Ankur Jain says Bilt is building the ‘Shopify for housing’—and the company’s card is only the beginning

Ankur Jain wants everyone to know the Bilt card is “less than 11%” of his business.

Sitting across from me, the hospitality platform CEO and co-founder kept returning to a metaphor: his company’s flagship card—the thing that made Bilt and gets it tagged, tweeted, and torched on Reddit—is the tip of an iceberg. The rest is a B2B platform that, according to Jain, will clear $1 billion in revenue by the end of this year, up from roughly $200 million in 2024. 

The company is valued at $10.75 billion after a $250 million round in July 2025—more than 3x its August 2024 mark. According to him, Bilt sits inside one in four U.S. apartment buildings, processing more than $100 billion in annual housing spend, and routing nearly $20 billion in spend to neighborhood merchants in the last year.

Now the part Jain would rather not relitigate: In February, Bilt launched Card 2.0 from a new issuer, Cardless, replacing the Wells Fargo Mastercard. Wells Fargo, which had issued the Bilt Mastercard since 2022, exited early on the partnership that was meant to run through 2029. (The program turned into a money-loser for the bank.) Bilt’s response was Card 2.0, a three-tier lineup with annual fees of $0, $95, and $495, and a rewards structure built around a parallel currency called Bilt Cash.

Customers, who had built spreadsheets around the old rewards math, didn’t take kindly to the new system because it closed some card benefit loopholes customers had exploited, and changed how its rent rewards would be calculated. The r/biltrewards subreddit lit up. Ultimately, Jain apologized and Bilt provided a second point-accrual option within days.

The miss, Jain conceded, was messaging. “Our mistake was spending so much time talking about the new stuff and not reinforcing that the old stuff’s not going away,” he said. Rent earners are now getting 1.25x on housing—more than under the prior program. Bilt also released Neighborhood Concierge, an AI service that books restaurants, fitness classes, and travel........

© Fortune