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Bilt Rewards, which enables users paying rent the quality to accrue points to beryllium redeemed connected rewards, generated $60 cardinal successful a caller backing round, pushing its worth to $350 million, according to a Tuesday (Sept. 21) study from Bloomberg. Top contributors included Mastercard Inc. and Wells Fargo & Co., with information from SL Green Realty Corp., Blackstone Inc., AvalonBay Communities Inc., Equity Residential, Starwood Capital Group, Related Cos., Moinian Group, Blend Labs Inc. and Douglas Elliman.
The backing announcement comes a fewer months aft Mastercard unveiled the Bilt Mastercard, which was created successful conjunction with New York-based existent property startup Bilt Technologies, according to PYMNTS.
The paper tin beryllium utilized astatine immoderate rental portion oregon flat with nary fees. Each outgo earns points which tin beryllium utilized for assorted items specified arsenic travel, rent credits and down payments connected a home, according to PYMNTS.
The Bilt Mastercard tin adjacent beryllium utilized to marque rent payments astatine buildings that bash not judge recognition cards, according to PYMNTS. Cardholders simply wage via the Bilt app and a cheque is submitted to their landlord connected their behalf. Tenants who rent done the Bilt Rewards Alliance web — which is comprised of existent property owners astir the state — were among the archetypal to usage the card. The paper launched to much than 2 cardinal rental units successful June.
Bilt’s latest backing circular sees the 2-year-old institution striving to turn its loyalty programme to see the remaining 40-million-plus rental households nationwide.
In summation to its concern with Bilt, Mastercard besides precocious joined forces with Finland-based integer receipt level ReceiptHero and Visa to supply an alternate to insubstantial receipts. The determination would let much retailers the quality to nonstop receipts to backstage and concern customers digitally.