(https://aven.com) We are launching a new type of credit card powered by an advanced asset securing platform that enables us to offer much lower APRs to consumers. Our team is a combination of technology (Microsoft, Facebook, Square), and finance (Goldman, Affirm, SoFi, LendingClub) executives. Our Seed round was led by Max Levchin, with participation from Founders Fund (Keith Rabois), Nyca (Hans Morris), Sequoia and others.
Our work involves building the world’s first completely autonomous asset-securing process, world-class risk & underwriting models, and a beautifully smooth product experience for consumers to apply, activate, and manage their credit cards. Our launch is targeted for summer 2020.
We are funded by Keith Rabois (Paypal, Square, OpenDoor) @ Founders Fund, Max Levchin (Affirm, Paypal), Mike Vernal @ Sequoia, Elad Gil (Color), Avichal Garg (Electric Capital) and Raymond Tonsing (Caffeinated Capital)
Our founding/exec team is the who's who of technology and finance world. Our founders include 1. CEO (ex Product Director Facebook, Microsoft) 2. Chief Risk Officer (JPL, Morgan Stanley, Goldman Sachs, Earnest) 3. CFO (ex CFO of Affirm) 4. CTO (ex Founder of Autonomous Vehicles Company Scotty Labs, ex Zenefits and Microsoft) 5. Head of Design (First Designer at Square and investor of Cash App) 6. Product Engineering Head (ex Nook, Starbucks App, Adobe PDF and Flash)
We have a unique business idea powered by powerful technology that has already gotten the backing of the best in the fintech world.
Current engineering team is 3 IC engineers, CEO, CTO, COO, Head of Design, Chief of Risk and Head of Product Engineering. Everyone on the team codes. We are all current or former engineers including our CEO & COO.
The key of our system is using current advances in Machine Learning incl. Computer Vision and better risk and prediction models to build a platform for securing any asset. This allows us to offer collateralized debt and credit cards at a rate 2x cheaper than anyone else.
Risk modeling. We are building an in house asset and consumer risk processing system that looks at signals from bank accounts, credit bureaus and other public and private data sources to continuously score a person and associated assets. This is used to determine the price (interest rate) and credit limits offered to a person in real time as they continue to use the available credit. As things change about their behavior or the pricing of the asset, the price and limits automatically adjust.
Document data extraction and data aggregation. We use computer vision to extract information from uploaded documents like licenses, insurances documents, etc. We also use data from multiple sources to figure out asset prices and consumer behavior. Its a very interesting data aggregation and modeling challenge.
Complex Financial Workflows. We build complex financial workflows as it comes to offering credit lines and recovering payments from people.
We are a consumer company and are engineering and experimentation driven. We believe in moving with extremely high velocity. We believe that high velocity execution with reasonable strategy beats great strategy with slow execution any day of the week.
Cultural Values: Depth and rigor of thought. Speed of execution with reasonable strategy. Done is better than perfect.
Most of our engineers are in the office from 10 AM until 5 or 6 PM, but we don't have any hard rules around this. If you need a work-from-home day, feel free to take one! We care about productivity, not hours.
We provide full medical, dental and vision coverage.
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