Bilt Rewards launched in 2019 with a simple idea. If you can get credit-card rewards for buying a round of drinks, why can’t you get them for paying your rent? After a shambolic and short-lived partnership with Wells Fargo, the company is back with bigger ambitions: to be the platform powering 12% of the economy — housing services — plus a big chunk of what people spend on dining, workouts, healthcare, and other local services. It’s a little Amex, a little Shopify, and a little Square, and a test of a big question we’ve had about business today: Why does every company want to be a membership club? Liz and Rohan talk to Bilt CEO Ankur Jain to find out.

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