Bilt Valued at $3.2 Billion as Rewards Program Grows

Loyalty rewards platform Bilt is valued at $3.2 billion after a new funding round.

The company raised $150 million from a round led by the Ontario Teachers’ Pension Plan, Bilt announced Thursday (Aug. 1), just months after a $200 million round valued it at $3.1 billion. 

“Since the January announcement, Bilt has experienced remarkable growth across multiple facets of its business,” Bilt said in a news release. “The company’s platform spend has surged to over $30 billion annually, representing a 50% increase from January’s announcement.” 

The company did not provide a new valuation for the new funding round, but a report by Bloomberg News pegged it at $3.2 billion.

Launched in 2021, Bilt lets members earn points for spending, which they can use for credits on their rent or for rewards with merchants.

The company says its growth has been fueled by expanding its resident loyalty program to more apartment buildings, including seven of the 10 largest multifamily managers, as well as into the condominium and HOA market. 

“Bilt’s resident loyalty program continues to evolve, helping properties collect on-time rent payments, offer tailored benefits to residents, and generate new revenue from local spend at partner merchants,” the release said. “This addresses a critical need in the market, as rent represents the single largest expense for most Americans.”

In fact, more than 34% of U.S. residents rent their homes, and nearly all Americans are struggling to keep up with their housing costs, as PYMNTS wrote earlier this year.

“Many are making significant sacrifices in their daily lives to cover their payments, with some turning to drastic measures,” that report said.

“Twenty-two percent of respondents report skipping meals, while nearly 21% work extra hours or sell belongings. Additionally, roughly 18% have borrowed money from friends and family, and 17.6% have pulled money from their retirement savings. Furthermore, 15.6% have either delayed or skipped medical treatments to save money for housing.”

Meanwhile, Bilt in June teamed up with Banyan to offer more rewards for its members.

“The addition of Banyan item-level data capabilities opens exciting new opportunities for Bilt and its rewards network partners to power ever more relevant, tailored and unique rewards and benefits experiences for members,” Banyan said in a blog post.

Research by PYMNTS Intelligence shows that card-linked offers, which offer special savings or rewards tied to a merchant or a product, are popular with cardholders, with around 40% consistently using these offers, and 93% of that group planning to maintain or increase their use of these offers in the next year.