Bilt Rewards, a rewards programme for renters, has raised US$150 million at a US$1.5 billion valuation. The round was led by Left Lane Capital, with Smash Capital, Wells Fargo, Greystar, Camber Creek, Fifth Wall, and Prosus Ventures participating.
Launched in 2021, Bilt Rewards operates a loyalty programme and a co-brand credit card, the Bilt Mastercard issued by Wells Fargo, that enables consumers to earn points on their rent payments with no transaction fees.
The company says that it has processed over US$3 billion in annualised rent payments and over US$1.6 billion in annualised card spend since launching.
Bilt also announced the introduction of Bilt Homes, a new home buying service that takes a member’s monthly rent payment and shows them homes they can own for an equal monthly mortgage payment.
“This new round of funding will help us to build additional tools, strengthen relationships with existing loyalty and real estate partners, and work to expand the Bilt Rewards platform across the country,”
said Ankur Jain, Founder and CEO, Bilt Rewards.
“Housing represents the largest monthly expense for over 100 million renters in the U.S., and yet consumers have never received any incremental value in return.
Bilt is quickly weaving itself into the fabric of the everyday consumer, and has the potential to become a household brand that covers the entire homeownership journey,”
said Harley Miller, CEO and Managing Partner, Left Lane Capital.
This article first appeared on Fintech News Switzerland.