Bilt CEO and founder Ankur Jain announced that the company has raised $250 million in funding at a valuation of $10.75 billion. General Catalyst and GID led the funding round with further investment from United Wholesale Mortgage.
These are some of the company’s recent milestones
— Expected to cross $1 billion in revenue by Q1 2026
— Will be processing over $100 billion annually in housing spend by the end of the year
— Will be driving over $10 billion annually to neighborhood merchants
— Partnerships with 70% of the nation’s top 100 property managers
Bilt is continuing to scale its neighborhood commerce services to merchants, creating an experience that makes your neighborhood feel like your own members club. And the company’s AI-based neighborhood concierge helps introduce residents to local merchants with personalized recommendations, strengthening the local economy while enhancing the member experience.
How the funding will be used: This funding round accelerates the company’s expansion across the entire housing ecosystem:
1.) Condo & HOA Expansion – The company is growing its network of homes beyond traditional apartments, expanding into condo HOAs with recent partnerships, including Douglas Elliman, Century Management, and more. And this brings a comprehensive platform to homeowners who want to earn rewards on their HOA fees while accessing neighborhood benefits.
2.) Student Housing – The company launched with Blackstone’s American Campus Communities, bringing the platform to student housing nationwide. And students can now earn rewards on their housing payments while discovering local businesses around campus.
3.) Mortgage Expansion: The company announced expansion into mortgage through direct partnerships with mortgage servicers, revolutionizing the mortgage experience from origination through servicing, and on to loyalty. And United Wholesale Mortgage has invested $100 million into this round as part of a strategic partnership, with more details to be revealed later.
Bilt Card 2.0: Earlier this year, the company received feedback from tens of thousands of our Members about what they wanted from their Bilt Card experience going forward. With this feedback, the company has been developing new cards that deliver the depth and breadth of product experience you all have asked for.
Bilt Card 2.0 is being developed in partnership with Cardless—the platform that recently launched the American Express Coinbase card. And the new card lineup will include three distinct products designed to serve Bilt’s diverse member base: a no-fee card option, along with premium cards featuring $95 and $495 annual fees, respectively.
Bilt Card 2.0 will be launching in February 2026, and current cardholders will be seamlessly moved from Wells Fargo to the new card platform at that time. More details about the new issuing partner, enhanced rewards including points on both rent and mortgage, the broader card value prop, and the transition process will all be announced later this year.
KEY QUOTES:
“This milestone reflects the incredible momentum we’ve built as the nation’s largest comprehensive loyalty platform that connects where you live with your neighborhood.”
“What started as a revolutionary idea—allowing renters to earn rewards on their largest monthly expense—has evolved into something far more ambitious: a comprehensive platform that transforms how people experience their home and neighborhood.”
Our platform has grown from a card business into a full loyalty ecosystem for home and neighborhood, driven by partnerships with property managers and local merchants. More than 85% of our members now use Bilt’s platform without the Bilt card, as we have built an ecosystem that serves all residents who live in our network of homes—with any payment method of their choice. We operate as one of the largest payments platforms for housing transactions, processing across ACH, debit cards, credit cards, and more, while driving business to merchants in our local network through our marketplace and providing value-added services to property managers and merchants—all while ensuring our members are rewarded for their largest monthly expense and everyday neighborhood spending.
Ankur Jain, Bilt CEO and founder
“The most important customers in our restaurant business are locals. Bilt drives unprecedented connection to the neighborhood community and helps us deliver an even stronger guest experience. The platform creates exactly the kind of local engagement that makes dining special.”
Sam Bakhshandepour, CEO of José Andrés Group
“Bilt represents the convergence of America’s largest spending categories—housing and local commerce—into a single, powerful network that benefits everyone involved. What we’re building goes beyond the four walls of your apartment; we’re connecting you with your entire neighborhood and making every aspect of where you live more rewarding.”
Ken Chenault, Chairman of Bilt
“Bilt’s platform will drive tremendous value for our brokers by delivering a better servicing experience and everyday rewards that create loyalty, while also creating a new pipeline of origination for our broker network. We think this represents the future of how customers will engage with their mortgage throughout the entire homeownership journey.”
Mat Ishbia, CEO of United Wholesale Mortgage
