The round, spearheaded by Teaches’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan, saw participation from new investors, including the Vanderbilt University Endowment and the University of Illinois Foundation, alongside existing contributors.
This latest cash injection values the firm at $3.25 billion, coming shortly after Bilt’s $200 million capital infusion in January, which valued the company at $3.1 billion.
Launched in 2022, Bilt provides a Mastercard-issued credit card and loyalty programme, claiming to be the “first-ever” that enables renters to earn points on rent and build “a path towards homeownership”.
Bilt highlights that since the January funding, the company has seen “remarkable growth across multiple facets of its business”.
The firm reports that annual platform spending has increased to over $30 billion, a 50% rise since the January round. Additionally, it claims its programme has significantly expanded its merchant client base to now include more than 3,500 fitness studios and 21,000 restaurants.
Bilt says that the funding will be utilised to enhance its product offerings, including the addition of mortgage payments later this year, and fuel the expansion of its loyalty programme nationwide.
