Bilt Rewards doubles valuation to $3.1B after General Catalyst led $200M funding round

Bilt Rewards, a platform designed to offer consumers rewards on rent and local daily spending, has recently celebrated a $200M funding raise. This impressive accomplishment has skyrocketed the company’s valuation to $3.1B, more than double its value following the $150M raise in October 2022.

• Key Investors: General Catalyst led the funding round, joined by Eldridge, Left Lane Capital, Camber Creek, and Prosus Ventures. Ken Chenault, the Chairman and Managing Director of General Catalyst, and former Chairman and CEO of American Express, will join Bilt's board of directors. NFL Commissioner, Roger Goodell, is also slated to come on board as an independent director.

• Business Progress: Since its launch in June 2021, Bilt has successfully raised a total of $413M in funding. Its rewards program, launched in April 2022, has seen Bilt’s annualized member spend nearing $20B, and the company achieved EBITDA profitability in 2023.

• Use of Funds: Bilt plans to allocate the new capital to expand its Rewards Alliance, partnering with multifamily, single-family, and student housing operators across the nation. Additionally, funds will support the enhancement of its Neighborhood Rewards program, designed to help local merchants build and maintain loyalty with residents in their communities. Bilt also intends to venture into mortgage payment rewards.

Bilt offers a co-branded Mastercard, issued by Wells Fargo, that users can employ to pay rent and earn Bilt points without incurring transaction fees.