Trovy Raises $15M Series A for Home Equity Financing Platform

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Trovy, a New York based consumer fintech, has raised $15 million in Series A funding, bringing its total funding to $25 million. Left Lane Capital led the round, with participation from existing seed investors Kleiner Perkins, DCM Ventures, and Camber Creek.

The company offers a home equity line of credit rebuilt for modern use, with lines up to $250,000 and rates starting as low as 5.99 percent variable APR. Trovy’s ambition is to become what it calls a financial home base for homeowners, pairing access to home equity with software and services built around the home itself.

The company frames the opportunity around debt. It notes that U.S. non-mortgage consumer debt has passed $5 trillion, costing Americans an estimated $550 billion in interest each year, with much of that debt carrying rates above 20 percent. Trovy positions home equity as a cheaper alternative.

The proceeds will fund nationwide expansion, with the product currently available in about 27 states and licensed in 30, along with product development and team growth. This summer the company plans to launch a second product, 1Loan, a home equity line designed for home purchases and refinances that gives homeowners flexible, on-demand access to equity for needs like home improvements and debt consolidation.