Ken Chenault and Ankur Jain
Bilt Rewards Ken Chenault and Ankur Jain

Bilt has announced a $200 million equity investment, led by General Catalyst, with significant contributions by Eldridge, alongside existing investors Left Lane Capital, Camber Creek, and Prosus Ventures. The investment catapults the company's valuation to $3.1 billion.

In addition to the sizable equity investment, Bilt has welcomed Ken Chenault as chairman of its board of directors. Chenault is chairman and managing director of General Catalyst, and the former chairman and CEO of American Express. Roger Goodell, the commissioner of the NFL, also has joined the board as independent director.

Roger Goodell
Bilt Rewards Roger Goodell

“Bilt is an innovator in the rewards space, empowering the next generation to turn rent and expenses into unforgettable experiences,” says Goodell. “I am proud to join a board that shares the NFL’s values of hometown loyalty while innovating and delivering for its members.”

Following its launch in April 2022, Bilt, which enables its users to earn valuable rewards on their rent payments, has accelerated its growth through the creation of the Bilt Rewards Alliance, a partnership with the country's leading residential real estate companies, now encompassing almost 4 million households, committing to Bilt as their payments and rewards platform.

Members of the Bilt Rewards Alliance include companies such as Greystar, Asset Living, Willow Bridge Property Co., AvalonBay, Equity Residential, Related Cos., GID, Starwood, Cushman & Wakefield, Bozzuto, Camden, Brookfield, GoldOller, Berkshire Residential, ZRS, Invitation Homes, Highmark, Beztak, Nuveen, Trammell Crow, PGIM, The Moinian Group, and more.

Bilt also recently signed a collaboration agreement with RealPage, whose customers can now launch a best-in-class integration with Bilt Rewards in less than a day. “We’re delighted to partner with RealPage. This integration allows their customers to reward on-time rent payments, incentivize resident engagement, and build a rewards program on the RealPage OneSite property management platform, with integration occurring in as little as 24 hours,” says Ankur Jain, founder and CEO, Bilt Rewards.

Over the past year, Bilt has undergone strategic expansion through its Neighborhood Rewards program, rewarding members for spending in their local community, including dining, ride-share services, and grocery purchases.

Ranked as the highest value point currency by leading publications including The Points Guy and Bankrate, Bilt Points offer unparalleled flexibility. Members can convert points 1:1 into favorite airline miles and hotel points, use them for everyday shopping on platforms like Amazon, pay rent, or even apply them toward a down payment.

"Rental and mortgage payments consume 30% of household income on average in the U.S. Bilt is transforming this market by empowering and rewarding renters and (eventually) homeowners for their monthly payments and everyday spend with local merchants," says Chenault. "I am excited to work with Ankur and the team to dramatically expand the Bilt ecosystem, offering consumers rewards and benefits in their homes and neighborhoods.”

With the company's annualized member spend nearing $20 billion and achieving EBITDA profitability in 2023, Bilt's financial trajectory continues to grow. The newly raised $200 million capital will fuel further expansion of the Bilt Rewards Alliance across multifamily, single-family, and student housing sectors nationwide.

A significant portion of the investment will also bolster Bilt’s Neighborhood Rewards program, helping local merchants connect and build loyalty with new and existing residents in their community. Additionally, Bilt plans to venture into mortgage payment rewards.

Jain concludes, "This capital raise and the addition of industry titans like Ken Chenault and Roger Goodell to our board are a testament to Bilt's innovative vision. We're not just building a loyalty program; we're creating a community-centric ecosystem that benefits everyone from renters to local businesses.”