Bilt has raised $250 million in funding, reaching a valuation of $10.75 billion, more than double its value last year. The company will launch Bilt Card 2.0 in February, featuring a no-fee option plus two premium options with annual fees of $95 and $495. Wells Fargo and Bilt ended their partnership on the Bilt Rewards Mastercard earlier than planned. Bilt generates significant revenue from partnerships with property managers and has built a $1 billion-a-year business via its rewards program.
Bilt has built a $1 billion-a-year business on the strength of its rewards program, which processes rent payments and partners with property managers.
The company has raised $250 million in new funding, increasing its total valuation to $10.75 billion, more than twice what it was last year.
Bilt Card 2.0, an updated credit card launching in February, will feature three options: a no-fee option and two premium options with annual fees of $95 and $495.
Wells Fargo and Bilt are ending their partnership on the Bilt Rewards Mastercard earlier than expected, originally set to last until 2029.
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