Bilt Rewards - Turning Rent Into Rewards
Overview
Bilt Rewards is a loyalty rewards startup that raised a $200 million round led by General Catalyst at a $3.1 billion valuation — more than double the number after its last fundraising in 2022 . The company revolutionizes how renters can earn rewards on their largest monthly expense.
Services
- Rent Rewards: Earn rewards points by submitting residential rent payments through its platform
- Neighborhood Spending: Earn Bilt points at restaurants, fitness studios, and through Lyft
- Travel Redemption: Points can be used to buy a number of travel products
- Merchant Network: Access to exclusive benefits at network of 50,000+ merchants
- Multiple Redemption Options: Redeem points toward travel, Amazon purchases, home decor, fitness classes and more
Financial Performance
- Latest Valuation: $3.1 billion valuation after raising $200 million
- Total Funding: $560M in total disclosed equity funding
- Recent Round: Latest Series B round on Jan 22, 2024 for $348M
- Investors: 25 institutional investors including Mastercard, Wells Fargo and General Catalyst
Expansion Plans
The company will use the proceeds to expand its rewards program to include single-family, multifamily and student housing sectors. It is also considering including mortgage payments under its program
Leadership
Appointed former American Express CEO to strengthen its leadership team
Market Impact
- Rent Revolution: First major platform to monetize rent payments for renters
- Financial Inclusion: Making the largest expense category rewarding for renters
- Real Estate Integration: Partnering with property management companies nationwide
- Travel Democratization: Converting everyday housing costs into travel opportunities
Innovation
Solving the problem that rent - typically the largest monthly expense - traditionally offered no rewards or benefits, while creating value for both renters and property owners through strategic partnerships.