Loyalty Platform Bilt Rewards has announced a $60mn seed funding round.
Bilt Rewards offers a loyalty programme specifically for renters, allowing them to earn points on rent as a path towards home ownership. Points are redeemable for travel, hotels and fitness classes, as well as for rent credits and future down payments on a home.
It partners with real estate owners to offer the programme at over 2 million rental units in the United States, as well as for those using the Bilt Mastercard, a credit card for paying rent with no fees.
The company’s latest $60mn seed round included participation from Wells Fargo, Mastercard, and real estate owners including Blackstone, AvalonBay Communities, Douglas Elliman, New Valley Ventures, Equity Residential, GID, LEN×, The Moinian Group; Morgan Properties, Related Group, and Starwood Capital Group. Bilt said the initial growth round valued the company at $350mn.
“The concept of Bilt is simple,” said Bilt CEO and founder Ankur Jain. “And the support from our partners in this early funding round validates that we are serving a real need for both consumers and businesses.
“In the same way airlines and hotels have created loyalists through their rewards programs over the last several decades, Bilt has introduced a new way to turn renting into an enjoyable experience that benefits everyone, and can even build a path towards homeownership. We are continuing to add enhanced benefits and new partners to build the best program possible, and we’re only just getting started.”
The company was launched in June 2021 by Kairos HQ, which operates a portfolio of brands healthcare and financial services. Bilt said it planned to use the funds to further expand its real estate and loyalty partner network, as well as make its offering more widely available.
Bilt also announced new loyalty benefits including interest on members’ monthly points accumulations, a dedicated concierge for the home-buying process and bonus points on new leases and renewals.
