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 slightly extra.
Which brings us to Bilt Rewards. What do they do? This isn’t fintech infrastructure, or B2B fintech (two fashionable classes in the present day), that is good quaint client 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 hire. They’ve attracted a younger demographic, primarily 21 to 35 yr olds who’re spending $20 billion per yr on their Bilt card, which is mainly only a Wells Fargo bank card with some further options.
They’ve attracted the previous CEO of American Specific, Ken Chenault, who has joined the board as Chairman and his VC agency, Common Catalyst, led the spherical.
Maybe most spectacular of all, Bilt turned worthwhile in 2023 on a EBITDA foundation. I sincerely hope they’ll develop into their valuation, one thing that different main client fintechs have struggled to do.
Featured
Bilt Nabs $3.1 Billion Valuation, Ken Chenault Joins as Chairman
Common Catalyst, Eldridge spend money on a $200 million fairness spherical. Startup needs so as to add neighborhood retailers to its rewards program.
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