- Funding Secured: Bilt Rewards, a New York-based loyalty fintech, raised an additional $150 million, following a $200 million round seven months earlier.
- Valuation: The latest funding round values Bilt at $3.25 billion, up from $3.1 billion in January 2024.
- Lead Investor: The round was led by Teaches’ Venture Growth (TVG), part of Ontario Teachers’ Pension Plan, with participation from new investors such as the Vanderbilt University Endowment and the University of Illinois Foundation.
- Business Growth: Since January, Bilt reports a 50% increase in annual platform spending, now exceeding $30 billion. The company has also expanded its merchant client base, including over 3,500 fitness studios and 21,000 restaurants.
- Product Expansion: Bilt plans to use the funds to enhance its product offerings, including adding mortgage payments, and to expand its loyalty program nationwide.
- Background: Launched in 2022, Bilt offers a Mastercard-issued credit card and loyalty program, enabling renters to earn points on rent payments and work towards homeownership.
