Bilt Rewards, a key firm in the loyalty space focusing on rent and neighbourhood rewards, has secured an equity investment totalling $200m.
This financial influx was led by General Catalyst, with substantial participation from Eldridge and notable contributions from existing investors such as Left Lane Capital, Camber Creek, and Prosus Ventures. This remarkable funding round has catapulted Bilt’s valuation to a stellar $3.1bn.
At its core, Bilt emerged in April 2022 as the pioneering platform in the U.S., specifically designed to enable consumers to accumulate valuable rewards on their most significant monthly expense – rent.
The platform boasts compatibility with any residential rental property across the United States and has seen rapid growth, largely credited to the establishment of the Bilt Rewards Alliance. This alliance, comprising the nation’s top residential real estate firms, now encompasses nearly four million households, all committing to adopt Bilt as their preferred payments and rewards platform.
The capital infusion of $200m is earmarked to significantly broaden the scope of the Bilt Rewards Alliance, spanning across multifamily, single-family, and student housing sectors nationwide. A substantial portion of this investment is also allocated towards enhancing Bilt’s Neighborhood Rewards program.
This initiative aims to strengthen the bonds between local merchants and the community, fostering loyalty among both new and existing residents. Moreover, Bilt is setting sights on the mortgage payment rewards sector, indicating a strategic diversification of its rewards program.
Ken Chenault, the Chairman of Bilt Rewards and Chairman and Managing Director at General Catalyst, expressed his enthusiasm for the company’s direction. “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 neighborhoods,” he remarked.
Ankur Jain, Founder and CEO of Bilt Rewards, highlighted the significance of the recent fundraising and the strategic 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.
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