Bilt Rewards Raises $200 Million at a $3.1 Billion Valuation
In a significant development in the fintech space, Bilt Rewards, a platform that enables consumers to earn rewards on rent and daily neighborhood spend, has raised $200 million at a valuation of $3.1 billion. The latest funding round, led by General Catalyst, more than doubles the company’s valuation compared to its previous raise of $150 million in October 2022.
Joining Forces: Ken Chenault and Roger Goodell
As part of the new funding, Ken Chenault, Chairman and Managing Director of General Catalyst, will be joining Bilt’s board of directors. Chenault is also a former Chairman and CEO of American Express. In addition to Chenault, NFL Commissioner Roger Goodell will also be joining the board as an independent director.
A Changing Landscape: Mega-Rounds in Fintech
The raise and valuation jump are significant, especially considering the current environment where mega-rounds (deals worth over $100 million) are relatively scarce. According to CB Insights’ State of Venture Report 2023, while mega-rounds were a hallmark of 2021, with over 350 occurring each quarter, in Q4 2023, that figure fell to just 78 – the lowest level since 2017.
Bilt’s Milestones: A Growing Platform
With this new capital, Bilt has raised $413 million in total funding since its launch in June 2021 out of Kairos, the startup studio led by Bilt founder and CEO Ankur Jain. The company launched its rewards program in April 2022. Notably, its annualized member spend is nearing $20 billion, and the company achieved EBITDA profitability in 2023.
Expansion Plans: Rewards Alliance and Neighborhood Rewards
The company plans to use the new capital toward expanding its Rewards Alliance, which partners with multifamily, single-family, and student housing operators nationwide. It will also be investing in its Neighborhood Rewards program, aimed at helping local merchants connect and build loyalty with new and existing residents in their community.
Mortgage Payment Rewards: The Next Frontier
Bilt is also planning to expand into mortgage payment rewards, offering users the opportunity to earn points on their mortgage payments. This move marks an exciting development for the company as it looks to further its presence in the fintech space.
Co-Branded Mastercard: A Key Partnership with Wells Fargo
In addition to these plans, Bilt offers a co-branded Mastercard, issued by Wells Fargo, which can be used to pay rent and earn Bilt Points with no transaction fees. This partnership highlights the growing importance of fintech companies in the payment space.
Fintech Frenzy: The Rise of Mega-Rounds
The raise and valuation jump are a testament to the resilience and growth potential of fintech companies, even in a challenging market environment. With more than $200 million raised at a valuation of $3.1 billion, Bilt Rewards is a shining example of the innovative spirit that drives the fintech industry forward.
A Growing Market: The Rise of Fintech
The fintech space has experienced significant growth in recent years, with more and more companies emerging to address the changing needs of consumers. With its rewards platform and expanding services, Bilt Rewards is well-positioned to capitalize on this trend.
The Future of Fintech: Trends and Predictions
As we look ahead, it’s clear that fintech will continue to play a major role in shaping the financial landscape. The rise of mega-rounds, digital payment systems, and innovative rewards programs are just a few examples of the exciting developments on the horizon.
Conclusion
Bilt Rewards’ latest funding round is a significant milestone for the company and the fintech space as a whole. With its strong growth trajectory and expanding services, Bilt is well-positioned to become a leading player in the industry. As we look ahead, it’s clear that the future of fintech will be shaped by innovative companies like Bilt Rewards.
About Bilt Rewards
Bilt Rewards is a platform that enables consumers to earn rewards on rent and daily neighborhood spend. With its strong growth trajectory and expanding services, Bilt is well-positioned to become a leading player in the fintech industry.
About General Catalyst
General Catalyst is a leading venture capital firm with a track record of investing in innovative companies across various sectors. The firm’s latest investment in Bilt Rewards highlights its commitment to supporting startups that are shaping the future of finance and technology.
Sources
- CB Insights’ State of Venture Report 2023
- Bilt Rewards website
- General Catalyst website
