Bilt Card: The Iceberg CEO Wants You to See

Ankur Jain, CEO of Bilt, asserts that the company's flagship card constitutes less than 11% of its overall business. He likens the card to the tip of an iceberg, with the substantial B2B platform comprising the larger entity. This platform is anticipated to generate $1 billion in revenue by the end of 2026, a significant increase from approximately $200 million in 2024.

Following a $250 million funding round in July 2025, Bilt's valuation soared to $10.75 billion. The company's platform is present in one in four U.S. apartment buildings, facilitating over $100 billion in annual housing payments and directing nearly $20 billion to local merchants over the past year.

Bilt faced customer criticism in February 2026 when it launched Card 2.0 with a new issuer, Cardless, replacing the Wells Fargo Mastercard. The changes to the rewards structure and benefit loopholes led to backlash on Reddit. Jain acknowledged a messaging misstep, clarifying that previous benefits remained, and introduced an AI service called Neighborhood Concierge.

Despite the controversy, Jain considers the rollout a success, noting that while 10% of users who exploited the old system have departed, the remaining 90% are more engaged. Hotel bookings have quadrupled year-over-year, and overall engagement has more than doubled. Approximately 83% of existing cardholders adopted one of the new card tiers, contributing to Bilt's user base of over 5 million members.