Ankur Jain, the innovator behind Bilt Rewards, a system specifically designed to reward those who pay their rent, is making waves in the US. This new concept, supported by business luminary Ken Chenault, appeals to tenants nationwide and is poised to disrupt the spending habits of millions of Americans.
Meet Tyler and Brian Albritton, members of Bilt, who accumulate reward points when paying their $3,400 monthly rent. Their goal? To use these points for a dream beach vacation in the Caribbean. By simply paying their rent and shopping within the Bilt network, they are essentially turning everyday expenses into future adventures.
Jain’s journey to Bilt started with Rhino, a company offering affordable renter’s insurance. Inspired by a conversation about the benefits of hotel and airline rewards schemes, he conceived Bilt Rewards in 2019. Despite the challenges posed in building partnerships and structuring the rewards system, Jain and his team successfully launched Bilt in 2020.
In midst of a global pandemic, Bilt Rewards found traction.
Bilt Rewards: Leveraging rent for rewards
Thousands of users signed up, seeing the potential in earning reward points from unavoidable monthly expenses. By 2021, this unique invention was recognized for its disruptive potential in the industry.
Bilt’s acceptance is widespread, with nearly four million rentals registered across the US, spanning sectors such as hospitality and fitness. Its traction extends to big-name franchises, indicating a rising trend in the rewards program’s popularity.
With a valuation at $3.1 billion following a $200 million funding round, Jain’s worth has ballooned to an estimated $1.2 billion. His position in the fintech industry has been solidified, demonstrating the rising potential of such solutions worldwide.
The Bilt model is designed to benefit everyone involved. It processes rent payments, enables members to use a Bilt-linked credit card, and shares transactional revenue with property owners. Despite being Manhattan-based, Jain projects an impressive $200 million revenue this year.
In addition to all the rewards, Bilt takes the extra step to report monthly rent payments to the three main credit bureaus, aiming to help improve renters’ credit scores. This feature is a game-changer assisting renters in securing future housing, qualifying for loans, or even lowering their insurance premiums, thereby fostering their financial stability.
