Bilt Rewards more than doubles its billion-dollar valuation with new $200m equity investment
New York-based Bilt Rewards’ valuation has now topped $3.1 billion following the receipt of a $200 million equity investment.
Bilt Rewards lands $200m equity investment
The investment was led by US venture capital firm General Catalyst, which has installed its chairman and managing director Ken Chenault – former CEO and chairman of American Express – as chairman of Bilt’s board of directors. NFL commissioner Roger Goodell is also due to join the board as independent director.
Joining General Catalyst in the raise was new investor Eldridge and existing investors Left Lane Capital, Camber Creek and Prosus Ventures, which previously helped Bilt secure $150 million in funding back in October 2022.
Founded in April 2022, Bilt offers a Mastercard-issued credit card and loyalty programme that together are designed to help renters in the US land a foot on the property ladder. This service is backed by the start-up’s rewards alliance with residential real estate companies including Greystar, Brookfield and The Moinian Group.
Customers can earn points on any rent payments made with the Bilt Mastercard. These points can then be used to help cover any downpayment and closing costs required when buying a home through the firm’s Bilt Homes service. Points can also be redeemed for credit towards rent or used to book travel with select airlines and hotels, among other things.
The company claims to have achieved profitability last year through annualised member spending of around $20 billion.
“Rental and mortgage payments consume 30% of household income on average in the US,” explains Chenault, who claims Bilt is “transforming this market by empowering and rewarding renters and homeowners for their monthly payments and everyday spend with local merchants”.
Bilt says it will apply its latest capital injection to expand the reach of both its rewards alliance to multi-family, single-family and student housing sectors, and its neighbourhood rewards programme, which rewards members for spending within their local communities.
Additionally, the start-up has now also confirmed its foray into mortgage payment-based rewards under founder and CEO Ankur Jain’s vision to build a “community-centric ecosystem that benefits everyone from renters to local businesses”, although further insight into what this offering will entail has yet to be disclosed.
