Bilt Rewards has raised $200 million at a valuation of $3.1 billion in a new funding round, according to a statement by the company. FT Partners advised on the transaction.
The funding round was led by General Catalyst, with the participation of new investor Eldridge, alongside existing investors Left Lane Capital, Camber Creek, and Prosus Ventures.
At the same time, the company announced that Ken Chenault, the MD of General Catalyst, will become the Chairman of its Board of Directors at Bilt. Chenault is also the former CEO of American Express.
Bilt announced another big name joining its Board of Directors; Roger Goodall, the NFL Commissioner, has joined as well.
Bilt is a rewards platform that focuses on users’ largest monthly expenditure – rent. The platform enables rewards at any residential rental property in the United States, has partnered with residential real estate companies around the county, now said to number almost four million households.
Chennault commented on the funding round, explaining that Bilt is transforming the market by rewarding renters and homeowners for their monthly payments as well as spending with local merchants.
“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.”
Bilt reports that annualized member spending is now hovering around $20 billion. Additionally, Bilt is said to be EBITDA profitable as of 2023.
Beyond using the money for expansion and boosting its platform, Bilt is planning to move into the mortgage payment rewards segment as well.
Bilt founder and CEO Ankur Jain said the funding round and new additions to its Board are a testament to their innovative vision.