Bilt Rewards, the leading financial services platform for turning rental payments into redeemable 'points', has raised $200M in a raise led by General Catalyst, doubling its previous $1.5Bn valuation in October 2022 to over $3Bn today.
Eldridge and existing backers Left Lane Capital, Camber Creek and Prosus Ventures also contributed to the round.
Bilt's platform lets customers earn rewards on rent and family neighbourhood spending—with annualized member spend "nearing $20Bn". The platform announced EBITDA profitability in 2023.
Bilt's loyalty program and payment platform is live for nearly 4 million apartment units, with users able to earn points and improve their credit by paying their rent every month. In return, users can spend their Bilt points on loyalty programs including airline tickets, hotels, travel, fitness classes, and future down payments. The company also offers a Bilt Mastercard for renters looking to earn even more points.
The firm says it plans to use its new funds to expand its Rewards Alliance—which partners with multifamily, single-family, and student housing operators nationwide—and its Neighborhood Rewards program, which helps local merchants connect with and tap into residents.
Bilt also says it will expand into mortgage payment rewards.
Meanwhile, Ken Chenault, chairman and managing director at General Catalyst, will join Bilt's board of directors.
Bilt has now raised $413M in funding since its 2021 launch and has certainly been deemed an attractive destination for VC cash. The startup's model, based on the axioms of increasing US-based tenants' spending power and credit score, will be an interesting case study of "rent as an investment" instead of a pure cost. One to watch.