Bilt announced it has successfully raised a new round of funding of $250 million, with the company valued at $10.75 billion. The financing was led by General Catalyst and GID, with further investment from United Wholesale Mortgage. They are developing a new card to better meet demand.
Bilt Card 2.0 is expected to launch in February 2026 and include three different products: a no-fee card, plus premium cards with annual fees of $95 and $495. With the new card launch, existing cardholders will also transition to Bilt’s new card platform, Cardless. The exact transition process and enhanced rewards mechanics will be announced in early fall.
As a smaller card-issuing platform, Cardless has weaker perks stability, but Bilt should have relatively stronger control over it. It is hard to say whether this card will improve or worsen. However, based on Bilt’s progress over the past two years, it has already become a force in the credit-card space that cannot be ignored.
