On January 24th, 2024, BILT Rewards (BILT), the leading loyalty platform specializing in rent and neighborhood rewards, announced a $200 million investment, lead by General Catalyst. The new investment raised the company’s valuation to $3.1 billion. As part of the press release, BILT announced the appointment of former American Express CEO Ken Chenault (Chairman) and current NFL Commissioner Roger Goodell to the Board of Directors.

Mortgage Payment Rewards On The Horizon

Despite the obvious fan-fare over the valuation, the most interesting news regards the expansion of BILT into the mortgage space. BILT changed the game for renters by offering an opportunity to earn valuable reward points on rent payments without the high fees required by some payment platforms, such as Plastiq. BILT now plans to bring the same level of innovation and excitement to the mortgage market.

“Rental and mortgage payments consume 30% of household income on average in the U.S. BILT is transforming this market by empowering and rewarding renters and homeowners for their monthly payments and everyday spend with local merchants”, said Ken Chenault, chairman, BILT Rewards.

The ability to pay either rent or mortgage payments directly through the BILT network, combined with BILT Reward points being the most valuable on the market (per The Points Guy), make BILT a truly unique powerhouse in the points and miles space.

Credit. BILT Rewards.

BILT Alliance and BILT Neighborhood Rewards Program

In addition to funding the entry into mortgage payments, the $200 million investment will bolster the existing BILT Alliance and BILT Neighborhood Rewards programs. BILT plans to further expand the BILT Alliance into single-family, multi-family, and student housing sectors across the United States. Simultaneously, BILT wants to increase the footprint of the BILT Neighborhood Rewards program. This program functions in a similar manner to American Express Offers, Chase Offers, Citi Merchant Offers, American Airlines  SimplyMiles, etc. The goal here is to provide an incentive for residents to “shop local,” which helps drive community engagement and promote local business.

Final Thoughts

After quickly obtaining “unicorn” status shortly after the 2022 launch, BILT continues the skyward trajectory with the latest $200 million in funding. This doubles the company’s previous value of $1.5 billion to $3.1 billion. As part of this, BILT onboards former American Express CEO Ken Chenault, and firmly establishes itself among the financial titans of the points and miles world. However, the true key to the success of BILT lays in always putting the customer front and center. BILT continues to offer customers a pathway to turn liabilities into assets. Whether it be through earning points on rent (and soon mortgages), tapping into the local community, or offering the most valuable transfer partner network, BILT continues to change the game at every step, with no signs of slowing down.