Payments and rewards platform Bilt continues to expand. The firm has raised $250 million in new primary funding at a valuation of $10.75 billion. The round was led by General Catalyst and GID.
“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,” said founder and CEO Ankur Jain in a letter to the firm’s members.
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Industry veteran Margette Hepfner will begin her new role as executive director of resident loyalty at Bilt on Aug. 1. She joins as the company continues to roll out its new Resident Loyalty 2.0 platform. Associate editor Leah Draffen caught up with Hepfner to learn more about her new role.
According to Bilt, its network of homes has signed 1 in 4 apartment buildings across the nation and partnered with over 40,000 merchants. The funding round also will help the firm expand across the housing ecosystem, mortgage plans, and the upcoming Bilt Card 2.0.
Bilt is going beyond its network of traditional apartments, expanding into condo HOAs with recent partnerships, including Douglas Elliman and Century Management, to provide the platform for condo owners who want to earn rewards on their HOA fees while accessing Bilt’s neighborhood benefits. It also announced in April that it was expanding its network to include student housing communities, with American Campus Communities, a Blackstone portfolio company, as its launch partner.
In addition, the firm is expanding into mortgage through direct partnerships with servicers. United Wholesale Mortgage invested $100 million in this round of funding as part of a strategic partnership; more details will be released this fall.
Bilt also plans to launch its Bilt Card 2.0 in February after receiving feedback from members. It is being developed in partnership with Cardless, the platform that recently launched the American Express Coinbase card. The Bilt Card 2.0 will offer three distinct products to serve its diverse member base: a no-fee option along with premium cards with $95 and $495 annual fees, respectively.
In his letter to members, Jain also highlighted some key numbers that speak to the firm’s growth:
• Partnerships with 70% of the nation’s top 100 property managers;
• The expectation of crossing the $1 billion mark in revenue by the first quarter of 2026; and
• The processing of over $100 billion annual in housing spend by the end of 2025.
