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Bilt Rewards , whose political platform aim to allowconsumers to earn wages on rent and daily neighborhoodspend , has farm $ 200 million at a $ 3.1 billion rating , the party announced today .
General Catalyst led the financing , which more than duplicate the New York - base society ’s valuation compare to its$150 million October 2022 raise . Eldridge and existing angel leave Lane Capital , Camber Creek and Prosus Ventures also contributed to the cycle .
Ken Chenault , chairman and managing director of General Catalyst , is joiningBilt’sboard of managing director as part of the new backing . Chenault is also former chairman and CEO of American Express . NFL Commissioner Roger Goodell is also join the board as an independent director .
The heave and rating jump are impressive in an environment were mega - round ( great deal deserving over $ 100 million ) are few and far between . CB Insights ’ State of Venture Report 2023found that while mega - stave “ were a hallmark of 2021 , with 350 + take place each fourth … in Q4’23 , that physical body fell to just 78 — the lowest level since 2017 . ”
With the raw capital , Bilt has raised $ 413 million in full funding since the companylaunched in June 2021out of Kairos , the startup studio led by Bilt founder and CEO Ankur Jain . It launched its reward program in April of 2022 .
In a write statement , Bilt allege its annualized appendage spend is “ draw near $ 20 billion ” and the company achieved EBITDA gainfulness in 2023 .
At the time of its last raise , the company ’s loyalty political platform and payment platform had been revolve out to more than 2.5 million flat units . Today that number is up to nearly 4 million unit .
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exploiter can realise point and meliorate their credit by simply pay snag each month . Bilt ’s period can be used in a kind of loyalty plan , including major airlines , hotels , travelling , seaworthiness classes , Amazon.com purchase , deferred payment toward economic rent or a future down payment .
Bilt said it plans to use the newfangled majuscule toward expanding its Rewards Alliance , which partner with multifamily , single - family , and student housing operators across the country . It will also go towards bolster its Neighborhood reinforcement political platform , which aim to aid local merchants “ connect and build loyalty ” with unexampled and be resident physician in their residential district . The society also plans to extend into mortgage defrayal reward .
Bilt also declare oneself a co - branded Mastercard , make out by Wells Fargo , that can be used to pay rent and earn Bilt Points with no transaction fees .
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