Bilt Rewards, a NYC-based loyalty platform specializing in rent and neighborhood rewards, raised $200m in equity funding.
The round, which brought valuation to $3.1 billion, was led by General Catalyst, with participation from Eldridge, alongside existing investors Left Lane Capital, Camber Creek and Prosus Ventures.
The company intends to use the funds to accelerate further expansion of the Bilt Rewards Alliance across multifamily, single-family, and student housing sectors nationwide. A significant portion of the investment will also bolster Bilt’s Neighborhood Rewards program, helping local merchants connect and build loyalty with new and existing residents in their community. Additionally, the company plans to venture into mortgage payment rewards.
Launched in April 2022 by Ankur Jain, CEO, Bilt Rewards provides a program for consumers to earn valuable rewards on rent and daily neighborhood spend while creating a path to home ownership. Through a partnership with the country’s largest owners, Bilt Rewards enables renters in more than four million units across the country to earn Bilt Points just by paying rent, while these owners benefit from resident loyalty, cost savings and a share of revenue.
Bilt Rewards boasts one of the highest value rewards programs on the market today, including one-to-one point transfers to 12 loyalty programs allowing members to travel across over 100 major airlines and hotel partners. Members can also book travel through the Bilt Travel Portal powered by Expedia; book fitness classes at the country’s top boutique studios including SoulCycle, Solidcore and Y7; shop limited-edition and exclusive collections of art and home decor through the Bilt Collection; shop on Amazon.com; or redeem Bilt Points for credits towards rent or even towards a down payment on a future home.
Bilt has also partnered with Mastercard to create the Bilt Mastercard issued by Wells Fargo – the first and only credit card that can be used to pay rent and earn Bilt Points with no transaction fees.
The company’s financial trajectory continues to grow, with annualized member spend nearing $20 billion and achieving EBITDA profitability in 2023. Members of the Bilt Rewards Alliance include companies such as Greystar, Asset Living, Willow Bridge Property Company, AvalonBay, Equity Residential, Related Companies, GID, Starwood, Cushman & Wakefield, Bozzuto, Camden, Brookfield, GoldOller, Berkshire Residential, ZRS, Invitation Homes, Highmark, Beztak, Nuveen, Trammell Crow, PGIM, and more.
The company added Ken Chenault as Chairman of its Board of Directors. Chenault is Chairman and Managing Director of General Catalyst, and the former Chairman and CEO of American Express. Joining him on the Board is Roger Goodell, the Commissioner of the NFL, who takes on the role of Independent Director.
FinSMEs
24/01/2024