Bilt Rewards Raises $60M in Funding

bilt

Bilt Rewards, a NYC-based loyalty program and co-brand credit card for renters, raised $60m in growth funding.

Backers included Wells Fargo, Mastercard, and a group of the nation’s largest real estate owners including Blackstone, AvalonBay Communities,┬áDouglas Elliman, New Valley Ventures, Equity Residential, GID, LEN├Ś, The Moinian Group; Morgan Properties, Related Group, and Starwood Capital Group among others.

The company intends to use the funds to further expand its real estate and loyalty partner network, grow organic distribution channels, and open the Bilt Rewards platform and Bilt Mastercard more widely to the public.

Launched in June 2021 by Kairos HQ and led by CEO and founder Ankur Jain, Bilt Rewards is a loyalty program and co-brand credit card for renters, enabling renters to earn points on their largest monthly expense with no fees. The free Bilt Rewards loyalty program is available to renters living within the Bilt Rewards Alliance, a network of more than 2 million rental units across the country, or by using the Bilt Mastercard, a credit card that can be used to pay rent with no fees at any rental unit in the U.S.

Bilt Rewards has been rolling out through a network of more 2 million rental units nationwide since launch in┬áJune 2021, with real estate partners including Blackstone, Related Companies, Related Group, Equity Residential, AvalonBay Communities, Inc., Camden Property Trust, Cushman & Wakefield, Trammell Crow Residential, Highmark Residential, AMLI Residential, Morgan Properties, SL Green Realty Corp., Starwood Capital Group, GID, The Moinian Group, Veritas Investments, and Artemis Real Estate Partners. Following launch┬áDouglas Elliman, LeFrak, and Rudin Management properties among others have joined the Alliance, expanding Bilt’s footprint widely across the country.

FinSMEs

21/09/2021