Bilt Rewards Secures $200 Million in Equity Funding

Bilt Rewards Secures $200 Million in Equity Funding

Bilt Rewards, a US-based loyalty platform specializing in rent and neighborhood rewards, has successfully raised $200 million in equity funding. This funding round, led by General Catalyst and featuring participation from Eldridge, as well as existing investors Left Lane Capital, Camber Creek, and Prosus Ventures, has propelled the company’s valuation to $3.1 billion.

The primary objective for the funds is to expedite the expansion of the Bilt Rewards Alliance across multifamily, single-family, and student housing sectors nationwide. A substantial portion of the investment will further support Bilt’s Neighborhood Rewards program, facilitating local merchants in connecting and building loyalty with both new and existing residents within their community. Additionally, Bilt aims to explore opportunities in mortgage payment rewards.

Founded in April 2022 by Ankur Jain, Bilt Rewards offers consumers a program to earn valuable rewards on rent and daily neighborhood spending, concurrently providing a pathway to homeownership. Through partnerships with the country’s largest property owners, Bilt Rewards allows renters in over four million units across the nation to earn Bilt Points simply by paying rent, creating a win-win scenario by fostering resident loyalty, cost savings, and revenue sharing.

Bilt Rewards boasts one of the most lucrative rewards programs on the market, including one-to-one point transfers to 12 loyalty programs, enabling members to travel with over 100 major airlines and hotel partners. Members can also leverage Bilt Points for various purposes, such as booking travel through the Bilt Travel Portal powered by Expedia, reserving fitness classes at top boutique studios, shopping for exclusive collections through the Bilt Collection, or even redeeming points for credits towards rent or a future home down payment.

The company has collaborated with Mastercard to introduce the Bilt Mastercard, issued by Wells Fargo – the first and only credit card that allows users to pay rent and earn Bilt Points without transaction fees.

Bilt’s financial trajectory continues its upward trend, with annualized member spend reaching nearly $20 billion and achieving EBITDA profitability in 2023. Notable members of the Bilt Rewards Alliance include industry leaders such as Greystar, AvalonBay, Equity Residential, Brookfield, Invitation Homes, and many more.

Ken Chenault, Chairman and Managing Director of General Catalyst and former Chairman and CEO of American Express, joins as Chairman of the Board of Directors, accompanied by Roger Goodell, the Commissioner of the NFL, taking on the role of Independent Director.

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