BILT has announced a funding round of $250 million at a valuation of $10.75 billion. As part of this they have also announced that they will be ditching Wells Fargo as a card issuing partner and instead partnering with Cardless to launch BILT 2.0. In total three new cards will be launched:
- No annual fee
- $95 annual fee
- $495 annual fee
The new cards will launch in 2026. We don’t know exactly what these cards will look like benefits wise but they did send out a survey. It was rumored that Wells Fargo was losing $10 million a month on the BILT card so this change of card issuer is not a surprise. The partnership with Wells Fargo was due to end in 2029 and according to WSJ it was Wells Fargo that decided to exit the agreement. BILT will also be expanding into mortgages, student housing and Condo & HOA.
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