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Fintech startup Bilt to expand its loyalty program
Fintech startup Bilt has led a funding round that has raised USD 200 million in capital. This has doubled the company’s valuation to over USD 3 billion. General Catalyst led the funding round. Todd Boehly’s Eldridge and existing investors also participated in the round.
According to Ankur Jain, CEO of the startup, Ken Chenault will be chairman. He holds a similar position at General Catalyst. Chenault previously worked at American Express.
The company plans to use part of the funds raised to expand its network as part of its loyalty program. The startup team intends to target small businesses in the service sector, such as restaurants, dry cleaners and grocery stores.
Benefits of the Bilt offer
Bilt Rewards offers a lucrative loyalty system that caters to different categories of consumers. The product’s primary target group is young people between the ages of 21 and 35. Users of the startup’s platform spend around USD 20 billion annually. In a relatively short time, the loyalty program has gained the trust of major American cities such as New York, Washington, Los Angeles and others. The essence of the company’s offer is as follows:
- program members earn points by spending money on various everyday transactions;
- rewards can be exchanged for rental credits or various rewards;
- it is also possible to transfer points to other loyalty schemes, such as hotel chains or airlines.
The startup also offers the Bilt World Elite payment card, developed in partnership with Mastercard.
A vital feature of this program is the ability to earn points on monthly rental payments, which can amount to several thousand dollars. Despite its short time on the market, the startup has already managed to attract a significant list of major partners, including brands such as American and Hyatt.
On average, a point on the platform is worth just over 2 cents. But there are several ways to earn more:
- Rental. You can earn 250 points by paying for stays at partner hotels. In addition, when paying for rentals with a Bilt card, the user receives 1 point for every dollar spent.
- Eating out earns 3 points per dollar spent.
- Travel expenses will be at the rate of 2 points per dollar.
- All other purchases earn 1 point each.
- The card must be used at least 5 times during the reporting period to earn points in the program.
Bilt offers excellent conditions as a tourist destination. Rewards are available for air travel, hotel accommodation, resort entertainment and car rental. Booking rooms and air tickets through the company portal is also possible.