Loyalty Platform Bilt Rewards has announced a $60mn seed funding round.
Bilt Rewards offers a loyalty programme specifically for renters, allowing them to earn points on rent as a path towards home ownership. Points are redeemable for travel, hotels and fitness classes, as well as for rent credits and future down payments on a home.
It partners with real estate owners to offer the programme at over 2 million rental units in the United States, as well as for those using the Bilt Mastercard, a credit card for paying rent with no fees.
The company’s latest $60mn seed round included participation from Wells Fargo, Mastercard, and real estate owners including Blackstone, AvalonBay Communities, Douglas Elliman, New Valley Ventures, Equity Residential, GID, LEN×, The Moinian Group; Morgan Properties, Related Group, and Starwood Capital Group. Bilt said the initial growth round valued the company at $350mn.
"The concept of Bilt is simple," said Bilt CEO and founder Ankur Jain. "And the support from our partners in this early funding round validates that we are serving a real need for both consumers and businesses.