Bilt Rewards Announces $200 Million Equity Round
Bilt Rewards has announced its latest funding round as well as the addition of some luminaries to the company’s board of directors.
About the round and board appointments:
Today, Bilt Rewards revealed a $200 million equity investment. The round was led by General Catalyst with participation from Eldridge and returning investors Left Lane Capital, Camber Creek, and Prosus Ventures. Notably, with this new funding, Bilt is now valued at $3.1 billion. Previously, the company raised a $150 million Series B in 2022, led by Left Lane Capital.
Also notable is that, in their press release, Bilt says that the funds will help “fuel further expansion of the Bilt Rewards Alliance across multifamily, single-family, and student housing sectors nationwide.” What’s more, they explicitly state that they plan to venture into mortgage payment rewards.
In addition to the funding news, Bilt has also announced two additions to its Board of Directors. First, General Catalyst Chairman and Managing Director (as well as former American Express CEO) Ken Chenault has been named Chairman of the Board for Bilt. Additionally, NFL Commissioner Roger Goodell has joined the Board as an Independent Director.
BIlt Rewards was launched in 2022, offering a way for consumers to earn rewards for paying rent. By partnering with residential real estate companies, the Bilt Rewards Alliance was formed. However, in addition to this program, the company introduced the Bilt Mastercard — which is currently issued by Wells Fargo. With the Bilt Mastercard, customers can not only earn points on rent regardless of where they live but can also earn points from everyday purchases and redeem rewards through transfer partners, an online travel booking portal, and more.
What they’re saying:
Speaking to the unique position of Bilt, General Catalyst managing director and new Bilt Rewards chairman Ken Chenault said, “Rental and mortgage payments consume 30% of household income on average in the U.S. Bilt is transforming this market by empowering and rewarding renters and homeowners for their monthly payments and everyday spend with local merchants.” He added, “I am excited to work with Ankur and the team to dramatically expand the Bilt ecosystem, offering consumers rewards and benefits in their homes and neighborhoods.”
Meanwhile, Bilt founder and CEO Ankur Jain said of the funding round and incoming board members, “This capital raise and the addition of industry titans like Ken Chenault and Roger Goodell to our board are a testament to Bilt’s innovative vision. We’re not just building a loyalty program; we’re creating a community-centric ecosystem that benefits everyone from renters to local businesses.”
While it’s not surprising to me that Bilt has managed to raise more funds, I’d be lying if I said I didn’t laugh when seeing Roger Goodell’s name pop up in the press release. Of course, despite it seeming like a random selection, it’s pretty impressive that a figure like Goodell would be involved with the company. However, the real get is Chenault, who previously headed Amex for 17 years. To me, having an expert like that lead your Board speaks volumes about Bilt’s continued viability despite early hesitation about the concept.
Elsewhere, as a homeowner and a Bilt cardholder, I’m very intrigued by the concept of Bilt offering mortgage payment rewards. Hopefully this is a feature that comes to fruition sooner rather than later — but we’ll need to stay tuned to find out.