• Bilt Rewards received $150 million in a funding round led by Teachers’ Venture Growth.
• The new round brings the company’s total funding to $710 million.
• The funding comes six months after Bilt Rewards’ January investment round, which valued the company at $3.1 billion.

Bilt Rewards, a rewards program that allows renters to earn points for paying rent on time, announced it has received $150 million in funding this week. The venture round was led by Teachers’ Venture Growth, while existing and new investors, such as Vanderbilt University Endowment and the University of Illinois Foundation, also participated.

Bilt Rewards was founded in 2021 to help landlords collect on-time rent payments by incentivizing residents with tailored benefits. In addition to rewarding on-time rent payments, Bilt’s platform also offers rewards when residents spend at partner merchants, enabling merchants to drive more business from local customers and acquire new customers as new residents move to the area. The company will use today’s investment to further expand its neighborhood loyalty program with merchants across the U.S. 

“Bilt Rewards has created a unique loyalty program to empower renters,” said Teachers’ Venture Growth Senior Managing Director Rick Prostko. “We’ve seen the positive reaction from both customers and all those involved as part of their ecosystem. We are excited about the opportunity to work with Ankur and the full management team and find ways to support them as a value-add partner.”

Today’s investment, which boosts Bilt’s total funding to $710 million, comes about six months after Bilt’s last investment round led by General Catalyst and Eldridge. The $200 million raise, which closed in January, valued the company at $3.1 billion. As part of the January round, Bilt appointed Ken Chenault, former American Express CEO, as company chairman.

“In January, we recognized Bilt’s unique capture of loyalty in the previously untapped rental payments space,” said Chenault. “Today, Bilt is rapidly becoming the leading platform for driving neighborhood commerce. By connecting residents, property owners, and local businesses, we’re creating a powerful ecosystem that benefits all parties involved.”

Bilt Rewards is currently partnered with seven of the 10 largest multifamily housing owners in the country. The fintech, which is expanding to single-family homes and condominiums, plans to scale its resident loyalty program to include mortgage payments later this year.

“This funding accelerates our vision of rewarding Americans for how they live and spend in their communities,” said Ankur Jain, CEO of Bilt Rewards. “We’re rapidly growing our neighborhood loyalty program, expanding into essential categories like healthcare, gas, and groceries. With members in all 50 states, we’re building a comprehensive platform that benefits residents, property owners, and local businesses across the country.”

Photo by SevenStorm JUHASZIMRUS

• B2B payments facilitator Monto is exiting stealth with a $9 million funding round.
• The Seed funding round was led by Scale Venture Partners.
• The company plans to use the funds to scale its growth in the U.S.

There’s a new entrant in the B2B payments space. B2B payments facilitator Monto emerged from stealth this week, simultaneously announcing a $9 million Seed round.

Scale Venture Partners led the investment, while Verissimo Ventures, F2 Venture Capital, Firsthand Alliance, Room40 Ventures, and individual investors also participated. “Our investment in Monto is the result of years of work focusing on the CFO suite and the intersection with procurement. We are very well aware of the evolution of and pain points in this trillion-plus dollar market,” said Scale Venture Partners’ Alex Niehenke. “Monto is the only company that solves the one-off workflow problem for AR teams. It is the missing piece for any AP platform, without it, suppliers suffer.”

Monto will use today’s funds to further invest in technological improvements, as well as to fuel its U.S. expansion. As a starting point, the company is opening its first U.S. office in New York City.

Founded in Tel Aviv, with offices throughout the globe, Monto seeks to help make ACH and RTP B2B payments collection as easy as tapping a card. Business finance teams can use the company’s payments tool to receive payments from their customers’ third-party payment platforms, AP portal, or supplier portal, including Workday, QuickBooks, SAP, and Microsoft Dynamics. The payments simplification helps companies reduce Days Sales Outstanding (DSO) and eliminate manual work by consolidating financial data from numerous sources.

Monto’s clients include large enterprises from various industries, including Shutterstock, TechTarget, Miro, and G2. Since launch, the company has helped its customers facilitate nearly $1 billion to buyers in more than 300 portals.

Monto’s founders, Maya Cohen and Nitsan Yerushalmi, previously worked implementing ERP systems in finance departments. “Monto is a strategic decision for CFOs, future-proofing them against a landscape where most, if not all, customers will soon use portals,” said Cohen, who now serves as the company’s CEO. “With Monto, getting paid by customers will be fully automatic, a concept we call ‘zero-touch,’ and we succeed in achieving that by working with, not against, the portals, an important distinction.”

Photo by airfocus on Unsplash

• Ascend Money has received a $195 million investment.
• The funding round was led by Mitsubishi UFJ Financial Group (MUFG) Bank with contributions from Finnoventure Private Equity Trust I.
• The Thailand-based fintech will use the funds to build inclusive financial services in the region.

Thailand-based Ascend Money announced this week it has received $195 million in funding from Mitsubishi UFJ Financial Group (MUFG) Bank. The bank led the round, and Finnoventure Private Equity Trust I fund managed by Krungsri Finnovate Co. also contributed.

“This is a significant milestone for Ascend Money, which not only validates our commitment to innovation and financial inclusion in Thailand but also demonstrates a growing interest and confidence in Ascend Money’s potential,” said Ascend Money Founder and Chairman Suphachai Chearavanont.

Ascend Money anticipates the funds will help it accelerate its mission to provide inclusive financial services for underserved consumers and small businesses and ultimately foster economic growth and financial well-being in Thailand.

Ascend Money is Thailand’s largest digital financial services provider, with a presence in seven countries across Southeast Asia. The fintech’s TrueMoney platform offers e-payment, lending, BNPL, investment, and insurance. Ascend Money has 30 million active users in Thailand and serves its customers through its network of leading corporations, businesses, and merchants.

“MUFG considers the Asia Pacific its second home market, and as part of our commitment to this region, we have been making  strategic investments in leading digital finance players in the region,” said Senior Managing Corporate Executive, Head of Global Commercial Banking Business Group Yasushi Itagaki. “Ascend Money is a promising fintech player in Thailand with widespread penetration in the country’s consumer segment and deep understanding of their daily payments and financial requirements. With this investment,  we are making a significant contribution to the ongoing development of Thailand’s digital economy and financial inclusion, further underscoring MUFG’s commitment to the sustainable development of the country and the broader region as a whole.”

Ascend Money was founded in 2013 and has since processed $14 billion in the region. In 2021, the company received a $1.5 billion during its $150 million funding round.

“We are confident that Ascend Money’s strong growth trajectory, combined with MUFG’s expertise and network, will enable us to create a more inclusive and vibrant financial ecosystem to accelerate both regional and local digital transformation, benefiting millions of people and contributing to the country’s economic development,” said Chearavanont.

Photo by Dan Freeman on Unsplash