Tl;dr – The upstart rewards credit card that allows you to earn on rent purchases eyes its next growth arena.
Bilt Rewards, the credit card company that allows you to earn rewards on rent, recently raised new funding at a whopping $10 billion valuation according to a report from Axios. This figure represents a significant increase from its most recent valuation of $3.25 billion, as of last August.
With the new infusion of capital, it’s expected that some insiders will cash out via secondary sales. Regarding plans for the latest money infusion, Bilt is allegedly eyeing a move into mortgages. It’s unclear exactly what model the rewards company will pursue (mortgages can be notoriously complex), but evidently, the company seems to see enough opportunity in the space to sell that story to its investors.
Bilt’s been in the news a lot as of late. Last year, a series of reports hinted at trouble between Bilt and one of its bank partners, Wells Fargo, claiming that Wells Fargo was allegedly losing millions of dollars a month in the partnership and was seeking an exit. Bilt denied those reports and this year achieved some significant wins in inking new transfer partners for its travel rewards program. In the first half of 2025 alone, Bilt added Qatar Airlines, Southwest Airlines, and notably Japan Airlines, of which it’s the only major US-based transferable currency to have a direct transfer relationship.
My Take
I’ve yet to jump into the Bilt game. Although there appears to be value there, in many ways I feel like the train to outsized, big-time rewards left the station after the company transitioned from the growth-at-all-costs stage to figuring out a path to profitability.
$10 billion is more than a 200% increase off its valuation from one year ago. I’d be super curious to know what underlying numbers justify such a significant increase, or if there are some compelling initiatives that Bilt has yet to announce, which have investors extremely excited.
