Trovy, a New York-based fintech providing flexible HELOCs with a Mastercard linked rewards card, raised $15 million in Series A funding led by Left Lane Capital, to accelerate nationwide expansion, product innovation, and team growth.
Trovy, a New York-based consumer fintech, announced a $15 million Series A funding round, bringing its total funding to $25 million. The round was led by Left Lane Capital, with participation from existing seed investors Kleiner Perkins, DCM Ventures, and Camber Creek. Proceeds will support nationwide expansion (currently available in about 27 states, licensed in 30), product development, and team growth as the company builds a broader “financial home base” for homeowners.
What is Trovy?
Trovy offers a HELOC (Home Equity Line of Credit) product reimagined for modern use: up to $250k lines with rates starting as low as 5.99% variable APR (as of mid June 2026, with autopay discount; representative rates around 9.49% for strong profiles). Key differentiators include:
- No minimum upfront draw for lines ≤ $100k (flexible access when needed).
- Trovy Card: A Mastercard linked credit card for seamless spending anywhere Mastercard is accepted, with 2% cash back on home purchases and 1% elsewhere, no draw fees on card purchases, and one monthly payment.
- Revolving credit with options to convert balances to fixed rates via FixedPay for predictable payments.
- Fast, digital process: 100% online application (2 minutes, soft credit pull), remote notary, funding in as few as 4 days.
- Low fees: $0 application, appraisal (uses AVMs), or annual fees.
- Use cases: Debt consolidation (including SmartPay for post payoff DTI underwriting to qualify for higher limits/lower rates), home renovations, emergency funds, major purchases, and balance transfers.
Trovy operates as a licensed consumer lender (NMLS #2676733), giving it direct control over underwriting, product experience, and risk (partnering with Cross River Bank for card issuance). This contrasts with many fintechs relying on bank partnerships. Founders emphasize turning idle home equity into a flexible, lifelong tool rather than fragmented high cost debt.
Who founded Trovy?
- TJ Milani (Co-Founder & CEO): Leads vision for homeowner financial platform.
- Ashley Harris (Co-Founder & COO): Handles operations and legal; background includes roles at Clara Lending (General Counsel).
Both bring substantial fintech experience from Figure, SoFi, and JPMorgan, enabling rapid execution, first product shipped ~8 months after founding, with strong state rollout. Investors highlight their expertise and shipping speed.
American homeowners hold record equity (tens of trillions), yet access remains slow, fee heavy, and underutilized compared to high rate alternatives like credit cards (often 15-25%+ APR) or personal loans. The U.S. home equity lending market was valued around $186-187 billion in 2026, projected to grow at ~4%+ CAGR, driven by HELOCs (dominant share), renovations, debt consolidation, and easing rates.
Trovy positions itself in the growing HELOC card/embedded finance segment, addressing pain points like upfront draws, slow closings, and lack of rewards/flexibility in traditional HELOCs. Broader trends favor digital, consumer friendly products amid high consumer debt and “stable to rising” home values. The company aims to become the default platform for equity management beyond just lending.
Trovy competes with traditional banks/credit unions (e.g., Bank of America, Navy Federal) and fintech HELOC players. Notable peer: Aven Home Equity Credit Card (similar card backed HELOC with rewards). Trovy differentiates via no/low upfront draw flexibility (for smaller lines), FixedPay options, SmartPay DTI innovation, and broader platform vision. Other alternatives include Figure (fast non bank HELOCs) or standard HELOCs/home equity loans, which often lack card convenience or rewards.
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Strategic Implications of the Funding
- Expansion: Accelerate licensing and availability beyond current ~27 states toward national coverage.
- Product Depth: Enhance features (e.g., more tools for home management/financing integration) and scale SmartPay/ FixedPay.
- Team & Operations: Grow engineering, lending, and customer service to support volume.
- Positioning: With $25M total, Trovy gains runway in a capital intensive lending space while leveraging its licensed model for better margins/control versus pure origination platforms.
Investor confidence (repeat from strong seed backers + new lead) signals validation of the model, team execution, and large TAM. Left Lane and Kleiner Perkins emphasize the “enormous reality” of underutilized home equity and Trovy’s modern approach.
HELOCs carry risks like variable rates (tied to Prime), potential home collateral impacts in downturns, and regulatory scrutiny (e.g., CFPB on fees/consumer protection). Trovy mitigates with rate caps (≤18%), flexible fixed options, and responsible underwriting (min credit 680 for larger lines, CLTV focus). Market sensitivity to interest rates, housing values, and recession driven defaults remains key. Early stage scaling in lending also involves credit risk management and compliance.
This Series A marks a strong inflection for Trovy: from rapid early traction to scaled growth in a massive, underserved market. By combining low cost HELOC economics with credit card like usability and rewards, plus a platform ambition, the company is well placed to capture share among the ~85 million U.S. homeowners seeking better ways to leverage equity. The experienced team and aligned investors position it for continued momentum.
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