Bilt Rewards, a consumer brand for renters, has raised $150m to expand its loyalty programme and credit card product.
The round was led by Left Lane Capital with investment from Smash Capital, Wells Fargo, Greystar, Invitation Homes, Camber Creek, Fifth Wall, and Prosus Ventures.
The capital sees Bilt Rewards valued at $1.5bn.
Launched in 2021 by Kairos, Bilt Rewards operates both a loyalty programme and a co-brand credit card.
Bilt Mastercard enables consumers to earn points on their rent payments with no transaction fees, while also building a path to homeownership.
The Bilt Rewards loyalty programme was developed in partnership with an alliance of the nation’s largest real estate owners, while the Bilt Mastercard was developed with and issued by Wells Fargo.
As rental prices continue to climb, Bilt also launched its Bilt Homes service. The product takes a member’s monthly rent payment and instantly shows them homes they can own for an equal monthly mortgage payment. The feature factors in real-time interest rates, taxes, incomes, credit profile and other personal data to determine mortgage qualification.
Bilt said members can then use their Bilt points to help cover any deposit and closing costs require to switch from renting to homeownership.
Bob Faith, Greystar CEO, said, “Bilt Rewards has created a compelling loyalty and payments program for the rental market. As the industry evolves, programs like Bilt are key to delivering the resident experience renters want and expect. We’re excited to join as partners and investors in this venture.”
Charlie Scharf, Wells Fargo CEO, added, “We’re excited to expand our partnership with Bilt and look forward to introducing their full suite of offerings to our customers. Bilt gives us another way to be there for our customers during their biggest life purchases, including a unique solution to help customers build credit from on-time rent payments, ultimately creating an easier path to homeownership.”
Stake, which provides banking services for renters, recently raised $12m in Series A funding.
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