Fintech lender Aven announced a new $110 million fundraise at a $2.2 billion valuation, up from $1 billion about a year ago. The Series E financing was led by Khosla Ventures. Aven serves a niche of U.S. homeowners with above average credit scores, helping them tap into their home’s equity to earn lower interest rates, and injecting that borrowing power onto a credit card. Sadi Khan, Aven’s cofounder and CEO, says Aven’s average interest rate is just 10% to 11%—understandable, since its loans are secured by borrowers’ homes. He makes a bold claim: he wants to cut Americans’ interest payments in half and “to drive the single largest change in the cost of capital in American history.” Khan has focused on making Aven fast–people can get approved for an Aven home equity line of credit (HELOC) in 15 minutes or less, compared with a month for traditional HELOCs. To do that, Aven has added features like on-demand digital notarization, removing the need for an in-person notary. The primary reasons why people take out Aven loans, which offer limits ranging from $5,000 to $400,000, is for home improvement projects, debt consolidation and other large expenses. The company targets people with FICO credit scores of about 730 and that the number of Aven customers who are delinquent on their payments or have defaulted on their loans is in line with that of traditional HELOCs. Khan adds that some Aven customers with a balance of less than $10,000 are eligible to enroll in “foreclosure protection,” where they’re given at least a year to repay their loan if they run into financial trouble. Beyond HELOCs, Aven is now expanding into mortgage refinancing. So far, Aven has done less than a dozen cash-out refinances, where consumers typically take out a larger mortgage and pocket the difference in cash. It aims to speed up the approval process to 10 days or less.