Trovy raises $15 million Series A to replace high-interest debt with home equity financing

American homeowners are sitting on trillions of dollars in home equity. At the same time, many of them are still paying credit card rates north of 20% to cover everyday expenses, home repairs, medical bills, and family purchases. Trovy thinks that disconnect is a big business opportunity.

The consumer fintech startup said Wednesday it has raised a $15 million in Series A funding led by Left Lane Capital, bringing its total funding to $25 million. Existing investors Kleiner Perkins, DCM Ventures, and Camber Creek joined the round. Trovy says the fresh capital will help fund its national expansion, add new products, and grow the team behind what it hopes will become a broader financial platform for homeowners.

Trovy’s pitch is straightforward: homeowners should be able to use the equity they have already built up as a cheaper source of capital than high-interest credit cards and personal loans. The company’s flagship product is a home equity-backed credit card that gives homeowners access to lower-cost financing for routine spending, larger purchases, or unexpected bills.

That pitch lands at a moment when household debt in the U.S. continues to climb. Nonmortgage consumer debt has topped $5 trillion, and Americans are paying hundreds of billions of dollars a year in interest, much of it tied to double-digit APRs. For homeowners with substantial equity, Trovy is betting that borrowing against their home will feel much more sensible than carrying revolving balances on traditional cards.

“As a homeowner, you’ve spent years building equity, and you deserve a better way to put it to work,” said TJ Milani, Trovy co-founder and CEO. “Trovy gives you the low interest rates of a home equity line of credit with the everyday flexibility of a credit card, unlocking smarter financing that works the way your life actually does.”

Trovy is trying to do more than issue a financing product. The startup says it wants 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. That includes a homeowner hub with maintenance reminders, storage for warranties and insurance documents, home records, and tips to help users manage and protect their property’s value. It is pairing that with a rewards program centered on homeowner spending categories.

“We are building the platform homeowners have never had — one that helps them manage and enjoy their home, and leverage their equity for low-cost financing, whether that’s handling the costs of homeownership or funding the rest of their lives,” said Ashley Harris, Trovy co-founder and COO. “We want Trovy to be the home base for every homeowner. Once you have it, you won’t want to own a home without it.”

The company is already preparing to widen that product set. Trovy plans to launch a second offering this summer called the 1Loan, a HELOC aimed at home purchases and refinances. The idea is to meet borrowers at the point they are buying or refinancing a home, then keep them inside the Trovy ecosystem with ongoing access to equity for future spending, renovations, or debt consolidation.

With $15 Million in Funding, FinTech Startup Trovy Wants to Help Homeowners Replace Credit Card Debt With Home Equity

That broader platform ambition is part of what investors are buying into. Home equity is one of the largest pools of consumer wealth in the U.S., yet the products tied to it have long felt slower, more rigid, and harder to use than other forms of credit. Trovy is betting that homeowners want something more flexible than a traditional mortgage or HELOC, especially if it can lower borrowing costs without requiring a separate loan every time cash is tight.

“TJ and Ashley have built something rare, and they have the backgrounds to match,” said Henry Toole, partner at Left Lane Capital. “The team has a wealth of fintech experience from Figure, SoFi, and JPMorgan. Home equity is one of the largest and most underutilized categories in consumer finance, and we believe Trovy is building the definitive modern platform for it. We’re proud to lead this round as they scale.”

Kleiner Perkins partner Leigh Marie Braswell framed the opportunity in similar terms, arguing that most Americans’ biggest asset remains separate from the day-to-day financial products they use. “TJ, Ashley, and the Trovy team are building for a simple but enormous reality: for most Americans, the home is their largest asset, yet the financial products around homeownership still feel fragmented, slow, and expensive,” Braswell said. “Trovy is turning home equity into something homeowners can actually use in everyday life. We’ve believed in this team from the beginning, and we’re thrilled to continue supporting them.”

Trovy says it has moved quickly since launch. The company, founded less than 18 months ago, is now live in 27 states and licensed in 30. It launched its first product in June 2025, about eight months after the company was formed. Trovy says its structure sets it apart from many fintech startups that rely heavily on bank partnerships to deliver financial products. The company is a licensed consumer lender, which gives it more direct control over underwriting, product design, and the borrower experience. Its Trovy card is issued by Cross River Bank under a Mastercard license.

The bigger question is whether consumers will be comfortable blending everyday spending with home-secured borrowing. Home equity can be a powerful source of lower-cost capital, but it comes with a different level of risk than a standard credit card balance. Borrowers who fall behind are no longer dealing with unsecured debt. Their home is part of the equation. Trovy’s challenge will be convincing homeowners that the savings are worth it, and that the convenience of using equity more like a spending account does not encourage the same cycle of overborrowing that credit cards often do.

Still, the market Trovy is chasing is hard to ignore. Tens of millions of Americans own homes, many are rich in equity but stretched on cash flow, and traditional consumer debt has rarely been more expensive. If Trovy can make home equity feel as easy to use as a credit card without making it feel reckless, it may have found a timely opening in one of the most stubborn corners of consumer finance.