Bilt Raises $250 Million, Launches New Rewards Credit Cards with Cardless

Bilt, a rewards startup, raised $250 million, increasing its valuation to $10.75 billion. The company introduced Bilt Card 2.0, a new credit card offering developed in partnership with Cardless, with three options and annual fees ranging from $0 to $495. Bilt ended its partnership with Wells Fargo on the Bilt Rewards Mastercard earlier than expected, citing losses. Bilt's revenue now comes mainly from property management partnerships, with the credit card expected to occupy a minor role in the company's plans.

Bilt, a rewards startup, has raised $250 million in a funding round that has increased its valuation to $10.75 billion. The company has introduced Bilt Card 2.0, a new credit card offering developed in partnership with Cardless, with three options and annual fees ranging from $0 to $495. Bilt has also announced that it will end its partnership with Wells Fargo on the Bilt Rewards Mastercard earlier than expected, citing losses.

The funding round was led by General Catalyst and GID with further investment from United Wholesale Mortgage. The capital will be used to accelerate Bilt's housing and neighborhood commerce platform. The company has seen rapid growth, with its platform now serving 1-in-4 apartment buildings across the United States and processing over $100 billion annually in housing spend [2].

Bilt's revenue now comes mainly from property management partnerships, with the credit card expected to occupy a minor role in the company's plans. The company's platform has grown to include over 40,000 merchants nationwide and has been ranked as the highest value rewards currency in the market [2].

The new Bilt Card 2.0, developed in partnership with Cardless, offers three options with annual fees ranging from $0 to $495. The card will be available to current Wells cardmembers, who will transition to the Cardless product by February 2026. The cards will be at three different price points: no annual fee, $95 annual fee, and $495 annual fee [1].

Bilt's Chairman, Ken Chenault, stated that the company's mission is to connect where people live with their neighborhood, transforming how Americans engage with their largest spending categories. The company has partnerships with major property managers and local merchants, offering rewards and unique benefits to its members [2].

Bilt's expansion plans include condo and HOA expansion, student housing, and mortgage services. The company has already partnered with Douglas Elliman, Century Living, and Blackstone's American Campus Communities to expand its network of homes beyond traditional apartments [2].

References:
[1] https://viewfromthewing.com/bilt-rewards-hits-10-75-billion-valuation-leaving-wells-fargo-for-3-new-cardless-cards-coming-in-february/
[2] https://www.morningstar.com/news/business-wire/20250710461384/bilt-raises-250-million-at-1075-billion-valuation-to-accelerate-housing-and-neighborhood-commerce-platform