Bilt Rewards, a company that allows Americans to be rewarded for paying their rent, on Wednesday announced a $200 million equity investment, which thrusts the company’s valuation to $3.1 billion as business heavyweight Ken Chenault and NFL Commissioner Roger Goodell were added to its board.
The investment, led by General Catalyst, also has significant contributions by Eldridge, along with existing investors Left Lane Capital, Camber Creek and Prosus Ventures.
“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,” Bilt founder and CEO Ankur Jain said.
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Bilt also announced Ken Chenault, General Catalyst chairman and managing director who is also the former chairman and CEO of American Express, as chairman of its Board of Directors.
“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 homeowners for their monthly payments and everyday spend with local merchants,” Chenault said. “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.”
Goodell, who has been the commissioner of the NFL since 2006, joined Chenault on the Bilt board in the role of independent director.
“Bilt is an innovator in the rewards space, empowering the next generation to turn rent and expenses into unforgettable experiences. I am proud to join a board that shares the NFL’s values of hometown loyalty while innovating and delivering for its members,” Goodell said.
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Bilt, which launched in 2022, bills itself as the first platform to enable U.S. consumers to earn valuable rewards on rent, which is often a person’s largest monthly expense.
The platform enables rewards at any residential rental property in the nation and has accelerated growth through the creation of the Bilt Rewards Alliance, a partnership with the country’s leading residential real estate companies.
Members of the Bilt Rewards Alliance include companies such as Greystar, Asset Living, Willow Bridge Property Company, AvalonBay, Equity Residential, Related Companies, GID, Starwood, Cushman & Wakefield, Bozzuto, Camden, Brookfield, GoldOller, Berkshire Residential, ZRS, Invitation Homes, Highmark, Beztak, Nuveen, Trammell Crow, PGIM and more. Nearly four million households have committed to Bilt as their payments and rewards platform.
Bilt has also grown through its Neighborhood Rewards program, which rewards members for spending on vital items such as food and transportation in their local community.
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Bilt says its annualized member spend is approaching $20 billion, and the company achieved EBITDA profitability in 2023. The newly raised $200 million in capital will help additional growth of the Bilt Rewards Alliance across multifamily, single-family and student housing sectors nationwide. Bilt’s Neighborhood Rewards program will also be strengthened with the newly raised capital, and the company plans to eventually launch mortgage payment rewards.
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