- Ankur Jain is the founder and CEO of Bilt Rewards, a home rental rewards start-up that secured $200 million from private investors in January 2024, valuing the company at $3.1 billion.
- Bilt Rewards facilitates rent payments and allows renters to accrue and exchange points with airlines, hotels, fitness centres, and eateries.
OUR TAKE
Ankur Jain’s entrepreneurial journey showcases a consistent drive towards innovation and social impact, from his early ventures like the text messaging platform to the transformative Bilt Rewards programme. His ability to pivot and adapt, as seen with Humin and Kairos, highlights a strategic mindset that leverages technology to address real-world challenges, particularly in the rental market.
–Vicky Wu, BTW reporter
Ankur Jain is an American entrepreneur and investor. He is the founder and CEO of Bilt Rewards, his latest venture transforming the housing market, and the first major loyalty program that enables renters to earn points on their rent and build a path towards homeownership.
Early entrepreneurial ventures: From after-school observations to founding a tech platform
In 1996, when Ankur Jain was six years old, his father left Microsoft to establish InfoSpace, opting to work without venture capital to retain control over the company and its profits. With both parents employed at the startup, Ankur spent his afternoons post-school within the company’s offices, completing homework or engaging in video games, all the while absorbing the dynamics of a business launch. When InfoSpace went public in 1998, his father took him out of school temporarily to accompany him to meetings, thereby providing Ankur with a firsthand insight into the preparations for an Initial Public Offering. At the tender age of seven, nearing eight years old, Ankur was already gaining exposure to the intricacies of the business world.
By the age of eleven, Ankur had founded his first company. Text messaging was beginning to emerge as a phenomenon, and AOL Instant Messenger was gaining popularity. While Messenger offered speed, Ankur noted that texting was still inconveniently slow, presenting an issue ripe for addressing. Reflecting on the experience, he observed that typing messages required cumbersome key combinations, which was notably cumbersome. He developed a platform that enabled users to send texts from a computer in a manner akin to Messenger, enhancing user engagement by incorporating games. At one point, the platform had nearly two million users, a remarkable achievement for someone who was only thirteen years old at the time. However, the company ultimately ceased operations a few years later when Ankur inadvertently failed to turn on the air conditioning in his bedroom, where the servers were housed, resulting in a system failure.
Also read: Who is Kurtis Lindqvist? New president & CEO of ICANN, forming the future of internet governance
“I’d be able to actually have products and services that are being used by people all over the world as their default for these key parts of their life. They live in housing that’s set up by Kairos. They’re using childcare set up by Kairos—or at least we played a hand.”
Ankur Jain, founder and CEO of Bilt Rewards
University entrepreneurship: Launching Kairos to foster the next generation of innovators
In 2008, while studying at the Wharton School of the University of Pennsylvania, Ankur Jain co-founded Kairos as a platform to connect industry leaders with ambitious young entrepreneurs. The initiative aimed to create a mutually beneficial arrangement where younger members could gain valuable connections and funding opportunities, while seasoned professionals could access the fresh ideas and energy of the next generation. Through this initiative, Jain sought out promising talents emerging from universities and supported them in launching ventures that tackled significant global challenges across various sectors, including healthcare, clean water, global transportation, and education. This dual approach not only fostered innovation but also helped nurture the next wave of entrepreneurial talent. In 2011, Inc. magazine named Ankur Jain the “Best Connected 21-Year-Old in the World” and awarded Jain “30 Under 30”.
Over time, Kairos evolved into a venture studio dedicated to supporting young entrepreneurs, having helped launch and develop companies valued at over $6.5 billion, addressing a range of societal issues from housing to healthcare. As a partner in President Barack Obama’s StartUp America Partnership, it provides fellowships, which centre on access to elite leaders, for young entrepreneurs. The board of directors includes prominent figures such as the president of Verizon Wireless, the president of Hearst Magazines, the commissioner of the National Football League (NFL), the CEO of the New York Times, and Bobbi Brown, a leading figure in the cosmetics industry. By combining its role as an exclusive membership society with a business incubator, Kairos continues to foster a community of innovative thinkers and doers, ensuring that the next generation of entrepreneurs is well-equipped to address the world’s most pressing challenges.
Also read: Who is Justin Sun? Tron blockchain founder is a historian with a hi-tech edge
From Humin to social impact: Leading technological innovation and tackling societal challenges through venture fund
In 2012, Ankur Jain embarked on a new entrepreneurial venture as the founder and Chief Executive Officer of Humin, a San Francisco-based technology company. Humin developed an innovative address book application that utilised contextual cues to organise contacts, including where they were met, where they lived, and their profession. Under Jain’s leadership, Humin secured $15 million in funding, reflecting the company’s potential to revolutionise personal contact management through advanced technology.
In 2016, Humin was acquired by Tinder, the world’s largest social networking platform for meeting people. Following the acquisition, Jain transitioned to Tinder, serving as the Chief Product Officer. During his tenure, Jain leveraged his expertise in product development and innovation to drive growth and enhance user experience on the platform.
In May 2017, Jain departed from Tinder to return to Kairos and launch a new venture fund. This fund was focused on developing solutions to pressing issues such as student debt, affordable housing, childcare, and worker retention. Since announcing the fund, Jain has been instrumental in launching Rhino, a company that replaces traditional security deposits with a lower monthly fee, thus alleviating financial burdens for renters and streamlining the process for landlords.
Additionally, Jain has partnered with the UK-based startup Cera, which aims to provide home care services for the elderly. Through this partnership, Jain is contributing to the provision of essential support services for older adults, ensuring they receive high-quality care in the comfort of their own homes.
Through these initiatives, Jain continues to demonstrate his commitment to leveraging technology and innovation to tackle significant societal challenges, positioning himself as a leading figure in the intersection of technology and social impact. Recognised for his contributions, he was named a “Young Global Leader” by the World Economic Forum.
Pop quiz
What notable recognition did Ankur Jain receive for his contributions to technology and social impact?
A. He was named “CEO of the Year” by Forbes Magazine.
B. He received the “Tech Pioneer Award” from Wired Magazine.
C. He was named a “Young Global Leader” by the World Economic Forum.
D. He won the “Innovator of the Year” award from the Silicon Valley Chamber of Commerce.
The correct answer is at the bottom of the article.
Transforming the rental market: Launching Bilt Rewards, a revolutionary loyalty program for renters and property owners
In 2018, Ankur Jain and Barry Sternlicht, the billionaire founder of Starwood Capital, engaged in a conversation that would spark the inception of Bilt Rewards. Sternlicht highlighted the significant profits that airlines and hotels often derive from their loyalty programmes. Jain, inspired by this insight, set out to create a similar programme tailored to the rental market. Noting that Delta Air Lines alone generates $7 billion annually from its American Express Delta card, Jain believed that the potential size of the home rental market far surpassed the travel rewards market dominated by the five largest airlines.
In late 2019 and early 2020, Jain assembled a team from organisations such as American Express Membership Rewards and JetBlue to develop partnerships and bring the vision to life. Initial funding came from his Kairos entity. Progress was initially slow due to a chicken-and-egg scenario, with property owners wanting to know if merchants were committed and merchants seeking assurance that property owners were on board. However, the onset of the COVID-19 pandemic proved unexpectedly beneficial for Bilt. During this condensed period of time, stakeholders were more willing to come to the table and consider innovative solutions. As a result, several property owners signed up, including AvalonBay Communities, which owns 90,000 apartments across 12 states; Related Companies, which owns 73,000 apartments; and Equity Residential, which owns or invests in 80,000 apartments. Subsequently, some merchants joined, including SoulCycle and Lyft.
In June 2021, Jain launched his brainchild Bilt Rewards, both a loyalty programme and a co-branded credit card, the Bilt Mastercard. The Bilt Rewards loyalty programme was developed in collaboration with an alliance of the nation’s largest multifamily owner/operators, representing 2.5 million units across the United States. The Bilt Mastercard was developed with and issued by Wells Fargo as the first and only credit card enabling tenants to pay rent at any apartment without incurring fees. This innovative approach to paying rent has provided a unique value proposition for both renters and property owners, fostering a mutually beneficial relationship.
“From my perspective, Bilt is the next big thing since Chase Sapphire Reserve in loyalty.”
Brian Kelly, founder and CEO of The Points Guy website
In October 2022, Jain announced a growth round of $150 million led by Left Lane Capital, with additional investment from Smash Capital, Wells Fargo, Greystar, Invitation Homes, Camber Creek, Fifth Wall, and Prosus Ventures. This funding facilitated the expansion of the loyalty programme and credit card offering, enabling Bilt Rewards to reach a broader audience and further solidify its position as a leader in the rental rewards market.
Recently, Bilt Rewards secured an additional $150 million in equity funding, led by the Ontario Teachers’ Pension Plan. The fund raising round also saw participation from the Vanderbilt University Endowment, the University of Illinois Foundation, and existing investors, increasing Bilt’s valuation to $3.25 billion from $3.1 billion. According to Jain, the New York-based startup, which achieved profitability based on its earnings before interest, taxes, depreciation, and amortisation in 2023, is expected to remain profitable in 2024. Jain declined to provide specific financial details but confirmed that Bilt has over $400 million in cash and no debt on its balance sheet. The startup intends to expand its merchant network to include sectors such as healthcare, groceries, and gas, which currently comprises over 21,000 restaurants, a significant increase from approximately 2,500 seven months ago, and 3,500 fitness studios, up from around 100 in January. Jain noted that Bilt’s members across all 50 US states are spending $30 billion on the platform annually, a 50% jump from the $20 billion figure reported at the beginning of the year.
Bilt Rewards is poised to continue disrupting the industry, providing renters and property owners with unique benefits and fostering a vibrant ecosystem that addresses the needs of both parties. Through his entrepreneurial endeavours, Jain has established himself as a key player in transforming the rental market landscape, creating a platform that benefits both renters and property owners alike.
The correct answer is C. He was named a “Young Global Leader” by the World Economic Forum.
