Bilt valued at $10.8 billion in latest funding round

By Prakhar Srivastava

July 10 (Reuters) - Bilt Rewards was valued at $10.75 billion in its latest funding round led by General Catalyst and GID, the loyalty program-focused fintech firm said on Thursday, signaling renewed investor interest in financial platforms.

Bilt, which allows renters and homeowners to earn rewards on housing payments, raised $250 million in the round, with participation from United Wholesale Mortgage.

Fintech startups are seeing renewed interest after years of sluggish funding, as demand for digital financial services shows signs of picking up.

"Bilt's raise confirms that investors will shell out for platforms that monetize payment flows and can demonstrate a clear glide path to profit," said Michael Ashley Schulman, partner at Running Point Capital Advisors

In its previous funding round in January 2024, the company secured a valuation of $3.1 billion.

Bilt said the latest funding round will help speed up its expansions in condo, homeowners association, student housing and mortgage.

"The data Bilt is collecting on renters and expects to collect on homeowners with their upcoming mortgage payment rewards is uber valuable" Schulman said.

"They will have the data to create a tremendous pipeline for mortgage brokers and other home, residence, and neighborhood services." he added.

The company is working on developing a new card in partnership with Cardless, aiming to roll out its "Bilt Card 2.0" in February 2026.

Bilt added that existing cardholders will move from Wells Fargo WFC.N to the new platform after the product launch.

The Wall Street Journal reported that Wells Fargo plans to terminate its co-branded credit-card agreement with Bilt, after it became a money-losing venture.

Wells Fargo declined a Reuters request for comment.