Aven, a San Francisco Bay Area-based fintech company founded in 2019, is committing several million dollars to create a new federal credit union called Haven FCU. This initiative, spearheaded by Aven’s cofounder and CEO Sadi Khan, underscores a growing belief in the potential of credit unions to make borrowing more affordable for everyday US consumers.
Valued at $2.2 billion after a recent surge from its previous $2 billion mark, Aven specializes in providing home equity lines of credit (HELOCs) accessible via credit cards, with limits reaching up to $400,000.
As reported by various media outlets, the company has extended $4 billion in loans to more than 75,000 customers, primarily those with strong credit profiles above 700 FICO scores.
Khan, a 40-year-old entrepreneur who immigrated from Bangladesh and grew up in Toronto, draws inspiration from his own experiences.
After reportedly graduating from the University of Waterloo in 2008 and joining Microsoft, he opened his first U.S. bank account at a credit union that welcomed him despite his limited credit history.
He describes credit unions as quintessentially American institutions, embodying a “by-the-people, for-the-people” ethos that resonates deeply with him.
This personal connection fueled the decision to launch Haven, with the charter application starting in 2023 and gaining approval from the National Credit Union Administration (NCUA) in December 2025—one of just three such approvals that year.
The process involved extensive planning, including business strategies, financial forecasts, and risk assessments for factors like interest rates and liquidity.
Haven FCU, set to debut digital banking services this year and a physical branch in Santa Clara, California, within 18 months, will operate as an independent, member-owned nonprofit entity.
Its five-member board includes Khan and one other Aven staffer, chaired by Chris Tissue from CUCollaborate, ensuring oversight focused on member benefits.
Membership is tied to a “common bond,” encompassing a underserved geographic area in Santa Clara and San Mateo counties—home to about 300,000 residents, many low-income and from diverse backgrounds—as well as affiliations with a California homeowners association and the Community Impact Fund, enabling nationwide access.
Aven’s 80 employees are also eligible to join.
The core motivation lies in credit unions’ structural advantages: they prioritize members over profits, avoid federal income taxes, and typically offer lower rates on loans and fees compared to traditional banks.
Khan emphasizes that these organizations are ideally positioned to reduce the cost of capital for homeowners across the country.
While Haven may distribute Aven’s products, such as its credit card-linked HELOCs or personal loans, decisions will rest with the credit union’s independent management, selecting only “best-in-class” options without bias.
This setup includes safeguards like conflict-of-interest policies, regular regulatory audits, and equal voting rights for members, who can elect board seats after the first year.
Although Aven could potentially gain from selling loans through Haven or similar entities—mirroring strategies like those of fintech Upgrade, which channeled 20% of its $10 billion in loans to credit unions—Khan insists the donation isn’t driven by business needs.
Aven already funds its operations through efficient capital markets and a high-rated securitization program, with no plans to pursue its own bank charter.
Instead, this venture represents a broader commitment to enhancing financial infrastructure for ordinary people.
This development highlights a trend where fintech innovators are investing in traditional cooperative models to democratize access to affordable credit.
As Haven rolls out, it could serve as a model for how startups and credit unions collaborate to benefit consumers in an era of rising interest rates and economic pressures.
With NCUA insurance covering deposits up to $250,000, similar to FDIC for banks, members can expect secure, cost-effective services tailored to their needs.
Khan’s vision positions Haven not just as a new entity, but as a catalyst for lowering borrowing barriers nationwide.