Bilt Acquires Lava to Boost Sports Loyalty Programs
Bilt Technologies, a fintech company known for its rent-charging rewards program, has acquired sports loyalty firm Lava in a $300 million deal. The acquisition, announced Monday, aims to merge Bilt’s AI capabilities with Lava’s real-time engagement technology.
Lava’s platform connects point-of-sale, identity, loyalty, ticketing, and payment systems, enabling sports teams and venues to offer personalized benefits and manage loyalty programs. The company has partnerships with 56 professional sports franchises, including the Detroit Lions, Denver Nuggets, and Carolina Hurricanes.
Bilt founder and CEO Ankur Jain stated, “Sports have an extraordinary ability to bring people together, yet the relationship between teams, fans and their neighborhoods has barely been tapped.” He believes the acquisition will open up new possibilities for membership and loyalty programs.
Lava co-founder Vivek Ranadivé, who also owns the Sacramento Kings, said, “Teams have built extraordinary loyalty, and Bilt brings the network to make that loyalty valuable across everyday life.” The combined entity aims to create a neighborhood economy that benefits fans, teams, and local businesses.
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Bilt’s network includes 7 million members in residential communities and partnerships with 50,000 merchants. The acquisition may also help Bilt move past its recent public breakup with Wells Fargo, which ended a credit-card partnership over financial concerns.
The deal allows Lava to expand its technology beyond sports venues. Lava CEO and co-founder Wen Miao said, “Loyalty shouldn’t begin and end on game day.” The combined company aims to redefine loyalty, making it a part of everyday life.
The acquisition comes after Bilt faced scrutiny from the Consumer Financial Protection Bureau, which ordered the company to reimburse 500 customers for fees charged during its transition to a new bank partner. As Bilt handles these challenges, the Lava deal presents an opportunity to refocus its efforts and drive growth in a new direction.
