Ankur Jain’s Built Rewards aims to revolutionize the $700 billion U.S. residential real estate industry — and he told the Post he left California for New York to make it happen.
Bilt, a loyalty program that Rewards users To pay the rent and spend in its neighborhoods, it is now valued at $3.25 billion. The three-year-old company has added American Express Chairman Ken Chenault and NFL Commissioner Roger Goodell to its board, and regularly hosts glamorous parties attended by the likes of Mayor Eric Adams and musician Wyclef Jean.
But Jain said his idea of starting a company that would help solve a practical problem didn’t get much enthusiasm in Silicon Valley.
After working for five years as vice president of product at West Hollywood-based Tinder, which had acquired his technology company Humin, Jain was ready for a change
When he got a call from a Silicon Valley kingmaker to talk to him about running a multimillion-dollar disruptive program, he jumped at the opportunity.
“This venture capitalist says, 'I've got this big idea that's going to change the world. We're going to put $100 million into this company, and you'd be great at running it,'” Jain, 34, told the Post.
Is this the big idea? Putting virtual luxury items on the blockchain.
“I said, 'Excuse me, what?' she said [said, users] In the metaverse, they can have their own Prada bag that can’t be copied.
“And I remember I was walking outside [in San Francisco] And there was a homeless person riding his scooter down the middle of the street naked, traffic was stopped, and I was thinking to myself: 'You have the biggest housing crisis, healthcare and mental health crisis in the city… and you're sitting here, talking to me about digital Prada bags on the blockchain.'
“It was far removed not only from the big problems but also from the big opportunities.”
That moment crystallized Jain's decision to leave California after six years—and inspired him to think about the biggest problem he could solve. The following year, he started Built to improve the renting experience.
“There's no bigger problem than housing…it's one of the biggest expenses,” Jain said. According to the company's data, the average American renter spends about 30% of their income on housing each year.
Built launched publicly in 2022 as a payment processor and loyalty program for renters, aiming to do for renters what hotel and airline loyalty programs did for travelers. Renters can redeem points on perks they find in their neighborhood — like a SoulCycle class or a free dessert at a local restaurant.
Since then the company has grown – now it Reward Condo Owners For rent payments, Bilt offers credit cards that can be used for rent payments without transaction fees, and is working to enter the mortgage sector as well
The company connects NYC Built members to neighborhood restaurants such as Torrisi, Grill And TucciThe brand also has relationships with airlines including United, Emirates and KLM-Air France, as well as the Hyatt, Marriott and Hilton hotel chains, and credit card holders and tenants in buildings that use Built can book travel directly on Built's website or app.
From the outside looking in, it appears that Bilt’s rise to unicorn status (a company valued at over $1 billion) happened overnight.
Jain grew up around Seattle, graduated from the Wharton School of Business, and was named to Forbes 30 Under 30 in 2015.
He comes from tech royalty — his father, Naveen, ran InfoSpace, which was worth $31 billion before the dot-com crash of 2000 — and, earlier this year, Jain's marriage to former WWE wrestler Erica Hammond made it even better. He looked like Egyptian royalty. They Got married in front of the Pyramids of Giza at the multi-million dollar bash featuring performances from Robin Thicke and Lance Bass.
However, Jain said it takes a lot of effort to gain a foothold in an established industry like real estate.
“We spent two years trying to introduce the idea of this network, but there was very little progress,” Jain said of bringing together tenants, homeowners, neighborhood merchants and travel partners. “But it's the chicken and the egg problem, where all the travel partners ask, well, who's involved on the property side? The property guys say, who's involved on the merchant side?”
Keeping the flywheel turning comes with its own challenges. In June, The Wall Street Journal Bilt's relationship with credit card provider Wells Fargo may be strained, with Wells Fargo losing $10 million a month on the partnership, Bilt told the Post. Bilt told the Post the relationship is strong and they are working together until at least 2029.
Still, the company continues to grow and expand. Just this week, Built announced a partnership with Walgreens that allows their customers to spend from their FSA and HSA accounts using any credit or debit card.
And Jain, whose company is headquartered in Manhattan's NoHo neighborhood, said he loves the New York lifestyle — “in the office until 8 p.m. … out to dinner with my friends … 6 a.m., back to work.”
“It’s not for everyone, but I love it. And I think New York itself is a selection of incredible people who want to do great things — not change the world with blockchain Prada wallets.”
