Bilt Rewards, whose platform goals to permit customers to earn rewards on lease and each day neighborhood spend, has raised $200 million at a $3.1 valuation, the corporate introduced at this time.
Normal Catalyst led the financing, which greater than doubles the New York-based firm’s valuation in comparison with its $150 million October 2022 raise. Eldridge and present backers Left Lane Capital, Camber Creek and Prosus Ventures.
Ken Chenault, chairman and managing director of Normal Catalyst, is becoming a member of Bilt’s board of administrators as a part of the brand new funding. Chenault can be former chairman and CEO of American Specific. NFL Commissioner Roger Goodell can be becoming a member of the board as an unbiased director.
The increase and valuation bounce are spectacular in an setting have been mega-rounds (offers value over $100 million) are few and much between. CB Insights’ State of Venture Report 2023 discovered that whereas mega-rounds “were a hallmark of 2021, with 350+ occurring each quarter…in Q4’23, that figure fell to just 78 — the lowest level since 2017.”
With the brand new capital, Bilt has raised $413 million in whole funding because the firm launched in June 2021 out of Kairos, the startup studio led by Bilt founder and CEO Ankur Jain. It launched its rewards program in April of 2022.
In a written assertion, Bilt stated its annualized member spend is “nearing $20 billion” and the corporate achieved EBITDA profitability in 2023.
On the time of its final increase, the corporate’s loyalty program and fee platform had been rolled out to greater than 2.5 million residence items. Right now that quantity is as much as almost 4 million items.
Customers can earn factors and enhance their credit score by merely paying lease every month. Bilt’s factors can be utilized in a wide range of loyalty applications, together with main airways, resorts, journey, health lessons, Amazon.com purchases, credit score towards lease or a future down fee.
Bilt stated it plans to make use of the brand new capital towards increasing its Rewards Alliance, which companions with multifamily, single-family, and pupil housing operators nationwide. It is going to additionally go in direction of bolstering its Neighborhood Rewards program, which goals to assist native retailers “connect and build loyalty” with new and present residents of their neighborhood. The corporate additionally plans to broaden into mortgage fee rewards.
Bilt additionally provides a co-branded Mastercard, issued by Wells Fargo, that can be utilized to pay lease and earn Bilt Factors with no transaction charges.
Need extra fintech information in your inbox? Join TechCrunch Fintech here.
