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HomeBankingBilt Rewards more than doubles its billion-dollar valuation with new $200m equity...

Bilt Rewards more than doubles its billion-dollar valuation with new $200m equity investment

Date:

  • Valuation Milestone: New York-based Bilt Rewards reaches a valuation of $3.1 billion after securing a $200 million equity investment.
  • Key Investors and Leadership Changes:
    • General Catalyst leads the investment.
    • Ken Chenault, former CEO and chairman of American Express, becomes Bilt’s board chairman.
    • NFL commissioner Roger Goodell is set to join as an independent director.
    • New investor Eldridge and existing investors Left Lane Capital, Camber Creek, and Prosus Ventures participate.
  • Bilt’s Offerings and Partnerships:
    • Bilt provides a Mastercard-issued credit card and loyalty program to assist US renters in transitioning to homeownership.
    • Rewards alliance with real estate companies like Greystar, Brookfield, and The Moinian Group.
    • Points earned from rent payments can be used for downpayments, closing costs, rent credit, or travel bookings.
  • Financial Performance:
    • Bilt claims profitability in the previous year with annualized member spending of around $20 billion.
  • Expansion Plans:
    • Capital injection will be utilized to expand rewards alliance to multi-family, single-family, and student housing sectors.
    • The neighborhood rewards program, rewarding local spending, will also be extended.
  • New Venture:
    • Bilt ventures into mortgage payment-based rewards, aligning with the CEO’s vision for a community-centric ecosystem.
  • Mission Statement:
    • Bilt aims to transform the market by rewarding renters and homeowners for monthly payments and everyday spending with local merchants.

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