The company, founded two years ago, plans to utilize the funds to expand into mortgage payment rewards and strengthen its Rewards Alliance program.
GLOBilt Rewards, a platform focused on loyalty for rent payments, has achieved a $3.1 billion valuation after securing a $200 million equity investment led by General Catalyst. The investment also brought General Catalyst managing director Ken Chenault and NFL Commissioner Roger Goodell onto Bilt’s board.
The company, founded two years ago, plans to utilize the funds to expand into mortgage payment rewards and strengthen its Rewards Alliance program, which currently involves collaboration with prominent residential real estate firms and serves almost 4 million households in the U.S. Bilt aims to revolutionize the rental and mortgage market by incentivizing and rewarding customers for their monthly payments and everyday expenditures with local merchants. Besides enhancing its alliance and Neighborhood Rewards program, the new capital will support collaborations with Lyft and further contribute to the company’s growth.
This valuation surge occurs against the backdrop of increasing housing costs for American renters, rising 6.5% over the past year. The company’s strategic move aligns with the growing popularity of credit-building apps leveraging rental payments data, addressing the historical exclusion of such data from credit scoring models. This trend reflects a broader effort in the industry to provide responsible tenants with opportunities to establish credit through timely rent payments, as underscored by financial wellness platform Bloom Credit’s recent launch of a credit reporting service.
