The company is expanding its offerings with tie-ups with retailers and mortgage service providers.

Bilt Rewards, which offers users reward points for paying their rent, said on Thursday that it has more than tripled its valuation to $10.8 billion in a fresh funding round.

The company is also ending a credit-card partnership with Wells Fargo, CEO Ankur Jain said in a blog post, adding that it is developing another card in collaboration with Cardless, which recently launched the American Express Coinbase card.

Bilt said it has raised $250 million in a new primary funding round, led by General Catalyst and GID, with further investment from United Wholesale Mortgage. The company added that it expects to cross $1 billion in revenue by the first quarter of 2026 and will be processing over $100 billion annually in housing spend by the end of this year.

The company began its journey by convincing users to pay rent through credit cards instead of wire transfers or payment cheques. It has now moved into other areas, including working with retailers and mortgage service providers.

"Bilt's platform will drive tremendous value for our brokers by delivering a better servicing experience and everyday rewards that create loyalty, while also creating a new pipeline of origination for our broker network," said Mat Ishbia, CEO of United Wholesale Mortgage.

The new cards are expected to be launched by February 2026. Bilt said its new card lineup will include three distinct products, which include a no-fee card option, along with premium cards featuring annual fees of $95 and $495, respectively.

Retail sentiment on Stocktwits about Wells Fargo, Bilt’s initial partner, was in the ‘bearish’ territory.

According to a report by The Wall Street Journal, Wells already began exploring options for the partnership soon after it was launched in 2022, following the start of booking losses. Bilt reportedly structured the card so landlords won’t incur transaction fees.

According to the report, some inside Wells Fargo were also concerned about potential money-laundering risks associated with the partnership, which have since been addressed by the companies involved. Earlier this year, the bank reportedly informed Bilt that the card’s terms would have to be revised entirely, or the bank would consider exiting the program.

Wells Fargo stock has gained nearly 16.9% this year.

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