Bilt Rewards Raises $60 Million From Wells Fargo, Mastercard, And The Nation's Largest Real Estate Owners To Scale Its Loyalty Program And Credit Card For Renters
Summary
NEW YORK, Sept. 21, 2021 /PRNewswire/ -- Bilt Rewards today announces a growth funding round of $60 million, with investment from Wells Fargo, Mastercard, and a group of the nations largest real estate owners including Blackstone, AvalonBay Communities, Douglas Elliman, New Valley Ventures, Equity Residential, GID, LEN\xd7, The Moinian Group; Morgan Properties, Related Group, and Starwood Capital Group among others.Launched in June 2021 by Kairos HQ, Bilt Rewards is the first-ever loyalty program and co-brand credit card for renters, enabling the countrys 109 million renters to finally earn points on their largest monthly expense with no fees. In the same way airlines and hotels have created loyalists through their rewards programs over the last several decades, Bilt has introduced a new way to turn renting into an enjoyable experience that benefits everyone, and can even build a path towards homeownership. "Through its unparalleled loyalty program, Bilt Points can today be redeemed for travel across over 100 major airlines and hotels via 1:1 transfer partnerships with American Airlines AAdvantage\xae, Emirates Skywards, KLM-Air France FlyingBlue, World of Hyatt loyalty program and IHG\xae Rewards. Bilt Points can also be used for fitness classes at the countrys top boutique studios including SoulCycle, Rumble and Y7; limited-edition and exclusive collections of art and home decor through the Bilt Collection, and can even be used for rent credits or towards a future down payment on a home.Bilt Rewards has been rolling out through a network of more 2 million rental units nationwide since launch in June 2021, with real estate partners including Blackstone, Related Companies, Related Group, Equity Residential, AvalonBay Communities, Inc., Camden Property Trust, Cushman & Wakefield, Trammell Crow Residential, Highmark Residential, AMLI Residential, Morgan Properties, SL Green Realty Corp., Starwood Capital Group, GID, The Moinian Group, Veritas Investments, and Artemis Real Estate Partners. Bilt Rewards boasts one of the highest value rewards programs on the market today, including one-to-one point transfers to 9 loyalty programs allowing travel across over 100 major airlines and hotel partners; fitness classes at the countrys top boutique studios including SoulCycle, Rumble and Y7; limited-edition and exclusive collections of art and home decor through the Bilt Collection, and the ability to use Bilt points for rent credits or towards a future downpayment.