$400M/year Oneworld of housing

Jan-Erik Asplund
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TL;DR: After evolving from a card company to a hybrid payments processor and proptech SaaS, Bilt now handles rent payments for 70% of the top-100 multifamily portfolios. Post Wells Fargo partnership at a Sacra-estimated $400M revenue run rate, its upside now hinges on building the Oneworld Alliance for housing. For more, check out our full report and dataset on Bilt.

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Key points via Sacra AI:

  • Founded in 2021, Bilt found explosive product-market fit as a credit card that gives rewards points on rent—a category which makes up 50%+ of all spend for Gen Z & Millennials and was previously unaddressable due to the 2-3% processing fee landlords would have to pay to accept credit.Bilt made it work through a novel workaround funded by their banking partner Wells Fargo: cardholders pay rent via Bilt’s online portal, Bilt manually sends funds via ACH or check to their landlord, and Wells Fargo eats the processing fee while giving Bilt a 0.8% rake on all rent paid through the cards, betting that Bilt cardholders would make it up by generating 1) interest revenue through revolving balances and 2) interchange revenue through non-rent purchases.
  • In 2023, Bilt morphed from a co-branded card company to a hybrid payments and embedded SaaS company, launching a “Pay-by-Bilt” button for property managers (now 70% of the top-100 multifamily portfolios) to accept payments via their Yardi, RealPage, or other tenant-facing portal. When embedded as a payments processor for landlords like Douglas Elliman, Equity Residential, and Greystar, Bilt collects a 0.6–0.9% take rate on transaction volume and in return landlords can offer Bilt rewards points to current & prospective tenants as a form of lease incentives & retention that’s cheaper than the standard offering of “1–2 months free”.
  • As Bilt evolves into a rewards & loyalty network that spans renters, landlords & neighborhood merchants—the Oneworld Alliance of housing—Sacra estimates that Bilt has hit a $400M revenue run rate in March 2025, up from $280M at the end of 2024, raising $250M at a $10.75B valuation for a 27x revenue multiple from strategic real estate investors like GID and United Wholesale Mortgage. Wells Fargo officially announced the end of its card partnership with Bilt last month after burning ~$10M per month subsidizing rewards—because Bilt cardholders avoided non-rent spend or carrying balances—prompting Bilt to plan a new three-tier card program for 2026 with fintech issuer Cardless, while also exploring mortgage referral revenue streams via its partnership with United Wholesale Mortgage to convert renters into homeowners.

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