Bilt buys sports loyalty platform Lava for $300 million
Bilt just bought Lava for three hundred million dollars.
The short version
- The sports loyalty platform was co-founded by Vivek Ranadive.
- Forty employees will join the rewards company over coming months.
- The deal brings sports fandom into rent and neighborhood perks.
Why it matters to you. For your business or your rent payments, this means a growing rewards network that now reaches straight into the stadium.
Bilt, a fintech company that lets customers earn rewards from rent and mortgage payments, just bought Lava, a sports loyalty technology platform, in a deal valued at 300 million dollars, according to the Sports Business Journal. Lava was co-founded by Vivek Ranadive, the owner of the Sacramento Kings professional basketball team.
Bilt founder and CEO Ankur Jain said the transaction is already closed and that Lava's 40 employees and brand will be integrated with Bilt over the coming months. Jain explained that the strategy is to connect customer experiences from the home and restaurants directly into the world of sports fandom.
This marks Bilt's fourth acquisition, following recent deals for receipt data platform Banyan, travel commission management platform Sion, and smart home tech provider Livly. Following this purchase, Bilt will launch a dedicated live events division covering sports and entertainment. No outside financial advisers were used in the transaction.
