Neighborhood loyalty platform Bilt Rewards boosts valuation with a recent $150m funding round

Bilt Rewards, a neighborhood loyalty platform, recently concluded a funding round that allowed it to raise $150 million. The successful round also helped raise the company’s valuation to $3.25 billion.

Bilt Rewards’ concludes its second funding round in 2024

The round was led by Teachers’ Venture Growth (TVG), which is Ontario Teachers’ Pension Plan’s late-stage venture and growth investment arm. However, there were numerous other major participants apart from the TVG, such as the company’s existing investors, as well as the University of Illinois Foundation and Vanderbilt University Endowment.

Earlier this year, in January, Bilt Rewards held another funding round during which it raised $200 million. At the time, the firm’s value jumped to $3.1 billion. Now, the new round comes only half a year later, boosting its valuation once again.

Since the January announcement, the firm’s platform spending has increased to more than $30 billion per year, which represents a 50% increase compared to January figures.

Bilt’s CEO, Ankur Jain, commented on the round, stating that the new funding will significantly accelerate the firm’s vision, which is to reward Americans for the way they live and spend within their respective communities. Jain added that the company is rapidly growing its neighborhood loyalty program, and expanding into essential categories, including groceries, healthcare, and even gas.

What does Bilt Rewards do?

Bilt Rewards was founded only a little over two years ago, in April 2022. At the time, Bilt was the first platform that allowed US users to earn valuable rewards on their largest monthly expenditure, which is rent. Simply put, the platform allows customers to access rewards at any residential rental property in the country.

Then, in 2023, the firm embarked on a strategic expansion by way of its Neighborhood Rewards program. The program revolved around rewarding members for spending money in their local community. That includes visiting and paying at diners, purchasing groceries, and using rideshare services.

These days, it encompasses more than 21,000 restaurants across the country and around 3,500 fitness studios. Furthermore, the firm also started expanding to single-family homes and condominiums. Its idea is to expand even more in months and years to come and start including mortgage payments, which are expected to come by the end of 2024.

This is where the new capital injection will come in handy, as it will help the company expand its neighborhood loyalty program further by adding new merchants from all over the country.

Jain also mentioned that the company now has members in all 50 states, and that it will continue to build a comprehensive platform that will allow residents, property owners, and local businesses to benefit, no matter where they are in the US.