CONNECT WITH US
Fintech

Fintech

Bilt tackles sports with $300M deal

Payments Dive logo

Published on

Add as a preferred source on Google
Bilt tackles sports with $300M deal

The rent-rewards startup aims to stretch beyond housing payments and credit cards by buying Lava, a technology firm that focuses on sports loyalty.

Bilt Technologies, a fintech best known for letting its users earn reward points in exchange for charging their rent to a credit card, has agreed to acquire the sports loyalty technology firm Lava in a $300 million deal, the companies said Monday.

“Sports have an extraordinary ability to bring people together, yet the relationship between teams, fans and their neighborhoods has barely been tapped,” Bilt founder and CEO Ankur Jain said in a statement. “Lava has built incredible technology connecting sports organizations with their fans. Bringing that together with Bilt opens up an entirely new frontier for what membership and loyalty can mean.”

Lava’s platform harnesses more than 300 technology adapters connecting point-of-sale, identity, loyalty, ticketing and payments – through which sports teams and entertainment venues can recognize customers, cater personalized benefits, manage loyalty programs and partner in real-time experiences, the company said.

It boasts relationships with 56 professional sports franchises, including the NFL’s Detroit Lions, NBA’s Denver Nuggets and NHL’s Carolina Hurricanes.

“Teams have built extraordinary loyalty, and Bilt brings the network to make that loyalty valuable across everyday life,” said Lava co-founder Vivek Ranadivé, who also owns the NBA’s Sacramento Kings. “Lava joining Bilt will help our partners turn sports fandom into a neighborhood economy that works for fans, teams and local businesses every day.”

With the deal, Bilt aims to combine its artificial intelligence agents with Lava’s real-time engagement technology to create personalized benefits through local businesses, based on a web of shared data points.


Source link
Related Topics:Fintech

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.