Bilt Rewards
 | |
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 2019 |
| Founder | Ankur Jain |
| Headquarters | New York City, New York, U.S. |
| Website | biltrewards |
Bilt Rewards is a payments and commerce network that is known for its rent-focused credit offerings.[1] Founded by Ankur Jain in 2019 and headquartered in New York, USA,[2][3] the company offers point-based rewards on rent payments, amongst other purchases.[3] The card is issued through Wells Fargo.[4]
History
[edit]Bilt Rewards was founded in 2019 by Ankur Jain, a serial entrepreneur. Jain serves as the CEO of Bilt Rewards. The company officially launched in 2021.[5]
In 2022, Bilt Rewards received investment of $150 million, which was led by Left Lane Capital, with additional investments from Smash Capital, Wells Fargo, Kairos, Greystar, Camber Creek, Fifth Wall, and Prosus Ventures.[6][7]
In 2023, Wells Fargo and Bilt Rewards renegotiated their partnership program as a result of financial losses.[4]
In August 2024, Bilt Rewards was valued at $3.25 billion after investment from Ontario Teachers Pension Plan.[8]
In March 2025, Bilt Rewards acquired Banyan, a fintech company providing item-level receipt data infrastructure.[9]
In April 2025, Bilt partnered with American Campus Communities (ACC), a student housing provider, offering rewards on monthly campus housing payments.[10]
In July 2025, Wells Fargo announced that it sought to end its partnership with Bilt Rewards ahead of schedule, as Wells Fargo was losing as much as $10 million per month through Bilt Rewards. Their partnership was initially set to end in 2029.[4] In that same month, Bilt Rewards announced that it would be developing its Bilt 2.0 card with Cardless, a fintech firm, and the company's valuation reached $10.75 billion.[4]
References
[edit]- ^ Haque, Ehsan (2023-12-22). "Your ultimate guide to earning and redeeming Bilt Rewards points in 2024". CNN Underscored. Archived from the original on 2024-01-03. Retrieved 2025-04-21.
- ^ Hasan, Zoya. "How This Founder Went From The Forbes Under 30 List To The Forbes Billionaire List". Forbes. Retrieved 2025-04-21.
- ^ a b "Bilt Rewards program: A way to earn points from paying rent". CNBC. 2023-09-30. Retrieved 2025-04-21.
- ^ a b c d Andriotis, AnnaMaria; Heeb, Gina (July 10, 2025). "Behind the Unraveling of Wells Fargo's Rewards-for-Rent Credit-Card Partnership". Wall Street Journal.
- ^ Haverstock, Eliza. "This Startup Built A Rewards Credit Card For Your Rent—But Its Long Game Is To Win A Place In Tomorrow's Mortgage Market". Forbes. Retrieved 2025-04-21.
- ^ Azevedo, Mary Ann (2024-01-24). "General Catalyst leads $200M investment into Bilt Rewards, doubling its valuation to $3.1B". TechCrunch. Retrieved 2025-04-21.
- ^ "Bilt, Startup Turning Rent Into Points, Valued at $1.5 Billion". Bloomberg.com. Archived from the original on 2023-01-13. Retrieved 2025-04-21.
- ^ "Ontario Teachers Pension Plan Backs Bilt, Now Valued at $3.25 Billion". Bloomberg.com. Archived from the original on 2024-08-02. Retrieved 2025-04-21.
- ^ PYMNTS (2025-03-13). "Bilt Rewards Snaps Up Banyan to Deepen Merchant Data and Consumer Insights". PYMNTS.com. Retrieved 2025-04-21.
- ^ Farberov, Snejana (2025-04-23). "Bilt Rewards Offers College Students Perks for Campus Housing, Loan Payment Aid". realtor.com.