In a remarkable development, Bilt Rewards, the leading loyalty program for home and neighborhood transactions, has secured an additional $150 million in funding. This latest round, led by Ontario Teachers’ Pension Plan Growth (TVG) and supported by new contributors including the Vanderbilt Endowment and the University of Illinois Foundation, augments Bilt’s total funding to $50 million. This follows the company’s impressive $200 million raise earlier this year, setting its valuation at $3.1 billion.
The influx of capital will accelerate Bilt’s efforts to expand its resident and neighborhood loyalty programs. Since its last funding round, Bilt has seen its platform spend soar to over $30 billion annually, marking a 50% increase. The company has broadened its reach to include seven of the top ten multifamily managers and thousands of merchants, highlighting its rapid growth and expanding influence.
Ken Chenault, Chairman of Bilt and Managing Director at General Catalyst, praised the company’s trajectory, stating, “Bilt is transforming neighborhood commerce by bridging residents, property owners, and local businesses. The latest funding is a testament to our strategic vision and ongoing commitment to innovation in the rental payments space.”
With a robust platform now encompassing a wider array of merchants and expanded program features, Bilt Rewards is well-positioned to enhance community engagement and loyalty. CEO Ankur Jain highlighted the significance of this investment, noting, “This funding will enable us to further our mission of rewarding Americans for their neighborhood spend and continue expanding our comprehensive loyalty platform across the country.”
Editorial Opinion:
Bilt Rewards is at the forefront of revolutionizing loyalty programs by integrating them into everyday spending and rental payments. The recent funding will not only bolster their expansion but also solidify their position in the market. By bridging the gap between property management and local businesses, Bilt is creating a unique ecosystem that benefits all stakeholders involved. Their continued growth and innovation reflect a strong alignment with market needs and underscore their potential to redefine the future of loyalty programs. www.biltrewards.com.
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