Wells Fargo, Mastercard Back Bilt, Which Turns Rent Into Points

Bilt Rewards, which offers a loyalty program and credit card that converts rent into reward points, raised $60 million from investors including Mastercard Inc. and Wells Fargo & Co., giving the startup a $350 million valuation.

Landlords including SL Green Realty Corp., Blackstone Inc., AvalonBay Communities Inc., Equity Residential, Starwood Capital Group, Related Cos. and Moinian Group also participated in the funding round, as did mortgage-software platform Blend Labs Inc. and real estate brokerage Douglas Elliman, Bilt Chief Executive Officer Ankur Jain said in an interview.

Ankur Jain and Mitch Moinian

Source: Bilt Rewards

“With this round, we’ll focus on scaling Bilt’s ...