Bilt Rewards , the largest loyalty program in the U.S. for home and neighborhood, has successfully secured an additional $150m in funding.
The round was spearheaded by Teachers’ Venture Growth (TVG), a division of the Ontario Teachers’ Pension Plan specializing in late-stage and growth investments. Alongside TVG, significant contributions came from Vanderbilt University Endowment and the University of Illinois Foundation, with continued support from previous investors.
Bilt Rewards operates as a pioneering loyalty platform that significantly impacts both the residential and local business sectors. By integrating loyalty systems with rental payments, Bilt has facilitated an environment where every rent payment enhances tenant credit scores while simultaneously accruing redeemable points that can be spent within the local community.
The fresh capital will be used to expand Bilt’s influential resident loyalty program and grow its neighborhood loyalty initiatives. These programs are essential for connecting property owners with local businesses, creating a vibrant community ecosystem. Bilt aims to extend these services to include single-family homes and is planning to incorporate mortgage payments into its platform by year-end.
Additional information reveals Bilt’s impressive trajectory of growth. Since their last funding round in January, which raised $200m and put the company’s valuation at $3.1bn, Bilt’s annual platform spend has surged to over $30bn. This represents a 50% increase, driven by the expansion of its loyalty programs to more apartment buildings and into the condominium and homeowner association (HOA) markets. Furthermore, the neighborhood program has expanded to include over 21,000 restaurants and 3,500 fitness studios.
Rick Prostko , Senior Managing Director at Teachers’ Venture Growth, expressed his enthusiasm about the ongoing partnership: “Bilt Rewards has created a unique loyalty program to empower renters. We’ve seen the positive reaction from both customers and all those involved as part of their ecosystem. We are excited about the opportunity to work with Ankur and the full management team and find ways to support them as a value-add partner.”
Ankur Jain, CEO of Bilt Rewards, commented on the future prospects: “This funding accelerates our vision of rewarding Americans for how they live and spend in their communities. We’re rapidly growing our neighborhood loyalty program, expanding into essential categories like healthcare, gas, and groceries. With members in all 50 states, we’re building a comprehensive platform that benefits residents, property owners, and local businesses across the country.”
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