A $200m fairness elevate at a valuation double the earlier spherical? No you didn’t get up in 2021 this morning, it’s (checks watch) positively January 2024.
I used to be simply chatting with somebody earlier this week about fairness raises and I commented that there appears to be rather more exercise this month than in January 2023. Whereas we’re most positively not again in 2021, VCs appear to be opening up their checkbooks a bit extra.
Which brings us to Bilt Rewards. What do they do? This isn’t fintech infrastructure, or B2B fintech (two widespread classes as we speak), that is good quaint shopper fintech. The identical class that when valued Chime at $25 billion and Revolut at $33 billion.
The hook for Bilt is that they’ve created a rewards program round paying lease. They’ve attracted a younger demographic, primarily 21 to 35 12 months olds who’re spending $20 billion per 12 months on their Bilt card, which is principally only a Wells Fargo bank card with some further options.
They’ve attracted the previous CEO of American Categorical, Ken Chenault, who has joined the board as Chairman and his VC agency, Basic Catalyst, led the spherical.
Maybe most spectacular of all, Bilt grew to become worthwhile in 2023 on a EBITDA foundation. I sincerely hope they’ll develop into their valuation, one thing that different main shopper fintechs have struggled to do.
Featured
Bilt Nabs $3.1 Billion Valuation, Ken Chenault Joins as Chairman
Basic Catalyst, Eldridge put money into a $200 million fairness spherical. Startup needs so as to add neighborhood retailers to its rewards program.
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