Bilt Rewards Acquires Banyan to Enhance Personalized Rewards Through Data Innovation

Bilt Rewards, a leading payments and commerce platform, announced on March 13, 2025, its acquisition of Banyan, a company specializing in item-level receipt data analysis. This strategic move aims to enhance Bilt's ability to offer hyper-personalized rewards and automated benefits, thereby strengthening connections between residents and local businesses.

Founded in 2019 by Ankur Jain, Bilt Rewards has transformed the housing payments market by allowing renters to earn points on rent payments without transaction fees. The company's network includes over 4.5 million homes and more than 40,000 neighborhood merchants. In January 2024, Bilt secured a $200 million equity investment led by General Catalyst, valuing the company at $3.1 billion. Ken Chenault, former Chairman and CEO of American Express, joined Bilt's Board as Chairman, and NFL Commissioner Roger Goodell became an Independent Director.

Banyan, established in 2019, has developed a platform that analyzes item-level receipt data, having processed over 20 billion receipts and hundreds of billions in spending. This technology provides detailed insights into consumer purchasing behaviors, enabling merchants to offer targeted and personalized promotions. Prior to the acquisition, Banyan collaborated with Bilt to power an automatic FSA/HSA savings program at Walgreens, simplifying healthcare shopping for consumers.

The integration of Banyan's item-level data capabilities into Bilt's platform is set to transform neighborhood commerce through several key initiatives:

1. Automatic FSA/HSA Savings Expansion: Building on the existing program at Walgreens, Bilt plans to extend automatic FSA/HSA savings to a broader range of neighborhood merchants. This feature will identify eligible purchases, file for reimbursements, and potentially save members up to 40% on qualifying items without additional effort.

2. New Resident Welcome Experiences: Local merchants will have the opportunity to offer personalized rewards on essential home items to Bilt members relocating to new neighborhoods, fostering early engagement and loyalty.

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

4. Cross-Merchant Experiences: The detailed receipt data will enable seamless experiences across different merchants, such as offering complimentary rides to restaurants based on specific food purchases or validated parking at retail locations, all activated through precise receipt analysis.

Following the acquisition, Banyan will continue to operate independently under the leadership of its Founder and CEO, Jehan Luth. The company will collaborate closely with Bilt to enhance the neighborhood commerce ecosystem while maintaining existing client relationships and services.

This acquisition signifies a shift towards more personalized and efficient consumer experiences in local commerce. For consumers, it promises enhanced savings and rewards tailored to individual purchasing habits. Local merchants stand to benefit from increased customer engagement and loyalty through targeted promotions and insights into consumer behavior. Economically, the integration of advanced data analytics into everyday transactions could lead to more efficient marketing strategies and potentially higher revenues for small and medium-sized businesses.

While mergers and acquisitions in the fintech sector are common, Bilt's acquisition of Banyan is notable for its focus on enhancing neighborhood commerce through item-level data analysis. This move reflects a broader industry trend towards leveraging detailed consumer data to create personalized shopping experiences and strengthen local economies.

Ankur Jain, Founder and CEO of Bilt Rewards, stated, "This acquisition represents a major step forward in our mission to transform how residents engage with their neighborhoods." He added, "By further incorporating Banyan's item-level intelligence into our platform, we're able to create truly seamless experiences that drive value for both our members and our network of over 40,000 neighborhood merchants."

Jehan Luth, Founder and CEO of Banyan, commented, "By joining forces with Bilt, we can implement our technology at scale, creating experiences that feel magical for consumers while delivering measurable results for merchants."

This strategic acquisition positions Bilt Rewards to redefine neighborhood commerce by integrating advanced data analytics, offering personalized rewards, and fostering stronger connections between residents and local businesses.