Bilt Rewards Acquires Banyan to Revolutionize Neighborhood Commerce with Item-Level Data

On March 13, 2025, Bilt Rewards, a leading payments and commerce platform, announced its acquisition of Banyan, a company specializing in item-level receipt data. This strategic move aims to enhance Bilt's capabilities in processing and analyzing transaction data, thereby transforming neighborhood commerce through item-level intelligence. Bilt Rewards, known for converting rent payments into loyalty points, plans to integrate Banyan's technology to offer hyper-personalized rewards and automated benefits to its users. Banyan's platform has analyzed over 20 billion receipts and processed hundreds of billions in spending, providing valuable insights into consumer purchasing behavior. The acquisition is expected to strengthen connections between residents and local merchants by enabling more targeted and relevant customer experiences.

Founded in 2019 by Ankur Jain, Bilt Rewards is a New York-based company that pioneered a rewards program allowing renters to earn points on their rent payments. The company operates both a loyalty program and a co-branded credit card, the Bilt Mastercard, enabling consumers to earn points on rent payments without transaction fees. These points can be redeemed for travel, fitness classes, home décor, rent credits, or even applied toward a down payment on a home.

Bilt has experienced significant growth since its inception. In January 2024, the company secured a $200 million equity investment led by General Catalyst, elevating its valuation to $3.1 billion. Notably, Ken Chenault, former Chairman and CEO of American Express, joined Bilt as Chairman of its Board of Directors, and Roger Goodell, Commissioner of the NFL, became an Independent Director.

Banyan is a leading platform for item-level merchant receipt data, providing insights into consumer purchasing behavior. The company's technology has processed over $200 billion in gross merchandise value and analyzed more than 20 billion receipts. Banyan's platform enables merchants to create more targeted, relevant, and valuable customer experiences.

The acquisition of Banyan is Bilt's first and represents a significant step in its mission to transform how residents engage with their neighborhoods. By incorporating Banyan's item-level intelligence, Bilt aims to create seamless experiences that drive value for both its members and its network of over 40,000 neighborhood merchants.

The integration of Banyan's technology will enable Bilt to develop several innovative capabilities:

1. Automatic FSA/HSA Savings: Expanding Bilt's existing FSA/HSA program, this capability will automatically identify eligible purchases, file for reimbursement, and save members up to 40% on qualifying items without any effort required.

2. New Resident Welcome Experiences: Neighborhood merchants can offer personalized rewards on home essentials when Bilt members move into a new area, helping establish shopping routines that benefit local businesses.

3. Brand-Powered Rewards: Consumer packaged goods companies can offer targeted rewards when residents purchase specific products at neighborhood merchants, creating mutually beneficial scenarios for brands, local businesses, and residents.

4. Cross-Merchant Experiences: Banyan's item-level receipt data enables the creation of connected experiences across merchants, such as complimentary rides to neighborhood restaurants triggered by specific food purchases or validated parking at local retail based on purchase categories and amounts.

This acquisition has several potential social and economic implications:

• Enhanced Consumer Experience: Residents may benefit from more personalized and relevant rewards, leading to increased satisfaction and loyalty.

• Support for Local Businesses: Local merchants could experience increased foot traffic and sales due to targeted promotions and rewards, strengthening neighborhood economies.

• Data Privacy Considerations: The use of item-level receipt data raises questions about consumer privacy and data security, necessitating transparent policies and robust protections.

Bilt Rewards' acquisition of Banyan marks a significant development in the intersection of housing payments, rewards programs, and neighborhood commerce. By leveraging item-level receipt data, Bilt aims to create a more personalized and rewarding experience for residents while providing local merchants with valuable insights to drive business growth. As this integration unfolds, it will be essential to monitor its impact on consumer behavior, local economies, and data privacy practices.