Bilt Rewards announced Wednesday a $200 million equity investment, led by General Catalyst. This puts the company’s valuation to $3.1 billion.
Launched in April 2022, Bilt began as the first platform enabling U.S. consumers to earn rewards on rent payments. The platform enables rewards at any residential rental property in the United States and has accelerated their growth through the creation of the Bilt Rewards Alliance, which now includes almost four million households.
Members can earn even more when they have the Bilt Mastercard, and they can convert points 1:1 into favorite airline miles and hotel points. Points can also be used for everyday shopping on platforms like Amazon, pay rent, or even apply them toward a down payment.
Over the past year, Bilt has embarked on a strategic expansion through its Neighborhood Rewards program, rewarding members for spending in their local community, including dining, rideshare services, and grocery purchases.
The press release about the $200 million investment, also included a surprising piece of information. Bilt plans to venture into mortgage payment rewards. The company has not shared any other details besides that on sentence in the press release.
It’s not clear what those rewards would look like. But if it’s anything like the rewards that you can earn on rent payments, this should be an interesting development.
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