Bilt Rewards, whose platform aims to allow consumers to earn rewards on rent and daily neighborhood spend, has raised $200 million at a $3.1 valuation, the company announced today.

General Catalyst led the financing, which more than doubles the New York-based company’s valuation compared to its $150 million October 2022 raise. Eldridge and existing backers Left Lane Capital, Camber Creek and Prosus Ventures.

Ken Chenault, chairman and managing director of General Catalyst, is joining Bilt’s board of directors as part of the new funding. Chenault is also former chairman and CEO of American Express. NFL Commissioner Roger Goodell is also joining the board as an independent director.

The raise and valuation jump are impressive in an environment were mega-rounds (deals worth over $100 million) are few and far between. CB Insights’ State of Venture Report 2023 found that while mega-rounds “were a hallmark of 2021, with 350+ occurring each quarter…in Q4’23, that figure fell to just 78 — the lowest level since 2017.”

With the new capital, Bilt has raised $413 million in total funding since the company launched in June 2021 out of Kairos, the startup studio led by Bilt founder and CEO Ankur Jain. It launched its rewards program in April of 2022.

In a written statement, Bilt said its annualized member spend is “nearing $20 billion” and the company achieved EBITDA profitability in 2023. 

At the time of its last raise, the company’s loyalty program and payment platform had been rolled out to more than 2.5 million apartment units. Today that number is up to nearly 4 million units.

Users can earn points and improve their credit by simply paying rent each month. Bilt’s points can be used in a variety of loyalty programs, including major airlines, hotels, travel, fitness classes, purchases, credit toward rent or a future down payment.

Bilt said it plans to use the new capital toward expanding its Rewards Alliance, which partners with multifamily, single-family, and student housing operators nationwide. It will also go towards bolstering its Neighborhood Rewards program, which aims to help local merchants “connect and build loyalty” with new and existing residents in their community. The company also plans to expand into mortgage payment rewards. 

Bilt also offers a co-branded Mastercard, issued by Wells Fargo, that can be used to pay rent and earn Bilt Points with no transaction fees.

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