Bilt incentives, whose system is designed to enable consumers to make benefits on lease and neighborhood that is daily*) spend, has raised $200 million at a $3.1 valuation, the company announced today.General Catalyst led the financing, which more than doubles the New company that is york-based valuation in comparison to its

$150 million October 2022 raise. Eldridge and backers that are existing Lane Capital, Camber Creek and Prosus Ventures.Ken Chenault, chairman and managing director of General Catalyst, is joining

board of directors as part of the funding that is new. Chenault is chairman that is also former CEO of American Express. NFL Commissioner Roger Goodell is also joining the board as an director that is independentBilt’sThe Valuation and raise jump are impressive in an environment were mega-rounds (deals worth over $100 million) are few and far between.

found that while mega-rounds “CB Insights’ State of Venture Report 2023were a hallmark of 2021, with 350+ occurring each quarter…in Q4’23, that figure fell to just 78 — the lowest level since 2017.”With the new capital,

Bilt has raised $413 million in total funding since the company launched in June 2021 out of Kairos, the startup studio led by Bilt founder and CEO Ankur Jain. It launched its rewards program in of 2022.In a written statement,

Bilt said its annualized member spend is “nearing $20 billion” and the company achieved EBITDA profitability in 2023 april. At the full time of the raise that is last,*)the company’s loyalty program and payment platform had been rolled out to more than 2.5 million apartment units. That number is up to nearly 4 million units.

Users today can make things and boost their credit simply by rent that is paying month. Bilt’s points can be used in a variety of loyalty programs, including airlines that are major resort hotels, vacation, physical fitness courses, expenditures, credit toward lease or the next down repayment.

Bilt stated it intends to make use of the capital that is new expanding its Rewards Alliance, which partners with multifamily, single-family, and student housing operators nationwide. It will also go towards bolstering its Neighborhood Rewards program, which aims to help merchants that are local and develop commitment” with new and existing residents within their neighborhood. The organization additionally intends to increase into homeloan payment benefits. 

Bilt now offers a Mastercard that is co-branded by Wells Fargo, that can be used to pay rent and earn Bilt Points with no transaction fees.Want More news that is fintech your inbox? Subscribe to For Millionaires Fintech here