The following is a letter from Bilt Founder and CEO Ankur Jain to Bilt Members.

Dear Members,

We're accelerating our mission to connect where you live with your neighborhood.

Today we’re also announcing our expansion across all housing categories, mortgage plans, and the upcoming Bilt Card 2.0.

Today marks a defining moment in our journey to transform how Americans engage with their largest spending categories. We're thrilled to announce that Bilt has raised $250 million in new primary funding, valuing our company at $10.75 billion. The round was led by General Catalyst and GID with further investment from United Wholesale Mortgage. This milestone reflects the incredible momentum we've built as the nation's largest comprehensive loyalty platform that connects where you live with your neighborhood.

How We've Built the Future of Home and Neighborhood

What started as a revolutionary idea—allowing renters to earn rewards on their largest monthly expense—has evolved into something far more ambitious: a comprehensive platform that transforms how people experience their home and neighborhood. Bilt's network of homes has now signed 1-in-4 apartment buildings across the United States, partnered with over 40,000 merchants nationwide.

Our platform has grown from a card business into a full loyalty ecosystem for home and neighborhood, driven by partnerships with property managers and local merchants. More than 85% of our members now use Bilt's platform without the Bilt card, as we have built an ecosystem that serves all residents who live in our network of homes—with any payment method of their choice. We operate as one of the largest payments platforms for housing transactions, processing across ACH, debit cards, credit cards, and more, while driving business to merchants in our local network through our marketplace and providing value-added services to property managers and merchants—all while ensuring our members are rewarded for their largest monthly expense and everyday neighborhood spending.

The numbers speak to our rapid growth:

• Expected to cross $1 billion in revenue by Q1 2026
• Will be processing over $100 billion annually in housing spend by end of year
• Will be driving over $10 billion annually to neighborhood merchants
• Our Bilt Points have been ranked as the highest value rewards currency in market (see here)
• Partnerships with 70% of the nation's top 100 property managers

We're Making Your Neighborhood Feel Like Your Own Members Club

We're continuing to scale our neighborhood commerce services to merchants, creating an experience that makes your neighborhood feel like your own members club. Local merchants already know you, you get best-in-class hospitality and service, can pay with points or charge to your room, and have access to unique benefits like our automatic FSA/HSA reimbursements, complimentary items at fitness studios, and much more.

Our AI-powered neighborhood concierge helps introduce our residents to local merchants with personalized recommendations, strengthening the local economy while enhancing the member experience. This isn't just about transactions—it's about building vibrant communities where people truly love where they live.

"The most important customers in our restaurant business are locals," said Sam Bakhshandepour, CEO of José Andrés Group. "Bilt drives unprecedented connection to the neighborhood community and helps us deliver an even stronger guest experience. The platform creates exactly the kind of local engagement that makes dining special."

We'll be announcing some really exciting new benefits in the coming months that will further enhance this members club experience in your neighborhood.

"Bilt represents the convergence of America's largest spending categories—housing and local commerce—into a single, powerful network that benefits everyone involved," said Ken Chenault, Chairman of Bilt. "What we're building goes beyond the four walls of your apartment; we're connecting you with your entire neighborhood and making every aspect of where you live more rewarding."

We're Expanding Our Network Across All Housing Categories

This funding round accelerates our expansion across the entire housing ecosystem:

Condo & HOA Expansion: We're growing our network of homes beyond traditional apartments, expanding into condo HOAs with recent partnerships, including Douglas Elliman, Century Living, and more. This brings our comprehensive platform to homeowners who want to earn rewards on their HOA fees while accessing neighborhood benefits.

Student Housing: We've launched with Blackstone's American Campus Communities, bringing our platform to student housing nationwide. Students can now earn rewards on their housing payments while discovering local businesses around campus.

Mortgage Expansion: We're announcing our expansion into mortgage through direct partnerships with mortgage servicers, revolutionizing the mortgage experience from origination through servicing on to loyalty. United Wholesale Mortgage has invested $100 million into this round as part of an exciting strategic partnership. More details on this partnership will be announced this fall.

"Bilt's platform will drive tremendous value for our brokers by delivering a better servicing experience and everyday rewards that create loyalty, while also creating a new pipeline of origination for our broker network," said Mat Ishbia, CEO of United Wholesale Mortgage. "We think this represents the future of how customers will engage with their mortgage throughout the entire homeownership journey."

We will continue to expand with other mortgage servicers in the industry.

We're Introducing Bilt Card 2.0: Built by Your Feedback

Earlier this year, we received incredible feedback from tens of thousands of our Members about what they wanted from their Bilt Card experience going forward. Based on that feedback, we have been developing new cards that deliver the depth and breadth of product experience you all have asked for. Bilt Card 2.0 is being developed in partnership with Cardless—the platform which recently launched the American Express Coinbase card. The new card lineup will include three distinct products designed to serve Bilt's diverse member base: a no-fee card option, along with premium cards featuring $95 and $495 annual fees, respectively.

Bilt Card 2.0 launches in February 2026, and current cardholders will be seamlessly moved from Wells Fargo to our new card platform at that time. More details about the new issuing partner, enhanced rewards including points on both rent and mortgage, the broader card value prop, and the transition process will all be announced early fall. Everything stays the same for you today, and we'll walk you through the exciting transition as we get closer to launch.

This next-generation card experience represents our commitment to listening to our members and continuously innovating to provide the most valuable rewards currency in the market.

Our Platform Is Built for Growth

What makes Bilt special isn't just our scale—it's our flywheel effect. More properties in our network attract more merchants, which creates more value for residents, which attracts more properties. This virtuous cycle, powered by our AI-driven commerce platform and comprehensive merchant integrations, creates an ecosystem that becomes stronger with each new participant.

Our members aren't just customers; they're part of a community that spans from coast to coast. With highly engaged social media followers, one of the most active communities on Reddit globally, and vibrant local neighborhood experiences, we're building something that goes far beyond traditional loyalty programs.

What's Next for Our Community

As we continue scaling our network and expanding into new verticals, we remain focused on our core mission: making where you live more rewarding. Whether you're paying rent, buying your first home, or discovering a new restaurant in your neighborhood, Bilt is there to make every experience more valuable.

To you, our members, who have joined us on this journey: thank you for choosing Bilt and for being part of building the future of housing and neighborhood commerce. To our partners across real estate, hospitality, and travel: thank you for believing in our vision and helping us create unprecedented value for our members.

This is just the beginning. Together, we're not just building a company—we're building a movement that helps millions of Americans love where they live.

Thank you for being part of the Bilt community,

Ankur Jain

CEO & Founder, Bilt

About Bilt

Bilt is the payments and commerce network that transforms housing and neighborhood spend into rewards and benefits for everyone involved, and the first program to allow members to earn rewards on rent and HOA payments while building a path to homeownership. The Bilt Alliance—developed in partnership with some of the nation’s largest residential owners and operators—is a network of more than 4.5 million homes across the country that rewards residents on each residential payment and enables property managers to increase resident loyalty and cost savings. Launched in June 2021, Bilt boasts one of the highest value rewards programs on the market today—including one-to-one point transfers for travel across major airlines and hotel partners; fitness classes at the country's top boutique studios; limited-edition and exclusive collections of art and home decor through the Bilt Home Collection; and the ability to use Bilt Points for rent credits, toward a future down payment on a home, or toward eligible student loans. For more information, visit www.bilt.com.

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