Bilt, a housing and neighbourhood commerce FinTech platform, has secured a fresh funding round as it looks to deepen its position in the market.
The company has raised $250m in new primary funding, valuing it at $10.75bn. The round was led by General Catalyst and GID, with further investment from United Wholesale Mortgage.
Bilt began as a service allowing renters to earn rewards on rent payments, but has evolved into a comprehensive platform that connects residents with local merchants and neighbourhood services. The company’s network now includes one in four apartment buildings in the United States and has partnered with over 40,000 merchants nationwide.
The new capital will be used to accelerate Bilt’s expansion plans, including scaling its neighbourhood commerce services, expanding its network of merchants, and investing in its AI-powered neighbourhood concierge that connects residents with personalised local offers. The company aims to process over $100bn annually in housing spend by the end of the year, drive over $10bn in annual neighbourhood merchant transactions, and cross $1bn in revenue by Q1 2026.
Bilt is also preparing to launch Bilt Card 2.0, developed in partnership with Cardless, offering three card options including a no-fee option and premium cards with annual fees of $95 and $495. The new card lineup, set for launch in February 2026, will transition current cardholders from Wells Fargo to the new issuing partner, with enhanced rewards including points on rent and mortgage payments.
Sam Bakhshandepour, CEO of José Andrés Group, said, “The most important customers in our restaurant business are locals. Bilt drives unprecedented connection to the neighbourhood community and helps us deliver an even stronger guest experience. The platform creates exactly the kind of local engagement that makes dining special.”
Ken Chenault, chairman of Bilt, said, “Bilt represents the convergence of America’s largest spending categories—housing and local commerce—into a single, powerful network that benefits everyone involved. What we’re building goes beyond the four walls of your apartment; we’re connecting you with your entire neighbourhood and making every aspect of where you live more rewarding.”
Bilt’s funding history includes previous undisclosed rounds that have supported the development of its core platform, partnerships with 70% of the top 100 property managers in the US, and a community that engages actively across social channels and local initiatives.
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