Bilt Rewards, the platform best known for doling out rewards points for rent payments, more than tripled its valuation to $10.8 billion in a fresh funding round as it seeks to do the same for mortgages.
The firm is also ending its relationship with Wells Fargo & Co., according to a letter to customers that was shared with Bloomberg.
Bilt raised $250 million in the funding round led by General Catalyst and real estate investor GID, which were joined by home lender
"We started five years ago with a direct-to-consumer card, but the business has evolved," Bilt Chief Executive Officer Ankur Jain said Thursday in an interview.
READ MORE:
Bilt initially targeted the broad swath of consumers who rent rather than own their homes, with the goal of moving those payments onto credit cards rather than more traditional wire transfers or check transactions, with rewards as an incentive. The company has moved beyond that, working with retailers, property managers and now mortgage servicers.
"Go pay your rent or pay your condo fees, and now your neighborhood is like your private members club," Jain said.
Wells Fargo partnered with Bilt on a credit card for rent payments in 2022. The new iteration of the card, set to debut in February, will be developed with financial-technology company Cardless.
A representative for Wells Fargo had no immediate comment.
Former American Express Co. CEO Ken Chenault, now chairman of General Catalyst, joined as Bilt's chairman last year, when the company's valuation stood at
Jain said he views Bilt's loyalty platform as a complement to premium rewards programs such as those offered by Amex and JPMorgan Chase & Co.
"We are your home and neighborhood program," he said.
Bilt aims to eclipse $1 billion in annual revenue by the first quarter of next year, according to the letter.
"Bilt's platform will drive tremendous value for our brokers by delivering a better servicing experience and everyday rewards that create loyalty, while also creating a new pipeline of origination for our broker network," United Wholesale Mortgage CEO Mat Ishbia said in the letter.
His firm invested $100 million in the latest funding round.
