1 November 2022
Bilt Rewards, a rewards programme for renters, has raised US$150 million at a US$1.5 billion valuation. The spherical was led by Left Lane Capital, with Smash Capital, Wells Fargo, Greystar, Camber Creek, Fifth Wall, and Prosus Ventures collaborating.
Launched in 2021, Bilt Rewards operates a loyalty programme and a co-brand bank card, the Bilt Mastercard issued by Wells Fargo, that permits shoppers to earn factors on their lease funds with no transaction charges.
The corporate says that it has processed over US$3 billion in annualised lease funds and over US$1.6 billion in annualised card spend since launching.
Bilt additionally introduced the introduction of Bilt Properties, a brand new dwelling shopping for service that takes a member’s month-to-month lease cost and reveals them properties they will personal for an equal month-to-month mortgage cost.
“This new spherical of funding will assist us to construct further instruments, strengthen relationships with present loyalty and actual property companions, and work to develop the Bilt Rewards platform throughout the nation,”
mentioned Ankur Jain, Founder and CEO, Bilt Rewards.
“Housing represents the biggest month-to-month expense for over 100 million renters within the U.S., and but shoppers have by no means obtained any incremental worth in return.
Bilt is shortly weaving itself into the material of the on a regular basis client, and has the potential to develop into a family model that covers the whole homeownership journey,”
mentioned Harley Miller, CEO and Managing Accomplice, Left Lane Capital.
This text first appeared on Fintech Information Switzerland.
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