Bilt Rewards, a platform that enables consumers to earn rewards on rent and daily neighborhood spending, has announced a significant milestone in its fundraising efforts. The company has secured a $200 million investment, led by General Catalyst, which has resulted in doubling its valuation to $3.1 billion.
Key Takeaway
Bilt Rewards has secured a substantial $200 million investment led by General Catalyst, resulting in a doubling of its valuation to $3.1 billion. The company’s expansion plans and impressive growth signify a significant milestone in the fintech industry.
General Catalyst Leads the Financing
General Catalyst spearheaded the financing round, marking a substantial increase in Bilt Rewards’ valuation from its previous $150 million raise in October 2022. The funding round also saw participation from Eldridge, along with existing backers Left Lane Capital, Camber Creek, and Prosus Ventures.
New Board Members
As part of the new funding, Ken Chenault, chairman and managing director of General Catalyst and former chairman and CEO of American Express, will be joining Bilt’s board of directors. Additionally, NFL Commissioner Roger Goodell is set to join the board as an independent director.
Impressive Growth and Achievements
The raise and valuation surge come at a time when mega-rounds are relatively scarce. Despite this, Bilt has managed to raise a total of $413 million since its inception in June 2021. The company’s annualized member spend is approaching $20 billion, and it achieved EBITDA profitability in 2023. Furthermore, the loyalty program and payment platform have been rolled out to nearly 4 million apartment units, up from 2.5 million at the time of the last raise.
Expanding Opportunities
With the infusion of new capital, Bilt plans to expand its Rewards Alliance, which collaborates with multifamily, single-family, and student housing operators across the country. Additionally, the company aims to enhance its Neighborhood Rewards program, designed to facilitate local merchants in fostering loyalty among new and existing residents. Bilt also intends to venture into mortgage payment rewards.
Enhancing User Experience
Bilt offers a co-branded Mastercard, issued by Wells Fargo, enabling users to pay rent and earn Bilt Points without incurring transaction fees. The company’s platform allows users to accumulate points that can be utilized across various loyalty programs, including those offered by major airlines, hotels, and Amazon.com, as well as for credit toward rent or future down payments.
