Ankur Jain's Built Rewards aims to revolutionize America's $700 billion residential real estate industry, and Jain told The Washington Post that he moved from California to New York to make it happen.
Built, a loyalty program that gives users rewards for paying rent or shopping nearby, is currently valued at $3.25 billion. The 3-year-old company counts American Express Chairman Ken Chenault and NFL Commissioner Roger Goodell on its board of directors and regularly hosts lavish parties attended by the likes of Mayor Eric Adams and musician Wyclef Jean.
But Jain said his idea to start a company that would help solve real problems wasn't well received in Silicon Valley.
After five years as vice president of product at West Hollywood-based Tinder, Jain had acquired tech company Humin and was looking for a change.
When he got a call from a Silicon Valley kingmaker wanting to consult on running a disruptive multi-million dollar company, he jumped at the chance.
“This venture capitalist said, 'I have a big idea that's going to change the world. We're going to invest $100 million in this company. You're the right person to run it,'” Jain, 34, told The Washington Post.
The great idea? Putting virtual luxury items on the blockchain.
“I said, 'Excuse me, what is it?' [said, users] You can have your own Prada bag that can't be replicated in the Metaverse.
“And I remember walking outside. [in San Francisco] As I saw a naked homeless man riding a scooter in the middle of a road with traffic stopped, I thought to myself: “We have the biggest housing crisis, health care and mental health crisis in this city… and yet you're sitting here telling me about a digital Prada bag on the blockchain.”
“It was completely free of not only big problems but also big opportunities.”
That moment sealed Jain's decision to leave California after six years of his career and inspired him to think about the biggest problem he could solve. The following year, he founded Built to improve the rental experience.
“Nothing is more of an issue than housing, which remains one of the highest expenses,” Jain explained. According to the company's data, the average American renter spends about 30% of their income on housing costs each year.
Bilt launched to the public in 2022 as a payment processor and loyalty program for renters that aims to offer renters what hotel and airline loyalty programs offer travelers: Renters can redeem points for nearby perks, like SoulCycle classes or free desserts at local restaurants.
The company has grown since then and now offers a “Built” credit card that rewards apartment owners for paying rent, can be used to pay rent with no fees, and is trying to get into the mortgage space.
The company offers New York Built members up to 10x points at nearby restaurants, including Torrisi, The Grill and Tucci. The brand also partners with airlines including United, Emirates and KLM-Air France, as well as hotel chains including Hyatt, Marriott and Hilton, allowing building credit card holders and residents who use Built to book travel directly through the Built website or app.
From the outside, Built's rise to unicorn status (a company valued at more than $1 billion) seemed to happen overnight.
Jain grew up in the Seattle area, graduated from the Wharton School of Business and was named to Forbes magazine's “30 Under 30” in 2015.
He comes from tech royalty: his father, Naveen, ran Infospace, which was valued at $31 billion before the dot-com bubble burst in 2000. Earlier this year, Jain married former WWE wrestler Erica Hammond, looking like Egyptian royalty. Getting married in front of the pyramids of Giza The hugely successful event grossed millions of dollars, with performances by Robin Thicke and Lance Bass.
But gaining a foothold in an established industry like real estate required a lot of hard work, Jain said.
“Frankly, it's taken us two years to pitch the idea of this network with very little progress,” Jain said of connecting tenants, landlords, local merchants and travel partners. “But it's a chicken-and-egg problem, with all the travel partners asking: who's going to say yes to the real estate side, who's going to say yes to the real estate agents?”
Keeping the flywheel turning brings its own challenges. The Wall Street Journal Bild's relationship with credit card company Wells Fargo may have deteriorated, with Wells Fargo reporting that the partnership was costing it as much as $10 million a month in losses.
Still, the company is forging ahead and continuing to expand: This week, Built announced a partnership with Walgreens that allows customers to use their Built cards to make payments from their FSA and HSA accounts.
Jain, whose company is based in Manhattan's NoHo neighborhood, said he loves the New York lifestyle: “I'm in the office until 8 p.m., go out to dinner with friends, and then I'm back at work at 6 a.m.”
“It’s not for everyone, but I love it. And I’ve realized that New York is choosing amazing people who want to do big things, not change the world with blockchain Prada handbags.”
