FinTech News
Bilt Raises $250 Million, Announces “2.0” Card Line-Up
Bilt has not only announced another mega-round but also a fresh eleven-figure valuation and new expansion details.
About Bilt’s Latest Funding Round:
Today, Bilt announced that it had reaised $250 million in new funding. Moreover, this new round values the company at $10.75 billion. The round was led by General Catalyst and GID with United Wholesale Mortage also partcipating with a $100 million investment. This follows a $150 million venture round round that Bilt closed nearly one year ago. Prior to that, the company raised a $200 million round in January 2024, which valued Bilt at $3.1 billion.
Bilt’s Expansion Plans and Bilt Card 2.0:
With news of this new investment, Bilt also revealed some new details about its expansion plans. First, it was revealed that the Bilt Mastercard will move from Wells Fargo to the FinTech issuer Cardless. Additionally, upon this transition, three different card options will be offered: a no-annual-fee edition, a $95 annual fee card, and a $495 annual fee card. According to Bilt, current cardholders will be “seamlessly moved” from Wells Fargo over to Cardless. “Bilt 2.0” is expected to launch in February 2026.
Bilt also gave an update on its long-anticipated venture into mortgage payments. As the compnay explains, this expansion will be made via direct partnerships with mortgage servicers — starting with investor United Wholesale Mortgage. More details on this partnership are due to be announced “this fall.”
What They’re Saying:
Commenting on this latest round and the future of the company, Bilt chairman Ken Chenault said, “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.”
My Thoughts:
Wow. There’s a lot going on here. First, congratulations to Bilt on a massive funding round and valuation.
Turning to the product announcements, I’m not surprised to see that Bilt is going to offer three tiers of credit cards following the survey they sent to members a few months ago. I am curious to see what the $95 and $495 versions look like as I was partial to one planned mid-tier version after taking said survey.
Finally, while I’m excited about Bilt’s expansion into mortgage payments, I’m worried about their plans to work directly with mortgage servicers. Customers don’t often get to choose these. For example, while our mortgage originated with United Wholesale Mortgage, it was quickly sold and, later, our servicer changed as well — with both changes being completely out of our control. Therefore, I’m a bit concerned that some customers might get the card because they have an eligible servicer, but then lose their ability to earn rewards due to a switch in companies. That would be a big bummer, so I hope that’s not what ends up happening under this proposed model.
Regardless, I’m very excited to see where Bilt goes from here and will keep an eye out for more info as February draws nearer.
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