Bilt Rewards Valued at $1.5 Billion in New Financing from Left Lane Capital, Greystar, Wells Fargo, Smash Capital as it Expands its Loyalty and Credit Card Program

In Parallel with $150 Million Growth Round, Bilt also Introduces Bilt Homes, a New Platform to Help Renters Access Homeownership

NEW YORK, Oct. 25, 2022 /PRNewswire/ -- Bilt Rewards, the leading consumer brand for renters, today announces a growth round of $150 million led by Left Lane Capital with investment from Smash Capital, Wells Fargo, Greystar, Camber Creek, Fifth Wall, and Prosus Ventures to further expand its loyalty program and credit card product. The new capital values Bilt Rewards at $1.5 billion.

Launched in 2021 by Kairos, Bilt Rewards operates both a loyalty program and a co-brand credit card, the Bilt Mastercard, that enable consumers to earn points on their rent payments with no transaction fees, while also building a path to homeownership. The Bilt Rewards loyalty program was developed in partnership with an alliance of the nation's largest real estate owners, while the Bilt Mastercard was developed with and issued by Wells Fargo.

In less than a year, the company announced that it has already processed over $3 billion in annualized rent payments and over $1.6 billion in annualized card spend to-date.

"Bilt Rewards has created a compelling loyalty and payments program for the rental market," says Greystar CEO Bob Faith. "As the industry evolves, programs like Bilt are key to delivering the resident experience renters want and expect. We're excited to join as partners and investors in this venture."

"We're excited to expand our partnership with Bilt and look forward to introducing their full suite of offerings to our customers," says Wells Fargo CEO, Charlie Scharf. "Bilt gives us another way to be there for our customers during their biggest life purchases, including a unique solution to help customers build credit from on-time rent payments, ultimately creating an easier path to homeownership."

As rent prices continue to rise, Bilt today also introduces Bilt Homes, a new home buying service "for renters, by renters". Bilt Homes takes a member's monthly rent payment and instantly shows them homes they can own for an equal monthly mortgage payment. The feature automatically factors in real-time interest rates, taxes, income, credit profile, and other personal data to determine mortgage qualification. Members can then use their Bilt points to help cover any downpayment and closing costs required to switch from renting to home ownership.

Bilt Homes also simulates how higher credit scores may lower renter interest rates, thereby increasing the value of homes they could afford for the same monthly payment. Members can then enroll in Bilt's free rent reporting to help boost their credit history with every on-time rent payment.

Since June 2021, Bilt Rewards has been the loyalty program and payment platform for the Bilt Alliance, a network of more than 2.5 million apartment units across the country in partnership with the nation's top multifamily owners and operators including Blackstone, Related Companies, Related Group, Equity Residential, AvalonBay Communities, Inc., and more.

Residents within the Bilt Alliance can pay their rent through the Bilt App and earn points on rent with no transaction fees. Additionally, renters within the Bilt Alliance can earn points on new leases, referrals and other incentives from their landlords, as well as enroll in Bilt's free rent reporting services to all three credit bureaus, which can help members who pay their rent on time and in-full build their credit histories and boost their credit scores. For those who live outside of the Bilt Alliance, the co-brand Bilt Mastercard allows renters at any apartment in the U.S. to earn points on rent with no transaction fees, plus earn 3x points on dining, 2x points on travel and 1x points on all other purchases.

On leading Bilt's growth funding round, Left Lane Capital CEO and Managing Partner, Harley Miller, says, "Housing represents the largest monthly expense for over 100 million renters in the U.S., and yet consumers have never received any incremental value in return. Over the last year, the team brought together an unprecedented group of real estate owners, which has afforded them large scale and immediate distribution to renters across the country. Bilt is quickly weaving itself into the fabric of the everyday consumer, and has the potential to become a household brand that covers the entire homeownership journey."

Bilt Rewards boasts one of the top loyalty programs on the market today, and was recently named the most valuable rewards currency of 2022 by BankRate. Bilt points can be used to travel across over 100 major airlines and hotel partners, book fitness classes at the country's top boutique studios, shop on Amazon.com or purchase limited-edition and exclusive collections of art and home decor through the Bilt Collection, plus can be redeemed for credits towards rent, or applied towards a future downpayment on a home.

Of the announcement, Bilt Rewards Founder and CEO Ankur Jain says, "As rent prices continue to soar, we want to make the path to homeownership easier for renters. This new round of funding will help us to build additional tools, strengthen relationships with existing loyalty and real estate partners, and work to expand the Bilt Rewards platform across the country. We're excited to take the next step in making Bilt Rewards a household name."

For more information on Bilt Rewards, visit BiltRewards.com, download the Bilt Rewards App, or follow Bilt on Instagram at @BiltRewards and on TikTok at @PointQuest.

Bilt Rewards, launched by Kairos, is the first-ever loyalty program that allows renters to earn points on rent with no transaction fees and builds a path towards homeownership. Through a partnership with the country's largest owners including AvalonBay Communities, Equity Residential, Related, Starwood Capital Group and more, Bilt Rewards enables renters in more than two million units across the country to earn points just by paying rent. Bilt Rewards boasts one of the highest value rewards programs on the market today, including one-to-one point transfers to 12 loyalty programs allowing members to travel across over 100 major airlines and hotel partners. Members can also book travel through the Bilt Travel Portal powered by Expedia, book fitness classes at the country's top boutique studios including SoulCycle, Solidcore, Rumble and Y7; shop limited-edition and exclusive collections of art and home decor through the Bilt Collection or purchase items on Amazon.com, redeem for credits towards rent or even apply Bilt points towards a future downpayment. Bilt has also partnered with Mastercard to create the Bilt Mastercard - the first and only credit card that can be used to pay rent and earn points with no transaction fees. For more information, visit BiltRewards.com.

CONTACT
Lauren Doyle
[email protected] 

SOURCE Kairos HQ

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