Key Takeaways
- • Ontario Teachers' Pension Plan's venture arm, Teachers' Venture Growth, led a $150 million funding round for credit card startup Bilt Rewards, announced August 1, 2024, elevating the company's valuation to $3.25 billion.
- • Bilt Rewards raised $200 million in January 2024 at a $3.1 billion valuation; the August round represents continued institutional investor confidence in the fintech credit card platform.
- • Co-investors in the August round include endowments from Vanderbilt University and the University of Illinois, alongside earlier backers General Catalyst Partners, Eldridge Industries, and Wells Fargo (which issues Bilt's cards).
- • Teachers' Venture Growth manages C$7.5 billion ($5.45 billion) in assets and typically deploys C$50 million to C$250 million per investment, with portfolio companies including SpaceX, Canva, and Databricks.
- • Bilt Rewards enables cardholders to earn points on rent payments and has secured partnerships with seven of the 10 largest U.S. multifamily housing owners, with plans to expand into single-family homes, condos, and mortgage payments.
Summary
Ontario Teachers' Pension Plan's venture growth arm led a $150 million Series B funding round for Bilt Rewards, a credit card startup focused on enabling consumers to earn rewards on rent and housing-related payments. The investment, announced August 1, 2024, values Bilt at $3.25 billion, marking significant momentum for the fintech company less than eight months after a $200 million raise in January 2024 at a $3.1 billion valuation.
Teachers' Venture Growth, the late-stage and growth equity investment arm of the Ontario Teachers' Pension Plan, led the round alongside university endowments from Vanderbilt and the University of Illinois. Teachers' Venture Growth manages C$7.5 billion ($5.45 billion) in committed capital and typically makes single investments ranging from C$50 million to C$250 million with a focus on long-term, strategic positions. The fund's existing portfolio includes high-profile companies such as SpaceX, Canva, and Databricks, positioning it as an active allocator in growth-stage technology ventures.
Bilt Rewards' core product allows credit cardholders to earn loyalty points on rent payments—a market gap historically underserved by traditional credit card networks. The company has established partnerships with seven of the 10 largest multifamily housing owners in the United States and is expanding its loyalty program roadmap to include single-family homes, condos, and mortgage payments. Wells Fargo, which issues Bilt's branded credit cards, was also an early investor, creating a strategic operational relationship. Earlier backers include General Catalyst Partners and Eldridge Industries, underscoring strong venture capital and strategic investor support for the company's growth trajectory.
Teachers' Venture Growth, the late-stage and growth equity investment arm of the Ontario Teachers' Pension Plan, led the round alongside university endowments from Vanderbilt and the University of Illinois. Teachers' Venture Growth manages C$7.5 billion ($5.45 billion) in committed capital and typically makes single investments ranging from C$50 million to C$250 million with a focus on long-term, strategic positions. The fund's existing portfolio includes high-profile companies such as SpaceX, Canva, and Databricks, positioning it as an active allocator in growth-stage technology ventures.
Bilt Rewards' core product allows credit cardholders to earn loyalty points on rent payments—a market gap historically underserved by traditional credit card networks. The company has established partnerships with seven of the 10 largest multifamily housing owners in the United States and is expanding its loyalty program roadmap to include single-family homes, condos, and mortgage payments. Wells Fargo, which issues Bilt's branded credit cards, was also an early investor, creating a strategic operational relationship. Earlier backers include General Catalyst Partners and Eldridge Industries, underscoring strong venture capital and strategic investor support for the company's growth trajectory.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.