Bilt Rewards, which operates a loyalty program and credit card that converts rent payments into points, raised a new round of funding that it says gives the firm a valuation of $1.5 billion.
The company, which works with some of the country’s largest multifamily developers and property managers, secured $150 million in a growth round led by Left Lane Capital.
In all, the company has received $213 million in funding since it launched in June 2021. The company says its loyalty program and payment platform have been rolled out to 2.5 million apartment units in the U.S. to date.
The New York-based startup said it has processed $3 billion in annualized rent payments and its Bilt Mastercard customers are spending at an annualized rate of $1.6 billion. The company is profitable and has more than 500,000 active members, CEO Ankur Jain told Bloomberg.
Residents can pay their rent through the Bilt App and earn points on rent with no transaction fees. Renters can also earn points on new leases, referrals and other incentives from their landlords, as well as enroll in Bilt’s free rent reporting services to all three credit bureaus, which can boost their credit scores.
Bilt’s points can be used in 12 loyalty programs, including hotels, major airlines, travel, fitness classes, Amazon.com purchases, credit toward rent or a future downpayment.
For those who do not live at a Bilt partner’s building, the co-brand Bilt Mastercard allows renters at any apartment in the U.S. to earn points on rent with no transaction fees, plus earn 3x points on dining, 2x points on travel and 1x points on all other purchases.
Bilt’s partners include multifamily developers and owners AvalonBay Communities, Blackstone Inc., Related Companies and Equity Residential. Bilt told Bloomberg that the company plans to expand into single family rentals beyond Invitation Homes.
The company also launched Bilt Homes, a platform that lets tenants input their rent payment and credit score and see a list of homes they can afford. It factors in interest rates, taxes, personal income and credit profile to determine the mortgage a customer could obtain.