Credit card startup Bilt Payments LLC, known as Bilt Rewards, raised $150 million in a funding round led by Teachers’ Venture Growth, the venture arm of the Ontario Teachers’ Pension Plan, Bilt announced on August 1.
Participants in the round also included the endowments of Vanderbilt University and the University of Illinois. Teachers’ Venture Growth makes late-stage and growth equity investments in “cutting edge technologies.”
The pension fund’s venture arm has C$7.5 billion ($5.45 billion) in investments, as of December 31, 2023. The fund typically invests from C$50 through C$250 million in a single round and aims to make long-term investments. TVP portfolio companies also include SpaceX, Canva and Databricks.
The funding for Bilt Rewards follows a January raise of $200 million at a US$3.1 billion valuation; participants in that round included venture capital firm General Catalyst Partners and investment firm Eldridge Industries. Another early investor in Bilt is Wells Fargo, which issues the company’s cards.
Bilt allows cardholders to earn points on rent payments. It also has partnerships with seven of the 10 largest multi-family-housing owners in the U.S., with plans to expand its loyalty program to single-family homes, condos and mortgage payments.
Related Stories:
Ontario Teachers’ Seeks Greater Accountability, Transparency in 2024 Proxy Season
Ontario Teachers’ Promotes McLennan, Brown to CIO
Ontario Teachers’ Returns 1.9% in 2023
Tags: Bilt, Ontario Teachers' Pension Plan, OTPP, Teachers’ Venture Growth, Wells Fargo