Funds to the tune of $250 million have been amassed for a rental payment platform amidst a valuation of $10.75 billion
In a significant move for the housing industry, Bilt has secured a $250 million investment at the launch of Bilt Card 2.0. The funding round, led by General Catalyst and GID Investment Advisers, also saw participation from United Wholesale Mortgage.
The investment values Bilt at $10.75 billion, positioning the company as one of the largest payments platforms for housing transactions. Bilt operates across ACH, debit cards, credit cards, and more, processing billions annually.
With this investment, Bilt is poised to cross the $1 billion revenue mark by Q1 2026. The company's platform has evolved into a full loyalty ecosystem for home and neighbourhood, driving business to local merchants through its marketplace.
United Wholesale Mortgage, a key investor, sees Bilt's platform as delivering a better servicing experience and everyday rewards that create loyalty. The investment also aims to create a new pipeline of origination for its broker network.
Bilt's expansion includes condo & HOA, student housing, and mortgage services. The company announced its entry into mortgage through direct partnerships with mortgage servicers. By the end of the year, Bilt is expected to be processing over $100 billion annually in housing spend.
Enhanced rewards, including points on both rent and mortgage, will be offered with Bilt Card 2.0, scheduled to launch in February 2026. Current cardholders will be transitioned to the new card platform at this time.
Interestingly, more than 85% of Bilt members use the platform without the Bilt card, demonstrating the wide-ranging appeal of Bilt's services. The company boasts partnerships with 70% of the nation's top 100 property managers.
The funding will accelerate the company's expansion across the entire housing ecosystem, aiming to drive over $10 billion annually to neighbourhood merchants. Bilt also provides value-added services to property managers and merchants, further solidifying its role in the housing industry.
With these developments, Bilt is set to revolutionise the housing ecosystem, offering a better servicing experience, everyday rewards, and a new pipeline of origination for its partners.
