General Catalyst leads $200M investment into Bilt Rewards, doubling its valuation to $3.1B
Summary
NFL Commissioner Roger Goodell is also joining the board as an independent director.The raise and valuation jump are impressive in an environment were mega-rounds (deals worth over $100 million) are few and far between. CB Insights State of Venture Report 2023 found that while mega-rounds were a hallmark of 2021, with 350+ occurring each quarterin Q423, that figure fell to just 78 the lowest level since 2017.With the new capital, Bilt has raised $413 million in total funding since the company launched in June 2021 out of Kairos, the startup studio led by Bilt founder and CEO Ankur Jain. Bilts points can 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 said it plans 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 Neighborhood 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.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.Want more fintech news in your inbox?