Wells Fargo and Mastercard have joined a $60 million growth funding round for Bilt Rewards, a loyalty programme and credit card that enables property renters to earn points on their payments.
A group of the nation's largest real estate owners including Blackstone, AvalonBay Communities, Douglas Elliman, New Valley Ventures, Equity Residential, GID, LEN× and Starwood Capital Group joined the round.
Launched in June, Bilt promises to help America's 109 million renters to earn points on their largest monthly expense with no fees.
The free loyalty programme is available to renters living within the Bilt Rewards Alliance, a network of more than 2 million rental units, or by using the Bilt Mastercard, a credit card that can be used to pay rent with no fees at any rental unit in the US.
Ankur Jain, CEO, Bilt, says: "In the same way airlines and hotels have created loyalists through their rewards programs over the last several decades, Bilt has introduced a new way to turn renting into an enjoyable experience that benefits everyone, and can even build a path towards homeownership."