Bilt Rewards Founder and CEO Ankur Jain joins Wealth! to discuss the company’s partnerships — including Wells Fargo (WFC) and Walgreens (WBA) — and outlook as it seeks to continue helping Americans save money on their daily necessities.
“We’ve got partnerships across housing, across dining, across healthcare. And again, our focus is how do you reward consumers in their neighborhood on their largest expenses? And so we work with the merchants. We work with real estate owners. We work with major banks,” Jain explains.
He points to the ability to pay rent with a Bilt card as a way to not only build credit, but earn points. We’re the only program that actually rewards you with airline miles and hotel points for paying your rent. And now we are automatically helping people save on these everyday healthcare costs,” he adds.
Jain highlights other initiatives, like a partnership with Douglas Elliman (DOUG) to pay condo fees. In addition, Bilt has partnered with Lyft (LYFT) to give customers additional rewards for every ride.
As Bilt continues to expand, Jain stresses that the focus is on creating a “neighborhood ecosystem”: “You have your airline loyalty program. You’ve got your hotel loyalty program. Everybody should have a neighborhood loyalty program.”
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This post was written by Melanie Riehl
Video Transcript
You also had a partnership with Wells Fargo that’s set to end in 2029 unless there’s some critical renegotiations taking place.
A are you in talks with Wells Fargo to renegotiate the terms for that?
I wish anybody would talk to me about renegotiations five years in advance.
Uh That unfortunately, we have not even had those discussions yet.
It’s so far out in the product and such a new product in market.
But we’ve got partnerships across housing, across dining, across health care.
And again, our focus is how do you reward consumers in their neighborhood on their largest expenses?
And so we work with the merchants, we work with real estate owners, we work with major banks.
You mentioned Wells Fargo, we work with Bank of America.
We work with American Express, we work with Visa, we work with mastercard.
So really our ideas again, however, it is that you go about your everyday life.
When you’re paying your rent, you should now build your credit.
We’re the largest credit reporter on rent payments.
By the way, in the country, help people build their credit by paying their rent on time every month.
We’re the only program that actually rewards you with airline miles and hotel points for paying your rent.
And now we are automatically save on these everyday health care costs.
And we’re gonna see this continued expansion over the next few months.
As we think about what about people who pay their mortgage, people who live in condo buildings.
We recently launched with Douglas so that people who pay their condo fees also access these neighborhood benefits, right?
We’re looking at how can we help people on other transportation.
Today we have a partnership with Lyft where when you take ride, share across the neighborhood, you’re getting these additional rewards points for every ride, every day, your commute to and from work as well.
So how do we continue to scale that?
And so again, think of your, you know, biggest expense in life is housing, but 80% of your discretionary spend outside of housing happens within 15 miles of your home, right?
And that, that, that is the neighborhood ecosystem that B is creating here.
You had your airline loyalty program, you’ve got your hotel loyalty program.
Everybody should have a neighborhood loyalty program.
