Trovy raises $15M Series A for its home equity-backed credit card
What's the deal? Trovy, a New York-based consumer fintech, raised $15 million in a Series A round led by Left Lane CapitalDealroom has a profile for this one. Try Dealroom →, chief executive officer TJ MilaniDealroom has a profile for this one. Try Dealroom → told Axios. The financing brings the startup's total funding to $25 million.
What's the endgame? Founded in 2024, Trovy offers a credit card backed by home equity, letting homeowners tap their equity for everyday spending at lower rates than credit cards or personal loans. It plans to use the money for nationwide expansion, product development, and hiring.
Why now? The round lands amid record US household debt. Non-mortgage consumer debt has topped $5tn, costing Americans an estimated $550 billion in interest a year, with many balances carrying rates above 20%.
Trovy's pitch is that homeowners sitting on trillions in untapped equity are paying more to borrow than they need to. The product is live in 27 states and licensed in 30.
Who's backing it? Left Lane CapitalDealroom has a profile for this one. Try Dealroom → led the round, with existing seed investors Kleiner Perkins, DCM VenturesDealroom has a profile for this one. Try Dealroom →, and Camber CreekDealroom has a profile for this one. Try Dealroom → all returning — a sign the round was read as an expansion bet rather than a rescue. The company is also planning a second product in summer 2026: a HELOC built for home purchases and refinancing.
What could go wrong? Trovy operates as a licensed consumer lender, giving it direct control over underwriting and the borrower experience rather than leaning on bank partnerships common to many fintechs. That control also means it carries regulatory and lending risk directly, and scaling across state licenses is the main constraint for the category.
The signal: At $15 million, Trovy's Series A sits around the median for its stage. But the raise — and its grouping with peers like Aven — shows venture investors are still backing home equity-based consumer credit, a small but growing niche as households hunt for cheaper alternatives to revolving card debt.
Read more: Axios · X · The SaaS News · Fintech Global
Image credit: Generated with Gemini
