Why it matters:
- CEO Ankur Jain has grown Bilt Rewards into a key player in the fintech space with a $10.75 billion valuation.
- The serial entrepreneur has attained billionaire status by carving a niche for his startup that rewards apartment and house dwellers for paying rent on time with a Bilt Mastercard or other credit cards including Visa, Discover, and American Express.
- Today, Bilt has more than 5 million members and processes over $45 billion in annual rent and homeowners’ association (HOA) payments through a vast property manager network.
It takes a lot of guts to launch a startup that aims to disrupt multiple industries controlled by mammoth corporations. But some entrepreneurs are undaunted by the challenge, and they are not afraid of failure.
Ankur Jain, Founder and CEO of Bilt, the nation’s largest residential and neighborhood loyalty program, is a perfect example. In four years, this serial entrepreneur has attained billionaire status by carving a niche for his fintech company. Bilt rewards apartment and house dwellers for paying rent on time with a Bilt Mastercard or other credit cards including Visa, Discover, and American Express. Rewards include frequent flier miles and points for hotel bookings, fitness classes, Lyft rides, pharmacies, and local restaurants. It’s a lucrative market when you consider more than 44 million U.S. households pay rent—often their highest monthly expenditure, according to Pew Research.
And these reward offerings for members keep growing. In July, the company introduced the Bilt Home Away from Home platform developed in partnership with travel network Virtuoso. It gives Bilt members with platinum and gold status premium hotel perks, and connects them to curated local experiences in every destination.
Today, the approximately 200-employee business has more than 5 million members and processes over $45 billion in annual rent and HOA payments through a vast property manager network. Bilt is chaired by Kenneth Chenault, the former CEO of American Express who is also Chairman and Managing Partner of the global venture capital firm General Catalyst. Other board members include NFL Commissioner Roger Goodell.
So how did this serial entrepreneur grow his startup to a $10.75 billion valuation and build a network of more than 50,000 merchants—including banks, airlines, retailers, property owners, hotels, ride-sharing companies, and others—so members earn points on rent payments and daily spending, which they can use for credits on their rent or for a wide range of rewards?
CO— spoke with Jain to learn the success formula he used to grow his company at warp speed while creating an entirely new customer loyalty concept. In a candid interview, Jain explained how he did it, the challenges he faced along the way, and his vision for the future as the company rolls out new features.
CO—: How did you come up with the idea for Bilt?
AJ: Years ago, I had a conversation with Barry Sternlicht, Chairman of Starwood Capital Group, who oversees an $80 billion hotel and real estate empire, and found out that airlines and hotels make more profit from their loyalty programs than they do from operating hotels and flying planes. I was amazing by that business model, and I started to think of how that could be applied to the home rental market. Rewarding consumers for paying rent was a new concept at the time. I knew it would be a complicated undertaking, but renters would love getting rewards on their biggest monthly expense—especially as housing costs skyrocket. Mr. Sternlicht thought the idea was innovative and was the first landlord to sign on after Bilt won regulatory approval from the Federal Housing Administration and Fannie Mae for its program. Later that year, Virgin Points signed on too.
CO—: What challenges did you face launching your company during the pandemic?
Every crisis creates opportunity. The pandemic was a catalyst for change because suddenly everyone was staying at home, business shut down, travel halted, and landlords worried if renters would pay their rent. It was a weird moment in time, and landlords liked the concept of offering incentives to renters. The confluence of factors made my business idea attractive to strategic investors. So, for the first two years, I bootstrapped the startup and raised around $3 million in seed capital from real estate partners I wanted to work with, including Related Companies, Blackstone Real Estate, Equity Residential, and Camden Property Trust. Two years later, we landed a partnership with Wells Fargo and Mastercard to issue the Bilt Mastercard. The co-branded credit card allows renters to pay rent and earn points without incurring transaction fees.
CO—: You have raised $810 million in venture capital to date. What is it about the company’s business model that has attracted investors?
AJ: We are targeting the $2 trillion renters’ market and VCs recognize it’s a huge opportunity. Since our founding, we have secured funding from several venture capital investors including General Catalyst, Eldridge Industries, the Teacher’s Venture Growth … and Vanderbilt University Endowment. In July [2025], we raised an additional $250 million in funding led by General Catalyst and GID with further investment from United Wholesale Mortgage to accelerate the company’s growth.
They like our business model and how it is evolving. When joining the Bilt platform, members set up their rent or HOA payments and easily link their credit and debit cards in the Bilt account. Upon each on-time rent payment, members earn points and get access to free credit reporting to the three major credit bureaus. Members earn one point for each dollar spent on rent if they pay with a Bilt Mastercard, and other credit cards—Visa, Discover, and American Express—can be used as well.
Many parties benefit—members, landlords, merchants, and travel partners—in multiple ways. For example, it helps property owners boost rental renewal rates, cut costs, and improve rent payment processing. It drives members to engage and use their points with travel and other brands, and it helps connect residents with local businesses in the neighborhood.
The simplest way to think about our business growth is we’re growing our network of homes and our network of local merchants. We continue to expand in the multifamily space and just expanded our network to include student housing properties. We’re also continuing to expand the services we’re offering to local restaurants and working on expanding our pharmacy program.
Investors like our multi-stream revenue model. Bilt makes money largely on interchange fees charged to merchants and referral fees when users book services or make purchases through the Bilt app or website. All of this adds up.
[Read more: How CEOs Who Became Influencers Are Supercharging Company Sales]
The simplest way to think about our business growth is we’re growing our network of homes and our network of local merchants. ... Investors like our multi-stream revenue model.Ankur Jain, Founder and CEO of Bilt
CO—: How much are Bilt Points worth and how are they calculated?
AJ: The value of each Bilt Point is different based on how members choose to use them. They’re ranked the most valuable and flexible points currency in the market, and members can redeem Bilt Points for travel with 1:1 transfer to major airline and hotel partners and in Bilt’s travel portal. Points can also be redeemed for a wide variety of spending—from rent, student loans, and fitness class to Amazon purchases and even a down payment on a home.
CO—: Describe how the Bilt loyalty program is building a community-centric ecosystem.
AJ: That is the entire core of what we are doing: connecting renters with businesses in their neighborhoods. That’s important when you consider 80% of consumer purchases happen within 15 miles of one’s home. Our Neighborhood Benefits program gives members rewards and benefits within our network of local merchants, which in turn helps these local businesses win new customers. These merchants pay us a commission on what users spend which we reinvest in better rewards for our members. This includes exclusive neighborhood experiences like dining and stand-up comedy events. Fueling this ecosystem across America is a key goal.
CO—: How are you expanding your programs this year?
AJ: We’re expanding our network to include the ability to earn Bilt points on student housing payments with American Campus Communities, the nation’s largest developer and manager of student housing communities, as a launch partner. This gives members the option to apply Bilt rewards to their eligible student loan payments serviced by Nelnet, MOHELA, Sallie Mae, Aidvantage, and Navient, with 1,000 Bilt Points equaling $10 in redemption value. This is another point redemption option a lot of people may find appealing, considering the rise in student debt.
At the same time, we are expanding our travel program. We now have 16 airlines and six hotel companies as transfer partners—including Virgin Atlantic Flying Club, Air France/KLM Flying Blue, Marriott Bonvoy, and World of Hyatt—and we continue to add more.
In the months ahead, we also plan to be offering Bilt Points for mortgage payments.
[Read more: 3 Consumer Brand Founders and CEOs on Finding Growth in B2B Channels]
CO—: Tell me about Bilt’s new travel rewards program called Home Away From Home.
AJ: We've mastered rewards in your actual neighborhood through rewarding on rent, and now we're bringing that same philosophy to travel.
The insight is simple: When you travel, you want to discover the city like a local to find the best coffee shop, the hidden speakeasy, the restaurant that locals go to. So, we built a platform that gives you premium hotel perks, but more importantly connects you to curated local experiences in every destination. We're partnering with the people and places in the best neighborhoods in the world's greatest cities to give you access to the insider spots that make you feel like you belong there.
The ROI makes perfect sense. Our members already trust us to enhance their neighborhood experience at home. Now when they travel, we're their guide to feeling at home everywhere else. It deepens engagement, increases spend with our partners, and creates this cycle where travel is another key touchpoint in the Bilt ecosystem. We're ultimately reimagining what it means to feel at home when you're away from home.
CO—: What would you like Bilt to be in five years?
AJ: If we can scale our neighborhood platforms around the world and grow the student housing business, that would be big. I think of it like this: Amazon has done a phenomenal job winning e-commerce. They started in books and now they touch everything. For us, we started with some homes and some restaurants, but now I don’t see any reason why we can’t be the neighborhood commerce platform that connects everybody to all the different spots in their neighborhood.
CO—: What advice would you give other entrepreneurs looking to grow their businesses in today’s environment?
AJ: First, you’ve got to solve a big problem. It’s so easy to chase the latest hyped trend. Start with figuring out what the customer pain point is and then figure out a solution.
Second is something I learned the hard way. Raise capital from strategic partners who are your end customers. These are the people who will be completely aligned with your success.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
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