Bilt Rewards


Bilt Rewards is a payments and commerce network that focuses on credit offerings with rent and mortgages. Founded by Ankur Jain in 2019 and headquartered in New York City, the company offers point-based rewards on rent payments, amongst other purchases. The card is issued through Wells Fargo.

History

Bilt Rewards was founded in 2019 by Ankur Jain, a serial entrepreneur. Jain serves as the company's chief executive officer. The company officially launched in 2021.
In 2022, Bilt Rewards received investment of $150 million, which was led by Left Lane Capital, with additional investments from Smash Capital, Wells Fargo, Kairos, Greystar, Camber Creek, Fifth Wall, and Prosus Ventures.
In 2023, Wells Fargo and Bilt Rewards renegotiated their partnership program due to financial losses.
In August 2024, Bilt Rewards was valued at $3.25 billion after investment from Ontario Teachers Pension Plan.
In March 2025, Bilt Rewards acquired Banyan, a fintech company providing item-level receipt data infrastructure.
In April 2025, Bilt partnered with American Campus Communities, a student housing provider, offering rewards on monthly campus housing payments.
In July 2025, Wells Fargo announced it would end its partnership with Bilt Rewards ahead of schedule, as it was losing up to $10 million per month through Bilt Rewards. Their partnership was initially set to end in 2029. In that same month, Bilt Rewards announced that it would be developing its Bilt 2.0 card with Cardless, a fintech firm, and the company's valuation reached $10.75 billion.
In October 2025, Bilt partnered with United Wholesale Mortgage to offer rewards on mortgage payments, similar to its rent program. In the next month, the company would also partner with Rakuten Rewards, allowing for Rakuten cash back to be swapped for Bilt points.

Bilt 2.0

In January 2026, Bilt Rewards announced a significant restructuring of its credit card program, branded as "Bilt 2.0." The transition marked the end of the company's partnership with Wells Fargo for its primary credit card product. The original no-annual-fee Bilt Mastercard was replaced by a tiered lineup of three new cards issued by Column N.A. and serviced by Cardless: the Bilt Blue, Bilt Obsidian, and Bilt Palladium.
The update introduced a dual-currency system featuring "Bilt Cash," a secondary reward earned on everyday spending, and expanded the program's scope to include rewards for mortgage payments. Following initial user criticism regarding the complexity of using Bilt Cash to offset new transaction fees, Jain announced a revised structure two days after the launch. This revision allows cardholders to choose monthly between the Bilt Cash model and a simplified tiered system that awards 0.5x to 1.25x points on housing payments based on the volume of their non-housing expenditures.