Bilt, a rewards platform originally created to let renters earn points on monthly rent payments, has raised $250 million in its latest funding round and expanded its offerings to encompass all housing categories. The new round brings Bilt’s valuation to $10.75 billion, marking a significant jump from its previous valuations of $3.2 billion in August 2024 and $3.1 billion in January 2024.
In a letter shared with Bilt members and media on July 10, founder and CEO Ankur Jain announced that the platform’s loyalty program now includes condominium homeowners association (HOA) fees, student housing payments, and even mortgage payments, in addition to rent.
Originally launched in June 2021, Bilt has positioned itself as a leader in turning essential housing payments into valuable reward opportunities. With the inclusion of a broader range of housing-related expenses, the program is set to offer more value to a wider base of users.
Beyond its co-branded Bilt Card, the platform now allows members to pay using a variety of methods, including ACH, debit cards, credit cards, and other options — making the system more accessible and flexible for diverse user needs.
One of Bilt’s standout features is its AI-powered neighborhood concierge, which introduces members to nearby merchants and provides personalized shopping and dining recommendations. Members can also redeem their rewards points directly at local businesses, deepening engagement within their communities.
“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.”
Bilt’s latest growth initiative builds on its acquisition of Banyan, a provider of item-level receipt data, in March. The acquisition is designed to enhance Bilt’s capabilities in data analytics and personalized engagement, strengthening the link between residents and neighborhood merchants.
In an earlier interview with PYMNTS, Jain emphasized how the integration of Banyan’s technology will improve hyper-local commerce:
“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.
As Bilt continues to evolve, it’s not only redefining how consumers engage with real estate and payments — it’s also transforming the landscape of neighborhood-based commerce and loyalty programs.