Bilt has raised $250 million in new funding, pushing its total value to $10.75 billion. The round was led by General Catalyst and GID, with support from United Wholesale Mortgage. It more than triples the company’s valuation from just a year ago. That earlier round was priced at $150 million.
The company runs a loyalty platform that turns rent into rewards that users can spend locally. It launched in 2021 with a focus on helping U.S. renters earn value from their monthly payments. The firm said the platform was built to bring more benefits to both residents and nearby merchants. That idea has now grown into a larger system that covers more types of payments.
Bilt Partners With One in Four Apartment Buildings In The U.S.
Bilt has already signed deals with one in four apartment buildings across the U.S. It also works with over 40,000 merchants in different cities. The company said these partnerships help members earn and spend rewards easily across its network. Most users now go beyond rent and use the platform with debit cards, credit cards, or direct bank transfers.
More than 85% of Bilt members now pay through multiple channels, not just rent. This shows how far the platform has come since its early days. It connects regular spending to neighborhood rewards, keeping value close to home. The firm said this model helps build stronger ties between residents and local businesses.
The company also uses an AI tool called the “neighbourhood concierge” to guide users to nearby merchants. It gives smart suggestions based on spending patterns and location. Bilt said this helps users find new places to eat, shop, or get services. At the same time, it gives merchants a steady flow of loyal customers.
Bilt Plans to Expand into Condo, Student Housing, and Mortgage Payments
With the new capital, Bilt plans to expand into condo payments, student housing, and mortgage services. These moves will open the platform to a broader group of users. The firm said this step is part of a larger plan to support more types of housing. It also gives the rewards system new areas to grow.
One of the platform’s strongest features is how each part of the network helps the other. As more buildings join, more merchants want to be included. Bilt said this adds more value for members, which then attracts even more properties. The cycle keeps the system growing in a stable and natural way.
Bilt leader, Ankur Jain, said the real strength of Bilt is in how the network builds on itself. When more residents join, merchants benefit, and that value brings in more homes. He explained that this constant loop creates lasting growth and keeps the platform active in local communities.
Part of the new funding will go into better tech tools and smoother user experiences. The company said it plans to improve features like merchant links, faster payments, and more personal rewards. These updates are meant to make Bilt easier to use for both members and partners.
Analysts say Bilt has found a strong position by focusing on everyday spending. Rent is something people already pay monthly, so turning that into a benefit makes the platform useful. That simple idea has helped the company stand out in the loyalty space.