Bilt Rewards raises $150M at a $1.5B valuation

Bilt Rewards, a New York-based startup that offers loyalty and rewards programs to renters, raised $150 million at a $1.5 billion valuation.

Why it matters: While a lot of fintechs are struggling to raise money, interest in proptech runs countercyclical to most of the market — consumers will always have to pay their rent, after all.

How it works: Bilt offers a loyalty program that provides rewards points to users paying their rent through its platform.

• The company also has a co-branded credit card consumers can use to earn points on other purchases.
• Like other rewards programs, Bilt points can be used to book travel or fitness classes, shop on Amazon, or they can be redeemed for credits toward rent.
• The company says it processes $3 billion in annualized rent payments, and its customers are spending an annualized rate of $1.6 billion with its credit card.

Details: The new funding was led by Left Lane Capital and includes participation from Smash Capital, Wells Fargo, Greystar, Invitation Homes, Camber Creek, Fifth Wall, and Prosus Ventures.