Skift Take
Bilt lets users earn points for rent payments and exchange them for travel, and it's growing fast.
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: $150 MillionBilt 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 hav