Bilt Rewards, a platform allowing consumers to earn rewards on rent and daily neighbourhood spend, has raised USD 200 million at a current USD 3.1 billion valuation. According to the announcement, General Catalyst led the financing, which more than doubled the company’s valuation compared to its USD 150 million raise in October 2022.

Moreover, Eldridge and existing backers Left Lane Capital, Camber Creek, and Prosus Ventures also contributed to the round. According to Bilt, the plan is to use the new capital toward expanding its Rewards Alliance, which partners with multifamily, single-family, and student housing operators nationwide. It will also go towards bolstering its Neighbourhood Rewards program, which aims to help local merchants connect and build loyalty with new and existing residents in their community.

The company also plans to expand into mortgage payment rewards. The announcement also highlighted that with the new capital, Bilt has raised USD 413 million in total funding since the company launched in June 2021. It launched its rewards program in April of 2022.

Furthermore, at the time of its last raise, the company’s loyalty program and payment platform had been rolled out to more than 2.5 million apartment units. Currently, that number is up to nearly 4 million units. Users can earn points and improve their credit by simply paying rent each month.

The announcement states that Bilt’s points are able to be used in a variety of loyalty programs, including major airlines, hotels, travel, fitness classes, Amazon.com purchases, credit toward rent or a future down payment. Bilt also offers a co-branded Mastercard, issued by Wells Fargo, that can be used to pay rent and earn Bilt Points with no transaction fees. Other recent updates from Bilt Rewards In March 2023, Bilt announced that it would start allowing its cardholders and members to earn up to 5X Bilt Points on rides booked on Lyft.

Whether it’s a Lyft ride across the city or a daily commute, earning rewards towards monthly rent or other everyday expenses would be easier for Bilt members. Starting at the moment of the announcement, Lyft is teaming up with Bilt Rewards to allow members and Bilt cardholders to earn Bilt points on rides booked in the Lyft app. .