Why A Fintech Unicorn Is Donating Millions To Start A Credit Union [Forbes]
Coastal Financial Corporation (CCB)
Last coastal financial corporation earnings: 4/27 09:25 am
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Source: Forbes
Aven cofounder and CEO Sadi Khan says credit unions are structurally set up to lower people's borrowing costs. Cody Pickens for Forbes In an apparently unprecedented move, Sadi Khan, the 40-year-old CEO and cofounder of fintech startup Aven , says he and the company are donating "a few million dollars" to launch a new federal credit union. While the not-for-profit credit union will be independent, Khan hopes it will offer Aven products to its members and will advance his stated goal of lowering borrowing costs, particularly for homeowners. Aven, based in the San Francisco Bay Area, offers credit cards grafted onto home equity lines of credit (HELOCs) of up to $400,000. The new financial institution it's sponsoring, Haven FCU, will be based in Silicon Valley's Santa Clara. Khan expects Haven to start offering digital banking products this year and to open a physical location over the next 18 months. He says the credit union's management team will decide how many branches it op
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CCB
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