After securing $150 million from Left Lane Capital, Bilt Rewards' valuation has leaped to $1.5 billion.
Bilt Rewards, which launched in June 2021, works with organizations to fashion loyalty programs and co-branded credit cards, particularly for property rentals. Rather than implementing a cashback program, Bilt gives rewards points through booking hotels, airfare, Amazon products, fitness classes, and more, resulting in rent credits or future home down payments.
Thus far, Bilt has processed more than $3.5 billion in annualized rent payments and $1.6 billion in annualized card expenditures. It recently announced Bilt Homes, a product that helps renters with homeownership by utilizing renter's monthly rent payments to determine which homes in their area they would reasonably be able to afford (including interest rates, taxes, income, and other data).
"It's an opportunity for more renters to think about whether homeownership is the right thing for them at this moment in time," Chief Executive Officer Ankur Jain told TechCrunch. "It's just so stupidly confusing to buy a home today, so we created the first tool where you can now just say, for $3,000 a month, what are the homes that I could buy today for the same amount?"
Left Lane Capital is a Brooklyn, New York-based venture capital firm focusing on internet technology companies. Many of its investments are in financial technology (fintech), educational technology (edtech), and cryptocurrency firms, including Jackpocket, Tapcart, Study Smarter, and Freetrade.
Wells Fargo, Camber Creek, Smash Capital, and Greystar are just a few other names on Bilt’s list of investors. CEO Jain says that his company wasn't looking for new capital, but saw interest from investors and jumped at the opportunity. He adds that the new capital will be kept in reserve as the company aligns its interests with those of its most active commercial partners.