Ankur Jain says Bilt is building the 'Shopify for housing'-and the company's card is only the beginning | Fortune

Bilt positions its card as a minor component of a broader business. The platform processes more than $100 billion in annual housing spend and routes nearly $20 billion to neighborhood merchants. Bilt claims it operates in one out of four U.S. apartment buildings and expects revenue to exceed $1 billion by the end of the year, up from about $200 million in 2024. The company’s valuation is reported at $10.75 billion after a $250 million round. Card 2.0 launched after Wells Fargo exited the partnership, replacing the Wells Fargo Mastercard with a new issuer and a three-tier fee structure. Changes to rewards and rent calculations triggered customer backlash, followed by an apology and a second point-accrual option.

"“Our mistake was spending so much time talking about the new stuff and not reinforcing that the old stuff's not going away,” he said. Rent earners are now getting 1.25x on housing-more than under the prior program. Bilt also released Neighborhood Concierge, an AI service that books restaurants,"

"The company is valued at $10.75 billion after a $250 million round in July 2025-more than 3x its August 2024 mark. According to him, Bilt sits inside one in four U.S. apartment buildings, processing more than $100 billion in annual housing spend, and routing nearly $20 billion in spend to neighborhood merchants in the last year."

"In February, Bilt launched Card 2.0 from a new issuer, Cardless, replacing the Wells Fargo Mastercard. Wells Fargo, which had issued the Bilt Mastercard since 2022, exited early on the partnership that was meant to run through 2029. (The program turned into a money-loser for the bank.) Bilt's response was Card 2.0, a three-tier lineup with annual fees of $0, $95, and $495, and a rewards structure built around a parallel currency called Bilt Cash."

"Customers, who had built spreadsheets around the old rewards math, didn't take kindly to the new system because it closed some card benefit loopholes customers had exploited, and changed how its rent rewards would be calculated. The r/biltrewards subreddit lit up. Ultimately, Jain apologized and Bilt provided a second point-accrual option within days."

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