US community currency Bilt Rewards scores $200 million fund raise

Defying the downturn in fintech, US loyalty platform Bilt Rewards has scored a massive $200 million fundraise, catapulting the value of the company to $3.1 billiomn.

The equity raise was led by General Catalyst, with significant contributions by Eldridge, alongside existing investors Left Lane Capital, Camber Creek and Prosus Ventures. Previous investors include the likes of Mastercard and Wells Fargo.

Alongside the new funding, Bilt has also welcomed Ken Chenault, former chairman and CEO of American Express, as chairman. Joining him on the Board is Roger Goodell, the Commissioner of the NFL, who takes on the role of Independent Director.

Launched in April 2022, Bilt began as the first platform enabling US consumers to earn valuable rewards on their largest monthly expenditure – rent. The platform enables rewards at any residential rental property in the United States.

Says Chenault: “Rental and mortgage payments consume 30% of household income on average in the US. Bilt is transforming this market by empowering and rewarding renters and homeowners for their monthly payments and everyday spend with local merchants.”

Over the past year, Bilt has embarked on a strategic expansion through its Neighborhood Rewards programme, rewarding members for spending in their local community, including dining, rideshare services, and grocery purchases.

Members can also convert points 1:1 into favorite airline miles and hotel points, use them for everyday shopping on platforms like Amazon, pay rent, or even apply them toward a down payment.

Bilt’s financial trajectory continues to grow, with the company’s annualizsed member spend nearing $20 billion and achieving EBITDA profitability in 2023.

The newly raised $200 million capital will fuel further expansion across multifamily, single-family, and student housing sectors nationwide. Additionally, Bilt plans to venture into mortgage payment rewards.

Ankur Jain, founder and CEO of Bilt Rewards, remarks: “We’re not just building a loyalty program; we’re creating a community-centric ecosystem that benefits everyone from renters to local businesses.”

Learn more about payments at NextGen Nordics on the 23 April 2024.

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