Bilt, a neighbourhood loyalty platform, has successfully raised $250 million in primary funding, elevating its valuation to $10.75 billion.
The funding round was led by General Catalyst and GID, with additional investments from United Wholesale Mortgage. This marks a significant increase from last year’s valuation of $150 million.
Launched in 2021, Bilt is the first platform in the US that allows consumers to earn rewards on their largest monthly expense—rent. Users can redeem these rewards through a card at local merchants. The platform has formed partnerships with one in four apartment buildings across the country and collaborates with over 40,000 merchants nationwide.
Bilt has evolved from a card service to a comprehensive loyalty ecosystem, with more than 85% of its members utilizing the platform through ACH, debit cards, credit cards, and other methods. The company also features an AI-powered “neighbourhood concierge” that connects members with local merchants and provides personalized recommendations.
With this new funding, Bilt is set to expand into various housing categories, including condos, student housing, and mortgage payments.
CEO Ankur Jain emphasizes, “What makes Bilt special isn’t just our scale—it’s our flywheel effect. More properties in our network attract more merchants, creating more value for residents and in turn attracting more properties. This virtuous cycle, powered by our AI-driven commerce platform and comprehensive merchant integrations, strengthens our ecosystem with each new participant.”