← State of Embedded Finance 2026

Bilt

Can a rent-focused loyalty program become the primary financial identity layer for the 45M+ US renters — from first payment to first home?

Founded2021
HQNew York, NY, USA
FoundersAnkur Jain
Total raised$413.3M
Latest roundSeries C, 2024
Valuation$3.1B post-money (2024)
IndustryFintech / Loyalty & Rewards
The story

Founded in 2021, Bilt Rewards pioneered a loyalty program that lets renters earn points and build credit by paying rent — previously an uncredited and unrewarded expense. The company evolved beyond a simple rewards card to become a neighborhood-centric loyalty ecosystem, adding dining, grocery, and retail earn categories alongside its core rent vertical. The Bilt Homes service added a homeownership pathway, positioning Bilt as the financial platform for the full renter-to-owner journey. The 2025 Adyen partnership marked a significant step toward owning end-to-end payment infrastructure rather than relying solely on card network economics.

Last 12 months
2025-02
Product timeline
2021
Bilt Rewards launched as a loyalty program allowing renters to earn points on rent payments without transaction fees.· banking
2022
Raised $150M growth round at $1.5B valuation (unicorn status); introduced Bilt Homes service showing renters equivalent home ownership costs.· pivot
2024
Raised $200M Series C at $3.1B valuation led by General Catalyst; expanded network to local dining, grocery, ridesharing, and retail.· pivot
2025
Partnered with Adyen to enhance payments platform, streamlining rent payment processing for members and property managers.· banking
The stack
Payments / PSP
Adyen
Ledger
Modern Treasury
Accounting gap: none