Trovy Raises $15 Million Series A Led by Left Lane Capital

Trovy has raised $15 million in Series A funding led by Left Lane Capital, bringing its total funding to $25 million, announced in a press release. Existing investors Kleiner Perkins, DCM Ventures, and Camber Creek also participated in the round.

The New York based fintech provides homeowners with home equity backed financing products designed to replace high interest consumer debt. Its flagship offering is the Trovy card, a credit card backed by home equity that allows homeowners to access lower cost capital compared to traditional credit cards and personal loans. The card is issued by Cross River Bank under a Mastercard license.

Trovy plans to use the new funding to expand its national presence, enhance its platform, and grow its team. The company will also launch a second financial product called the 1Loan, a home equity line of credit for home purchases and refinances. The 1Loan allows homeowners to access equity on demand for expenses such as renovations or debt consolidation.

Founded less than 18 months ago, Trovy is live in 27 states and licensed in 30. The company operates as a licensed consumer lender, giving it direct control over underwriting and customer experience.