Bilt Raises $250 Million and Expands Loyalty Program to All Housing Categories

Bilt raised $250 million and expanded its loyalty program to include all housing categories.

Launched in June 2021 to enable members to earn rewards on rent payments for apartments, the Bilt program now also includes condo homeowners association (HOA) fees, student housing payments and mortgage payments, Bilt founder and CEO Ankur Jain said in a letter to Bilt members that was shared with media Thursday (July 10).

Beyond the Bilt Card, the platform allows members to use any payment method of their choice, such as ACH, debit cards, credit cards and other options, according to the letter.

Bilt’s program allows members to pay with points when they visit local merchants, and its artificial intelligence-powered “neighborhood concierge” introduces members to those merchants and offers personalized recommendations, the letter said.

“What makes Bilt special isn’t just our scale — it’s our flywheel effect,” Jain said in the letter. “More properties in our network attract more merchants, which creates more value for residents, which attracts more properties. This virtuous cycle, powered by our AI-driven commerce platform and comprehensive merchant integrations, creates an ecosystem that becomes stronger with each new participant.”

The funding round valued Bilt at $10.75 billion, according to the letter.

That’s up from the $3.2 billion valuation the company achieved in an August funding round in which it raised $150 million and the $3.1 billion valuation it achieved in a January 2024 round in which it raised $200 million.

Bilt made its first acquisition in March, when it purchased item-level receipt data provider Banyan, saying the deal would further Bilt’s goal to integrate deeper analytics into its platform and enhance rewards-driven engagement between residents and neighborhood merchants.

Jain told PYMNTS in an interview posted in March that the combination of the Bilt and Banyan platforms will rewire neighborhood commerce and enable more personalized rewards and merchant promotions.

“We’re supporting that neighborhood ecosystem in ways where a local business now has access to the marketing capabilities, rewards capabilities and loyalty capabilities that otherwise would have been reserved only for the largest retailers in the country,” Jain said.

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