Bilt Announces New Credit Cards Issued by Cardless Amid Fundraising Blitz

Big changes are coming to the Bilt platform — and its credit card offering(s).

The loyalty platform for your home and neighborhood announced today on a call with media members that it has raised $250 million in funding, resulting in a valuation of over $10 billion.

The company clearly hasn’t been resting on its laurels, and it’s sharing a vision of the future that includes expansion in many of its core services — including more credit cards from a new issuer. Let’s take a look at the details.

More Bilt Cards Are Coming

We knew that Bilt was considering new cards, based on surveys sent to members. Now, those will become a reality, and Bilt’s CEO said the new cards were a direct result of feedback received from these surveys.

Armed with a fresh infusion of capital, Bilt is setting its sights on taking the platform to the next level. Among the changes are the introduction of a revised version (Bilt hinted at changes to the existing card, but no specifics were shared) of the $0-annual-fee Bilt Mastercard and the introduction of 2 new premium options, which will carry annual fees of $95 and $495, according to a press release.

The so-called “Bilt Card 2.0” is a project being executed in conjunction with Cardless, the U.S.-based Fintech company that recently launched a Coinbase card that earns Bitcoin as rewards.

This means when the Bilt Card 2.0 (and the yet-unnamed premium Bilt Cards) launches in February of next year, Bilt will part ways with Wells Fargo as the issuer. We don’t know yet whether the cards will continue to operate on the Mastercard payment platform or if they’ll move to American Express or Visa.

For now, though, the current Bilt Card remains the same, and the company says it will share more details as the launch date of February 2026 approaches. We expect further details to come in the fall, giving cardholders plenty of advance notice.

Bilt Has Become an All-Encompassing Loyalty Ecosystem

“We aren’t just a credit card company any longer. We are a loyalty program that has credit cards,” said Bilt CEO Ankur Jain on the media call.

Bilt shared that its vision of itself has transformed from that of a credit card issuer purpose-built for people paying rent into a “comprehensive platform that transforms how people experience their home and neighborhood.”

The numbers certainly support this sentiment. Bilt says that its network has signed 1 of every 4 apartment buildings in the U.S. and has become among the largest platforms for processing housing-related transactions via ACH, debit cards, credit cards, and more.

Further, Bilt says that more than 85% of its members use the platform without having the Bilt Card, showing that it has established a presence in neighborhoods from coast to coast and that these transactions offer a value proposition for both the purchaser and the seller.

Bilt wants to make your neighborhood “feel like your own members club” with new tools like its AI-powered “concierge” that can provide recommendations specific to you that, in turn, help boost the local economy.

The press release mentions that further enhancements are coming soon to the neighborhood experience, but no specifics were shared.

Bilt Expands Into More Housing Types

Bilt is also expanding its housing relationships with more types of housing beyond rental apartments. First, it’s partnered with Douglas Elliman, Century Management, and others to enter condo homeowners associations (HOAs), giving condo owners the ability to earn points on their HOA dues and access the entire Bilt platform.

It’s also partnered with Blackstone’s American Campus Communities to allow students to pay their housing costs while earning rewards and to access the Bilt ecosystem and support local businesses on and around their campus.

Finally, Bilt is teaming up with several mortgage servicers, including United Wholesale Mortgage, via an investment of $100 million, with the goal of “revolutionizing the mortgage experience through servicing on to loyalty.” Bilt says it will share more about the partnership with United Wholesale Mortgage this fall.

Final Thoughts

Bilt is looking to the future and sees plenty of room to expand its platform into new housing types alongside the already comprehensive Bilt Rewards program that first launched with a focus on renters.

While we don’t have many details yet, we can tell you that we’re very excited to learn more about the updated Bilt Card and the introduction of 2 all-new premium card options. Bilt will transition existing cardholders from Wells Fargo to Cardless when the time comes, and executives said more than once they are committed to that process being as simple as possible for cardholders.

There’s plenty more to come, and we’ll be keeping you updated every step of the way.