Bilt Rewards Is Set To Expand Its Loyalty Platform After Raising $200 Million
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US loyalty platform Bilt Rewards has announced $200 million in Funding, which has taken the firm’s value to an impressive $3.1 billion.
According to the announcement, General Catalysts led the funding round. Other notable contributors include existing investors like Prosus Ventures, Camber Creek, Wells Fargo, and Mastercard. Eldridge also joined the party as a new investor.
Bilt Has Appointed A New Chairman
In addition to the capital raise, Bilt has also changed its management. It recently appointed former chairman of American Express, Ken Chenault, as its chairman. Additionally, the Commissioner of the NFL, Roger Goodell, will join Ken on the Board and take on the role of Independent Director.
Bilt was established in 2022 as a platform that allows US residents to earn rewards for rent, their highest monthly expenditure. Users who stay in the US are eligible for the rewards if registered with the company.
Ben stated that mortgage payments and rentals usually take 30% of household income in the US. But with Bilt’s transformation, homeowners and renters can be rewarded for their everyday spending and monthly payments.
Bilt has also grown impressively over the past year, embarking on a strategic expansion via its Neighborhood Rewards Program. It has continued to reward members for spending in their local community, including grocery purchases, rideshare services, and dining.
Also, the platform allows members to convert points 1:1 to their favorite hotel points and airline miles. They can also use the points for other things like making a down payment, paying rent, and shopping on Amazon.
Bilt Wants To Add Mortgage Payment Rewards To Its Services
Bilts has seen tremendous growth in its four years of existence. The firm reached EBITDA profitability in 2023, while its annualized member spend has hit $20 billion. The recent funding exercise means that the company is still in the market.
The additional funding will fuel more expansion across student, single-family, and multifamily housing sectors. Bilts has also announced plans to add more services, including mortgage payment rewards.
Founder and Chief Executive Officer of Bilt Rewards, Ankur Jain, has commented on the recent funding and the company’s plans. He stated that the company is developing more than just a royalty program.
The goal is to create a community-based platform that will benefit everyone, including local businesses and renters. Jain reiterated the company’s desire to continue its growth trajectory while improving its services to renters and homeowners.
