Regulatory news

Bilt Rewards Announces $200 Million Raise Valuing Company at $3.1 Billion

Ken Chenault was appointed chairman of the board, with Roger Goodell also joining the company's board as an independent director

New York, NY, January 24, 2024- Bilt Rewards (Bilt), the leading loyalty platform specialising in rent and neighbourhood expenditure rewards, today announced a $200 million capital investment, led by General Catalyst, with significant contribution by Eldridge, alongside existing investors Left Lane Capital, Prosus Ventures, and Camber Creek. This catapults the company's valuation to $3.1 billion.

Bilt welcomes Ken Chenault as chairman of its board. Chenault is chairman and managing director of General Catalyst and the former chairman and CEO of American Express. 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 American consumers to earn valuable rewards on their largest monthly expenditure - rent. The platform allows for rewards at any rental home in the United States. It has seen exponential growth through the creation of the Bilt Rewards Alliance, a partnership with America's leading residential real estate companies, now encompassing almost 4 million households, committing to Bilt as their payments and rewards platform.

Members of the Bilt Rewards Alliance include companies such as Greystar, Asset Living, AvalonBay, Equity Residential, Related Companies, GID, Starwood, Cushman & Wakefield, Bozzuto, Camden, Brookfield, GoldOller, Berkshire Residential, ZRS, Invitation Homes, Highmark, Beztak, Nuveen, Trammell Crow, PGIM, and more.

"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 spending with local merchants", said Ken Chenault, chairman of Bilt Rewards, and chairman and managing director, General Catalyst."I am excited to work with Ankur and the team to dramatically expand the Bilt ecosystem, offering consumers rewards and benefits in their homesand neighbourhoods."

The past year has witnessed Bilt's strategic expansion through its Neighborhood Rewards program, rewarding customers for spending in their local community, including dining, rideshare services, and grocery purchases.

Bilt's financial trajectory continues to grow, with the company's annualised member spending nearing $20 billion and achieving EBITDA profitability in 2023. 

Ranked as the highest value point currency by leading publications, including The Points Guy and Bankrate, Bilt points offer unparalleled flexibility. Members can convert points 1:1 into favourite airline miles and hotel points, use them for everyday shopping on platforms like Amazon, pay rent, or even save towards a down payment.

"Bilt is an innovator in the rewards space, empowering the next generation to turn rent and expenses into unforgettable experiences," said NFL Commissioner Roger Goodell. "I am proud to join a board that shares the NFL's values of hometown loyalty while innovating and delivering for its members."

The newly acquired $200 million capital will fuel further expansion of the Bilt Rewards Alliance across multifamily, single-family, and student housing sectors nationwide. A significant portion of the investment will also bolster Bilt's Neighborhood Rewards program, helping local merchants connect and build loyalty with new and existing residents in their community. Additionally, Bilt plans to venture into mortgage payment rewards. 

Ankur Jain, Founder and CEO of Bilt Rewards, remarked, "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 but creating a community-centric ecosystem that benefits everyone from renters to local businesses."

For more information about Bilt Rewards, please visit www.biltrewards.com.

Financial Technology Partners (FT Partners) advised Bilt on this transaction.

About Bilt Rewards

Bilt Rewards is the first program for consumers to earn valuable rewards on rent and daily neighbourhood spending while creating a path to home ownership.  

Through a partnership with the country's largest owners, Bilt Rewards enables renters in more than four million units across the country to earn Bilt Points by paying rent. In contrast, these owners benefit from resident loyalty, cost savings and a share of revenue.

Bilt Rewards boasts one of the highest value rewards programs today, including one-to-one point transfers to 12 loyalty programs allowing members to travel across over 100 major airlines and hotel partners. Members can also book travel through the Bilt Travel Portal powered by Expedia; book fitness classes at the country's top boutique studios, including SoulCycle, Solidcore, Rumble and Y7; shop limited-edition and exclusive collections of art and home decor through the Bilt Collection; shop on Amazon.com; or redeem Bilt Points for credits towards rent or even towards a down payment on a future home.

Bilt has also partnered with Mastercard to create the Bilt Mastercard issued by Wells Fargo - the first and only credit card that can be used to pay rent and earn Bilt Points with no transaction fees. For more information on Bilt Rewards, visitBiltRewards.com.