Bilt Rewards, whose platform aims to allow Consumers to earn rewards on rent and daily neighborhood The company announced today that Spend has raised $200 million at a valuation of $3.1.
General Catalyst led the financing, which doubled the New York-based company’s value relative to its equity capital. $150 million increase in October 2022. Eldridge and its current backers Left Lane Capital, Camber Creek and Prosus Ventures.
He joins Ken Chennault, Chairman and Managing Director of General Catalyst Belt Board of Directors as part of the new financing. Chennault is also the former chairman and CEO of American Express. NFL Commissioner Roger Goodell also joins the board as an independent director.
The jump in raise and valuation is impressive in an environment where mega rounds (deals worth more than $100 million) have been few and far between. CB Insights 2023 Project Status Report I found that while huge tours”It was the hallmark of 2021, with more than 350 cases occurring every quarter… and in the fourth quarter of 2023, that number had fallen to just 78 – the lowest level since 2017.
With the new capital Bilt has raised $413 million in total funding since the company was founded Launched in June 2021 From Kairos, the startup studio led by Built Founder and CEO Ankur Jain. It launched its rewards program in April 2022.
In a written statement, Belt said its members’ annual spending is “close to $20 billion” and the company achieved EBITDA profitability in 2023.
At the time of its last submission, The company’s loyalty program and payment platform have been rolled out to more than 2.5 million residential units. Today, this number reaches nearly 4 million units.
Users can earn points and improve their credit by simply paying rent each month. Belt Points can be used for a variety of loyalty programs, including major airlines, hotels, travel, fitness classes, Amazon.com purchases, and credit for rent or a future down payment.
Belt said it plans to use the new capital to expand its Rewards Alliance, which partners with multifamily, single-family and student housing operators across the country. It will also move toward enhancing its Neighborhood Rewards program, which aims to help local merchants “connect and build loyalty” with new and existing residents in their community. The company also plans to expand into mortgage payment bonuses.
Bilt also offers a co-branded Mastercard, issued by Wells Fargo, that can be used to pay rent and earn Bilt points with no transaction fees.
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