Ankur Jain, the founder of fintech Bilt Rewards, has become a billionaire with support from American Express CEO Ken Chenault. Bilt Rewards offers a membership rewards program for renters, allowing them to accumulate points for paying rent and receive rewards for patronizing local merchants. The app has already signed up property owners with 4 million rentals in thousands of U.S. cities and several large hotel chains and airlines as partners. With a recent valuation of $3.1 billion, Jain’s stake in the company is estimated to be worth $1.2 billion.
Bilt Rewards processes tenants’ rent payments and directs members to use credit cards linked to the app at local businesses, earning a portion of the revenue for the company. By partnering with MasterCard and Wells Fargo to issue a no annual fee credit card, Bilt also allows members to earn points for rent payments. In addition, the app offers the option to report rent payments to credit bureaus to help boost renters’ credit scores. Despite its success, some customers have raised complaints on Reddit about customer service and fees.
NFL Commissioner Roger Goodell sits on Bilt’s board and introduced Jain to Ken Chenault, who joined as chairman of the board in January. Jain, who grew up surrounded by entrepreneurship, cofounded Rhino in 2017 before launching Bilt in 2019. After facing initial challenges with signing up partners, the Covid-19 pandemic pushed property owners and merchants to try new approaches, benefiting Bilt’s growth. In 2021, the company raised $60 million from investors and later secured an additional $150 million from property owners and other investors.
Despite its successes, Bilt still faces challenges with airline partnerships and fees charged for rent payments. However, Jain’s focus on building strong partnerships and providing valuable rewards for customers and partners has contributed to the company’s growth. Looking ahead, Jain plans to expand Bilt’s services beyond renters to include Americans with mortgages, tapping into a new market opportunity. With interest rates at all-time highs, this expansion could be a promising move for the company. As Jain continues to innovate and expand, the future looks bright for Bilt Rewards.
