Bilt hits $10.75bn valuation
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The round was led by General Catalyst and GID with further investment from United Wholesale Mortgage and more than triples Bilt's valuation from a $150 million round just a year ago.
Launched in 2021, Bilt began as the first platform enabling US consumers to earn rewards on their largest monthly expenditure - rent - and then use the rewards via a card at local merchants.
The firm's network of homes has now signed one in four apartment buildings across the United States and partnered with over 40,000 merchants nationwide. It has also grown from a card business into a full loyalty ecosystem, with more than 85% of members now using its platform via ACH, debit cards, credit cards, and more.
Meanwhile, it drives business to merchants in its local network through an AI-powered 'neighbourhood concierge' that introduces members to those merchants and offers personalized recommendations.
With new funding in place, Bilt is now expanding to all housing categories: condo, student housing and mortgage payments.
Says CEO Ankur Jain: "What makes Bilt special isn't just our scale—it's our flywheel effect. 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."
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