Bilt Rewards reports $1 billion revenue target for 2026

He described the card as the visible portion of a larger B2B platform that he projects will reach $1 billion in revenue by the end of 2026, up from roughly $200 million in 2024. The company is valued at $10.75 billion following a $250 million funding round completed in July 2025.

Jain said Bilt operates inside one in four U.S. apartment buildings, processes more than $100 billion in annual housing spend, and routed nearly $20 billion in spend to neighborhood merchants over the past year.

Card issuer change and customer response In February, Bilt replaced its prior issuer, Wells Fargo, with Cardless and introduced Card 2.0, a three-tier product line carrying annual fees of $0, $95, and $495. The new structure uses a parallel currency called Bilt Cash and altered how rent rewards are calculated.

Some customers objected to the changes, which closed certain benefit loopholes present under the previous program. Jain said the company later added a second point-accrual option after receiving feedback. Rent rewards now pay 1.25 times on housing spend, an increase from the prior rate.

Merchant network and future plans Bilt maintains integrations with Toast, Resy, OpenTable, SevenRooms, Mindbody, and property-management systems used by Greystar, AvalonBay, and Brookfield. The network includes more than 45,000 merchants. Revenue comes from software fees, usage fees, and merchant commissions.

Jain said the company has more than 5 million members. Bloomberg reported that 83 percent of existing cardholders enrolled in one of the new card tiers. Hotel bookings have increased more than fourfold year over year, and overall engagement has more than doubled, according to Jain.

The company does not plan an initial public offering or sale in the near term. Jain said the next 18 months will focus on expanding services such as mortgages, condo HOA payments, and FSA/HSA reimbursements.