Bilt Rewards bags $150m funding at $1.5bn valuation
New York-based Bilt Rewards has raised $150 million in funding at a $1.5 billion valuation as it looks to expand its loyalty programme and credit card offering for renters.
The round was led by Left Lane Capital with participation from banking giant Wells Fargo, Smash Capital, Greystar, Invitation Homes, Camber Creek, Fifth Wall and Prosus Ventures.
Bilt Rewards offers a credit card and loyalty programme designed to help renters “build a path towards homeownership”.
Customers can earn points on any rent payments made with the Bilt Mastercard, developed with and issued by Wells Fargo, with no transaction fees.
These points can then be used to help cover any downpayment and closing costs required when buying a home through the firm’s newly launched Bilt Homes service.
Points can also be redeemed for credits towards rent or used to book travel with select airlines and hotels, among other things.
Launched last year by Kairos (a portfolio of brands across healthcare and financial services in the US), the start-up claims to have already processed more than $3 billion in annualised rent payments and more than $1.6 billion in annualised card spend to-date.
Founder and CEO Ankur Jain says: “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.”