Bilt Rewards, a prominent player in the loyalty space specialising in rent and neighbourhood rewards, has successfully secured an equity investment totalling $200 million in its latest funding round. The financing was led by General Catalyst, with substantial participation from Eldridge and notable contributions from existing investors including Left Lane Capital, Camber Creek, and Prosus Ventures. This funding round has significantly elevated Bilt’s valuation to an impressive $3.1 billion.
Founded in April 2022, Bilt is a pioneering platform in the U.S. designed to allow consumers to accumulate valuable rewards on their major monthly expense – rent. The platform is compatible with any residential rental property across the United States and has experienced rapid growth, largely attributed to the establishment of the Bilt Rewards Alliance. This alliance, comprised of the nation’s top residential real estate firms, now includes nearly four million households, all committed to adopting Bilt as their preferred payments and rewards platform.
The $200 million capital infusion will be used to significantly expand the reach of the Bilt Rewards Alliance, extending into multifamily, single-family, and student housing sectors nationwide. A significant portion of the investment will also go towards enhancing Bilt’s Neighbourhood Rewards program, aimed at strengthening connections between local merchants and communities, fostering loyalty among residents. Bilt is also eyeing the mortgage payment rewards sector, signalling a strategic diversification of its rewards program.
Ken Chenault, Chairman of Bilt Rewards and Chairman and Managing Director at General Catalyst, expressed excitement about the company’s direction, stating, “Bilt is transforming the rental and mortgage payments market by empowering and rewarding consumers. I am excited to work with Ankur and the team to dramatically expand the Bilt ecosystem, offering consumers rewards and benefits in their homes and neighbourhoods.”
Ankur Jain, Founder and CEO of Bilt Rewards, emphasised the significance of the recent fundraising and the addition of industry stalwarts like Ken Chenault and Roger Goodell to the board. “This capital raise and the addition of industry titans to our board are a testament to Bilt’s innovative vision. We’re not just building a loyalty program; we’re creating a community-centric ecosystem that benefits everyone from renters to local businesses,” he stated.
Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.