Sacra estimates that Bilt hit $400M in annual revenue run rate in Q1 2025, up from $280M at the end of 2024 and $113M at the end of 2023. This explosive growth trajectory reflects the company's expansion from processing $36 billion in annual rental payments across 4.5 million apartment units to building a comprehensive neighborhood commerce network that generated $5 billion in merchant transaction volume in 2024.

The revenue mix has shifted dramatically as Bilt moved beyond its original Wells Fargo-subsidized credit card model. While the company emphasizes that the majority of its current revenue comes from payment processing fees charged to landlords and property management companies, the underlying economics tell a more complex story. With 5 million total members and 15% using the Bilt Mastercard at average monthly rents between $2,700 and $3,500, the Wells Fargo partnership still generates an estimated $190M to $250M annually through the bank's 0.8% subsidy on rent payments.

The remaining revenue splits between transaction fees from rent processing through major property management systems like RealPage, Yardi, and MRI, where Bilt earns 0.6% to 0.9% per transaction, and neighborhood merchant commissions of approximately 1.5% to 2% on Bilt-attributed sales. Property managers also pay additional fees for lease renewal incentives and resident loyalty programs funded through Bilt's points system.

Bilt raised $150 million in August 2024 led by Teachers' Venture Growth, bringing total funding to $710 million. The round valued the company at $10.75 billion, representing a 27x multiple on their current revenue run rate.

Key investors across funding rounds include General Catalyst, which led a $200 million round in January 2024, along with Eldridge, Left Lane Capital, Camber Creek, Prosus Ventures, Wells Fargo, and Mastercard. The company has also secured strategic investments from major property management companies including Douglas Elliman, Equity Residential, Greystar, and Related, which serve as both customers and equity holders.

The valuation appears rich compared to similar hybrid payments and SaaS models, with Toast trading at 3.4x revenue on $4.6 billion in 2024 revenue and Olo at approximately 4x revenue on $235 million in annual revenue.

Bilt is a rewards and payments platform that turns rent payments and neighborhood spending into transferable loyalty points, similar to airline frequent flyer programs but focused on housing and local commerce. The platform operates through two main channels: the Bilt Mastercard for individual consumers and the Bilt Alliance network embedded directly into property management systems.

For renters using the Bilt Mastercard, the process works through a unique behind-the-scenes arrangement where consumers pay rent through Bilt's online portal, Bilt reimburses landlords via ACH or check, and Wells Fargo absorbs the 2-3% processing fee while paying Bilt 0.8% on all rent volume. Cardholders earn points on rent payments that transfer 1:1 to major airline and hotel programs, plus additional rewards on dining, travel, and everyday purchases.

The Bilt Alliance covers approximately 4.5 million apartment units where renters pay through their property's existing online portal and earn points automatically. These buildings integrate Bilt directly into property management software, allowing landlords to run retention campaigns, renewal incentives, and referral programs using points instead of traditional cash discounts. Residents in Alliance buildings earn 250 points per monthly rent payment, significantly less generous than the Mastercard program.

The neighborhood commerce component connects over 40,000 local businesses including restaurants, gyms, salons, and retailers through POS integrations with Toast and Lightspeed. Renters earn additional points when spending at participating merchants within 15 miles of their home address, while businesses gain access to targeted customer acquisition campaigns aimed at nearby residents.

Bilt's recent acquisition of Banyan adds item-level receipt recognition technology, enabling the platform to identify specific purchases and automatically categorize eligible expenses for FSA and HSA reimbursement. All rent payments are automatically reported to credit bureaus, helping renters build credit history.

Bilt operates as a hybrid payment processor and loyalty network that monetizes through transaction fees, merchant commissions, and banking partnership subsidies. The company's B2B2C model embeds payment infrastructure directly into property management systems while offering consumer-facing rewards to drive engagement and spending.

The core monetization comes from processing rent payments where Bilt earns 0.6% to 0.9% in transaction fees from landlords and property management companies. This covers approximately $36 billion in annual rental payments across 70% of the top 100 multifamily owners. Property managers also pay additional fees for resident engagement tools, lease renewal campaigns, and loyalty program management.

Neighborhood merchant revenue generates 1.5% to 2% commissions on Bilt-attributed sales, creating a scalable income stream from the $5 billion in annual merchant transaction volume. Local businesses pay these fees to access targeted marketing campaigns and customer acquisition tools focused on nearby residents.

The Wells Fargo partnership provides substantial subsidy revenue through 0.8% payments on all rent volume processed through the Bilt Mastercard, plus $200 bounties per new cardholder signup. This arrangement was designed to generate interchange revenue from everyday spending and interest income from revolving balances, but most cardholders use the card primarily for rent payments without carrying debt.

Bilt's cost structure resembles a combination of payment processing and software platform economics. The company maintains thin margins on transaction processing while investing heavily in technology infrastructure, merchant network expansion, and customer acquisition. The model scales through network effects as more buildings attract more residents, which in turn draws more local merchants seeking access to the customer base.

Direct competitors like Stake and Piñata are building alternative approaches to rent-based rewards and payments. Stake offers 4% cash-back on rent through a debit banking model and has expanded into collections technology through its acquisition of Circa, combining incentives with past-due payment recovery. This addresses a pain point that Bilt hasn't solved natively and could appeal to property managers dealing with delinquency issues.

Piñata targets younger renters with gift card rewards from brands like Target and Amazon instead of airline points, using a freemium model monetized through advertising and affiliate deals. While smaller in scale, Piñata's lower-cost structure makes it accessible to smaller landlords that Bilt serves only indirectly through property management integrations.

Esusu focuses specifically on rent reporting to credit bureaus, charging property owners per door to furnish payment data without offering consumer rewards. The platform covers 3 million units and has secured partnerships with state housing agencies, creating a potential foundation for adding loyalty features later. This specialized approach could appeal to landlords primarily interested in tenant retention through credit building rather than points-based incentives.

Traditional rent payment processors like BoomPay and RentPlus offer basic online payment functionality embedded in property management software, while newer entrants like Zillow's rental platform are adding rent reporting modules. These solutions lack Bilt's comprehensive rewards network but provide simpler, lower-cost alternatives for basic payment processing.

Major property management software providers including RealPage, Yardi, and MRI are building their own payment and resident engagement modules to capture more value from their existing customer relationships. These incumbents have deep integration advantages and established billing relationships with property managers, potentially reducing their dependence on third-party solutions like Bilt.

Banks including JPMorgan Chase and Wells Fargo are developing their own rent payment and rewards products, leveraging existing credit card portfolios and banking relationships. While these efforts lack Bilt's specialized focus on housing, they benefit from lower customer acquisition costs and integrated financial services.

Mortgage payment rewards represent Bilt's largest expansion opportunity, with the company planning to launch homeowner point earning through partnerships with servicers like United Wholesale Mortgage in late 2025. This extends Bilt's addressable market from $36 billion in annual rent payments to the $1.9 trillion mortgage payment market, while creating a natural progression for renters transitioning to homeownership.

The upcoming Bilt Card 2.0 program will replace the single no-fee Mastercard with a three-tier lineup including $95 and $495 annual fee options issued through fintech partner Cardless. This shift enables Bilt to generate upfront revenue from annual fees while offering premium perks to justify higher price points and encourage non-rent spending.

Essential spending categories including grocery, gas, and parking are being added to the neighborhood benefits network, targeting the 80% of consumer spending that occurs within 15 miles of home. This expansion leverages Bilt's existing merchant infrastructure while significantly increasing the addressable transaction volume per member.

Single-family rental and condo markets offer substantial growth potential beyond Bilt's current multifamily focus. The company has begun integrating with SFR operators like Invitation Homes and high-rise condo managers, addressing faster-growing housing segments with higher average rents and different resident demographics.

Home purchase rewards through the eXp Realty partnership creates a lead generation engine where buyers earn points on home purchases while Bilt captures referral fees from real estate transactions. This keeps members in the network after they leave the rental market and provides access to higher-value financial transactions.

Geographic expansion through national operators like Greystar, which operates 1,500+ properties, gives Bilt immediate presence in secondary markets previously outside its reach. Each new building integration provides access to thousands of residents at near-zero customer acquisition cost.

Item-level purchase data from the Banyan acquisition enables more sophisticated merchant targeting and closed-loop offer management. Bilt can now track specific product purchases and automatically process FSA and HSA reimbursements, creating additional revenue streams from healthcare and benefits administration.

The neighborhood merchant network expansion from 40,000 to over 100,000 locations could triple merchant transaction volume from $5 billion to $15 billion annually. This growth depends on continued merchant recruitment and retention as local businesses evaluate whether Bilt-driven customer traffic justifies commission payments.

Mortgage origination and real estate services create opportunities for Bilt to earn referral fees and commissions on high-value financial transactions. Converting even 2-3% of renters annually into homebuyers through United Wholesale Mortgage would generate substantial incremental revenue beyond payment processing fees.

Wells Fargo transition: With Wells Fargo exiting the partnership three years early after losing $10 million monthly, Bilt must migrate over 1 million cardholders to a new issuer through Cardless without a confirmed major bank partner. The replacement issuer is unlikely to match Wells Fargo's generous 0.8% rent payment subsidy and $200 per-signup bounty, forcing Bilt to either reduce rewards significantly or pass costs to consumers through annual fees, potentially driving substantial cardholder churn and undermining the value proposition that initially attracted users.

Landlord leverage concentration: Bilt's dependence on a small number of large property management companies creates negotiating risk as these partners hold substantial leverage and many are also equity investors in the company. Major operators like Equity Residential, Greystar, and Related could act collectively to renegotiate transaction fees downward from the current 0.6% to 0.9% range, or potentially develop competing in-house solutions, significantly impacting Bilt's core revenue stream from rent processing.

Merchant network sustainability: The neighborhood commerce revenue model faces inherent churn risk as local restaurants, gyms, and retailers continuously evaluate whether Bilt-driven customer traffic justifies paying 1.5% to 2% commissions on attributed sales. If merchants don't achieve sustained increases in customer visits or spending, or if economic pressures reduce discretionary neighborhood spending, Bilt's anticipated growth in merchant-related revenue could stall, undermining a key pillar of the company's post-Wells Fargo business model.