Here is your Forbes Daily Briefing for Saturday, July 20th.

Today on Forbes, Inside FinTech's newest Unicorn,

a credit card backed by your home. In 2019, Sadi Khan was in his mid-30s,

had been rising through the ranks at Facebook for six years

and felt ready for his own startup.

He began looking for market inefficiencies that someone with tech smarts could profitably

exploit. One that caught his attention related to consumer borrowing. For years, annual

interest rates on credit card debt had been stubbornly high and rising,

with the average now nearly 23 percent, or 14 percent over the current 8.5 percent prime lending rate.

Meanwhile, the interest rate on home equity lines of credit, known as Helocks, which treat a borrower's home as collateral,

were averaging less than 1% above prime, according to data from Intercontinental Exchange.

Why didn't more consumers tap into low-rate Helocks instead of carrying high-rate credit card debt?

A big reason, Kahn concluded, was convenience. It took a quote

ridiculous amount of paperwork and time, often four weeks or longer, to set up a

helock. What if he could use technology to speed up the Heloc approval process and then inject

that borrowing power into a credit card, making home equity lines easier to both obtain

and draw down.

Five years on, after painstaking product development, Khan's brainchild, Avon, has 33,000 customers

for its Heilock credit card and has issued $1.5 billion in credit lines.

Revenue has more than tripled over the past year at the 53 person startup

and is now running above $100 million on an annualized basis.

Aaven's home card is already available in 32 states,

...