Bilt Rewards announced in a press release that a $200 million capital investment has been made. Additionally, Ken Chenault is the board’s new chairman, while Commissioner of the NFL Roger Goodell is Bilt’s new independent director. Here’s what this means for Bilt Rewards.
What Is Bilt Rewards?
Renters may already be familiar with Bilt Rewards, a free loyalty program that allows users to earn points on their rent payments. They can do this through payments to properties in The Bilt Alliance, a network of four million premium rental properties around the United States.
Alternatively, members can pay with their debit or credit card to earn points regardless of where they live. However, if paying with the Bilt Mastercard®, members can earn more points without transaction fees (though the card must be used five times during each statement period to earn Bilt Points). Note that Bilt Points can be redeemed for travel or transferred to travel partners and have even been named the most valuable points that can be earned from leading publications.
Points can also be redeemed for access to fitness studios, shopping at Amazon.com, curated items in the Bilt Collection, or even for next month’s rent or towards a downpayment on a home!
$200 Million Capital Investment
General Catalyst is leading the $200 million capital investment with a considerable contribution by Eldridge and existing investors that include Left Lane Capital, Camber Creek and Prosus Ventures.
This investment puts Bilt’s value at $3.1 billion.
Board Members
Along with the news of the capital investment, Bilt also announced that Ken Chenault, who is chairman and the managing director of General Catalyst, would be the chairman of the board. Chenault has previous chairman experience, being a former chairman and CEO of American Express.
NFL Commissioner Roger Goodell is also joining the board as independent director.
What’s Next For Bilt
The $200 million will be used to expand the Bilt Rewards Alliance to service families, individuals, and even student housing around the United States. The investments will also help build up the Bilt Neighborhood Rewards program, which rewards members for spending locally and giving back to their community. According to the Bilt press release, Bilt plans to expand into mortgage payment rewards.
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