The round valued Bilt Rewards at $1.5 billion.

Bilt Rewards, a credit card and loyalty program offered to renters to help build their credit and earn rewards on rent payments, has landed a $150 million round led by Left Lane Capital with participation from banking giant Wells Fargo, Smash Capital, Greystar, Invitation Homes, Camber Creek, Fifth Wall and Prosus Ventures. Bilt earned a valuation of $1.5 billion in the funding. (CISION PR Newswire)

Bilt Rewards

Bilt Rewards operates both as a loyalty program and a co-brand credit card, the Bilt Mastercard. Users can earn reward points on their rent payments through the Bilt app, without incurring any transaction fees, as well as improve their credit rating.

These points can be used to travel across over 100 major airlines and hotel partners, book fitness classes at the country’s top boutique studios, shop on Amazon.com or purchase limited-edition and exclusive collections of art and home decor through the Bilt Collection, plus can be redeemed for credits towards rent, or applied towards a future downpayment on a home.

Bilt Rewards was launched only in 2021, but in less than a year it has processed over $3 billion in annualized rent payments and over $1.6 billion in annualized card spend to-date.

It has been the loyalty program and payment platform for the Bilt Alliance, a network of more than 2.5 million apartment units across the country in partnership with the nation’s top multifamily owners and operators including Blackstone, Related Companies, Related Group, Equity Residential, AvalonBay Communities, Inc., and more.

Bilt Homes

Bilt also announced Bilt Homes, a service intended to make it easy for renters to buy homes. Bilt Homes takes a member’s monthly rent payment and shows them homes they can own for an equal monthly mortgage payment.

The feature automatically factors in real-time interest rates, taxes, income, credit profile, and other personal data to determine mortgage qualification. Members can then use their Bilt points to help cover any downpayment and closing costs required to switch from renting to home ownership.

Bilt Rewards Founder and CEO Ankur Jain says, “As rent prices continue to soar, we want to make the path to homeownership easier for renters. 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.”

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