Based in New York, Bilt Rewards has raised $150 million in funding at a valuation of $1.5 billion, led by Left Lane Capital, with participation from Smash Capital, Wells Fargo, Greystar, Invitation Homes, Camber Creek, Fifth Wall, and Prosus Ventures.
The startup intends to expand its renter loyalty program and credit card offerings. Bilt Rewards is a credit card and loyalty programme designed to assist renters in establishing a path to homeownership. Customers can earn points on any rent payments made with the Bilt Mastercard, which was developed and issued in collaboration with Wells Fargo and has no transaction fees.
When purchasing a home through the company’s recently introduced Bilt Homes program, these points can be applied to any down payment and closing charges. Among other things, points can be used to book travel with specific airlines and hotels or redeemed for credits toward rent.
“Bilt Rewards has created a compelling loyalty and payments program for the rental market. As the industry evolves, programs like Bilt are key to delivering the resident experience renters want and expect. We’re excited to join as partners and investors in this venture,” Greystar CEO Bob Faith says.
Bilt Rewards, which Kairos launched in 2021, operates both a loyalty program and a co-brand credit card, the Bilt Mastercard, that allows consumers to earn points on their rent payments with no transaction fees while also paving the way to homeownership.
Funding will help build additional tools
While the Bilt Mastercard was created in collaboration with and is issued by Wells Fargo, the Bilt Rewards loyalty program was created in partnership with an alliance of the largest real estate owners in the country. The startup claims that more than $3 billion in annualized rent payments and more than $1.6 billion in annualized card purchases have already been processed by the startup.
Residents of the Bilt Alliance can earn points on rent and pay them through the Bilt App with no transaction costs. Additionally, tenants who are a part of the alliance can sign up for Bilt’s free rent reporting services to all three credit agencies and receive points on new leases, referrals, and other incentives from their landlords.
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.”
