Bilt Rewards Raises $150 Million to Turn Rent Payments Into Travel

03.08.2024 - 17:39 / skift.com / Justin Dawes

People love getting free stuff for money they’re already spending, and Bilt Rewards is cashing in on that. Users get points for rent payments — typically a person’s biggest monthly expense — that they can exchange for travel.

Bilt is among startups highlighted this week in travel sectors in need of modernization: Loyalty, vacation rentals, travel insurance, tours and attractions, and hospitality hiring.

Six startups involved in the travel industry announced fundraises totaling over $262 million.

Bilt Rewards, a loyalty platform that customers can use to book travel, has raised $150 million.

Teachers’ Venture Growth, the investment arm of Ontario Teachers’ Pension Plan, led the round. Other investors included Vanderbilt University Endowment and the University of Illinois Foundation. 

The company has now raised $563 million. Bilt in January raised $200 million, which valued the company at $3.1 billion.

New York City-based Bilt allows users to earn rewards points by submitting residential rent payments through its platform. Users can also earn Bilt points at restaurants, fitness studios, and through Lyft. Those points can be used to buy a number of travel products.

Users can transfer their points to more than a dozen travel loyalty programs, including IHG Hotels & Resorts, United MileagePlus, and American Airlines AAdvantage. In the past few months, Bilt added partnerships with Hilton Honors, Alaska Airlines, and private air transport company Blade.

Or, members can use points to book travel through a Bilt portal powered by Expedia.

Bilt members also have access to monthly deals. Past travel-related deals have included a trip to Hawaii for half the usual points, a 90-day trial of Hyatt’s loyalty program, and Lyft ride credits. This month, users who book a cruise through Virgin Voyages can get a free plus-one and a $100 bar tab.

The company works with property managers, who then offer the payment system to residents. The company plans to add mortgage lender clients later this year. 

Since January, the amount of money processed annually through the platform has grown 50% to over $30 billion, the company said. 

Myne, a platform for buying a portion of a vacation home, has raised $43.7 million (€40 million) in series A funding through a combination of equity and debt financing. 

Limestone Capital AG led the round, with support from Motive Ventures and Scope Hanson. The company has now raised over $65.5 million (€60 million) in equity and debt.

Berlin-based Myne enables two to eight people to purchase shares of a vacation rental, with the co-owners then sharing occupancy, costs, and any rental income. Investments begin at $55,000 (€50,000), and each share comes with the right to use the property for 6.5 weeks