Bilt Rewards Raises $150 Million, Launches Home Buying Tool
A growing startup that offers rewards for renters has just raised another round of funding. Today, Bilt Rewards announced that it had closed a $150 million growth round. This round was led by Left Lane Capital, while Smash Capital, Wells Fargo, Greystar, Invitation Homes, Camber Creek, Fifth Wall, and Prosus Ventures also participated. Notably, this latest round valued the company at $1.5 billion. To date, Bilt has now raised $213 million, including a $60 million seed round just over one year ago. According to the company, these funds will allow them to further expand its loyalty program as well as its credit card — which is issued by investor Wells Fargo.
Bilt is a platform that rewards renters for making on-time payments, allowing them to redeem earned points for future rental payments, travel bookings, and more. In addition to offering rewards to those who reside at properties that are part of the Bilt Rewards Alliance, the company also launched the Bilt Rewards Mastercard.
That card not only allows users to pay rent with their credit card at no additional fee but also rewards them with 1 point per dollar spent on rent. Other perks of the Bilt Mastercard include 3x points on dining, 2x points on select travel, and 1x on all other purchases. Recently, the company also announced its monthly Rent Day program, enabling cardholders to double their rewards (except for rent payments) on the first of each month.
In a press release announcing the round, Bilt Rewards Founder and CEO Ankur Jain said, “As rent prices continue to soar, we want to make the path to homeownership easier for renters. This new round of funding will help us to build additional tools, strengthen relationships with existing loyalty and real estate partners, and work to expand the Bilt Rewards platform across the country.” Jain added, “We’re excited to take the next step in making Bilt Rewards a household name.”
News of the equity round comes on the day that Bilt has debuted a new home-buying tool for customers. Using this new feature, users can enter their current rent amount, see what that translates to in terms of buying a home, and search their area for houses that fit their budget. Additionally, once customers do find the right home for them, they can redeem their Bilt Rewards toward their down payment at a value of 1.5¢ per point.
With a reported $3 billion in annualized rent payments and more than $1.6 billion in annualized card spend to-date, Bilt has clearly been catching on over the past few months. Along the way, the company has regularly rolled out new features, including its travel portal, Rent Day promotional, and now its homebuying tool. Thus, it’s easy to see why investors are now flocking to the FinTech. Hopefully, this momentum will continue and bring even greater rewards to renters across the country.