mastercard-backed HELOC with no mandatory upfront draw and rewards — addresses the gap between rigid bank HELOCs and expensive revolving debt.
Homeowners Face Costly Debt Traps
U.S. homeowners hold $34.5 trillion in tappable home equity yet carry record credit card debt of $1.25 trillion at average variable rates around 21%. Nonmortgage consumer debt costs Americans $550 billion in interest annually. Traditional HELOCs often require appraisals, fees, and mandatory draws, while credit cards charge rates three to four times higher than home equity lines.
Card Access Lowers Equity Barriers
Trovy built a fully digital HELOC that functions like a credit card, issued by Cross River Bank on the Mastercard network. Borrowers can apply online with funding in as few as four days, add authorized users, earn cash back, and use Apple Pay or Google Wallet. Unlike Aven, which requires an upfront draw, Trovy allows lines up to $100k with zero mandatory draw. The SmartPay feature re-evaluates rates and limits after debt payoff to avoid double-counting.
As CEO TJ Milani noted:
"As a homeowner, you've spent years building equity and you deserve a better way to put it to work. Trovy gives you the low interest rates of a home equity line of credit with the everyday flexibility of a credit card."
Left Lane Leads Home Equity Bet
Left Lane Capital led the round with participation from Kleiner Perkins, DCM Ventures, and Camber Creek. The syndicate brings growth capital from investors with deep fintech experience, including Left Lane's backing of Bilt Rewards and M1 Finance. Existing seed investors all participated, signaling continued conviction in Trovy's licensed-lender model.
Home Equity Market Tops $34 Trillion
The U.S. home equity lending market stands at $359.44 billion in 2026 and is projected to reach $458.31 billion by 2031, growing at 4.98% CAGR. Fintech HELOC originations grew 140% between 2023 and 2025, far outpacing banks. Trovy competes with Aven, Figure, and Hometap but differentiates through card-based access and underwriting innovations like SmartPay.
Fintech Veterans Build Equity Platform
Co-founders TJ Milani (CEO) and Ashley Harris (COO) bring experience from Figure, SoFi, and JPMorgan. The team launched the first product in June 2025, reached 27 live states in under 18 months, and secured licensing as a direct consumer lender rather than relying solely on bank partnerships.
Trovy Eyes National Scale With 1Loan
With deployments expanding and hiring underway for Director of Credit and Senior Director of Growth roles, Trovy plans to launch its 1Loan product for home purchases and refinances this summer. The funding supports further state expansion beyond the current 27 live markets and continued product development.