Bilt Rewards, whose platform goals to permit shoppers to earn rewards on lease and each day neighborhood spend, has raised $200 million at a $3.1 valuation, the corporate introduced as we speak.

Normal Catalyst led the financing, which greater than doubles the New York-based firm’s valuation in comparison with its $150 million October 2022 increase. Eldridge and present backers Left Lane Capital, Camber Creek and Prosus Ventures.

Ken Chenault, chairman and managing director of Normal Catalyst, is becoming a member of Bilt’s board of administrators as a part of the brand new funding. Chenault can also be former chairman and CEO of American Categorical. NFL Commissioner Roger Goodell can also be becoming a member of the board as an impartial director.

The increase and valuation soar are spectacular in an setting had been mega-rounds (offers value over $100 million) are few and much between. CB Insights’ State of Enterprise Report 2023 discovered that whereas mega-rounds “had been a trademark of 2021, with 350+ occurring every quarter…in This autumn’23, that determine fell to only 78 — the bottom stage since 2017.”

With the brand new capital, Bilt has raised $413 million in complete funding because the firm launched in June 2021 out of Kairos, the startup studio led by Bilt founder and CEO Ankur Jain. It launched its rewards program in April of 2022.

In a written assertion, Bilt stated its annualized member spend is “nearing $20 billion” and the corporate achieved EBITDA profitability in 2023. 

On the time of its final increase, the corporate’s loyalty program and fee platform had been rolled out to greater than 2.5 million condo items. In the present day that quantity is as much as almost 4 million items.

Customers can earn factors and enhance their credit score by merely paying lease every month. Bilt’s factors can be utilized in a wide range of loyalty packages, together with main airways, inns, journey, health lessons, Amazon.com purchases, credit score towards lease or a future down fee.

Bilt stated it plans to make use of the brand new capital towards increasing its Rewards Alliance, which companions with multifamily, single-family, and pupil housing operators nationwide. It’ll additionally go in the direction of bolstering its Neighborhood Rewards program, which goals to assist native retailers “join and construct loyalty” with new and present residents of their neighborhood. The corporate additionally plans to increase into mortgage fee rewards. 

Bilt additionally affords a co-branded Mastercard, issued by Wells Fargo, that can be utilized to pay lease and earn Bilt Factors with no transaction charges.

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