Built Rewards, a New York-based startup that operates a loyalty platform that allows users to earn points on rent payments, has more than doubled its valuation to $3.1 billion, leading to NFL Commissioner Roger Goodell and American – Added former Express CEO Kevin Chenault to the board of directors.
The New York-based startup, led by former Tinder executive Ankur Jain, has raised $200 million in its latest funding round led by investment firm General Catalyst, the company announced Wednesday.
Eldridge, Left Lane Capital, Camber Creek and Prosus Ventures also participated in the round.
Bilt makes money by acting as a payment processor for our rental company partners and receiving a portion of our customers' spending. The company also has a branded Mastercard that allows users to earn points on certain transactions.
Mr. Chennault, known as the pioneer of American Express' rewards program, will join Bild as Chairman of the Board. He is also the Chairman and Managing Director of his General Catalyst. Mr. Goodell serves as an independent director.
“Frankly, there's no one in the world who understands these types of compensation platforms better than Ken,” Jain said in an interview with the Post. “He built it a long time ago with local merchants, and now we can create a version that focuses on the neighborhood and the local, thanks to the platform with the apartment buildings. .”
Jain described the NFL as “the world's largest local loyalty company,” and Goodell provided valuable insight into how Bild can effectively elicit “neighborhood pride and loyalty” while expanding its rewards program into local communities. He said it could provide guidance.
Bild plans to use the new funding to fuel the continued “strategic expansion” of its “Neighborhood Rewards” program, which allows users to earn points and other benefits through transactions at local businesses.
Jain said the company plans to expand the service to more restaurants, as well as grocery stores, gas stations, pharmacies and coffee shops. Bild is also considering further expansion into single-family homes and condominiums, and plans to enter the mortgage market later this year.
“In the United States, on average, rent and mortgage payments consume 30% of household income,” Chenault said in a statement. “Bilt is transforming this market by empowering and rewarding renters and homeowners with their monthly payments and daily spend with local merchants.”
Goodell described Bilt as an innovator in the compensation space, empowering the next generation to turn rent and expenses into an unforgettable experience. ”
“I'm proud to join a board that shares the NFL's values of hometown loyalty while delivering innovation and results for our members,” the commissioner added.
Jain said the company operates in all 50 states and has “hundreds” of housing company partners, including more than half of the top 50 homeowners and operators. It is said to be included. Members of its “Rental Alliance” include industry giants such as Affiliates, Starwood, and Cushman & Wakefield.
Less than two years after its debut, the startup was profitable and its members spent nearly $20 billion annually. Bild has about 125 employees, but Jain said there are no plans to increase headcount during the expansion.
Although Bilt launched less than three years ago, Jain said the idea behind the platform began to take hold shortly after he stepped down as vice president of product at Tinder in 2017.
The 33-year-old is “very frustrated” by the number of Silicon Valley startups focusing on categories such as cryptocurrencies, electric scooters and juice presses, rather than broader issues affecting the region such as house prices. “I'm doing it,” he said.
“We're facing the biggest housing affordability crisis, health care crisis, people can't pay off their student loans, people are wasting all their time on cryptocurrencies and scooters,” Jain said. “We have to focus on the big challenges facing our generation. If we do that, my hypothesis is that those are real multi-trillion dollar markets, It’s just that it’s not a shining object in .”
