After Wells Fargo Split, Bilt Wants to Turn Mortgage Payments Into Loyalty Rewards

• Bilt different: The popular rent payment rewards program, Bilt, is expanding into mortgages after ending its partnership with Wells Fargo.

• Flood pains: The recent deadly flood in Texas reveals the state’s ongoing problem with zoning and land use.

• Apartment store: A French retailer has had success with a reinvention of the traditional department store that blends retail with dining, spa, art, and events.

• Upcoming webinar: Mixed-use projects promise vibrant, walkable neighborhoods—but what does it really take to make them work? Sign up

Editor’s Pick

After Wells Fargo Split, Bilt Wants to Turn Mortgage Payments Into Loyalty Rewards

Bilt Rewards has spent the last five years turning one of the most mundane expenses—rent—into a loyalty engine. Now, flush with fresh funding and a sky-high $10.8 billion valuation, the company is betting that it can do the same for mortgages, reshaping the home finance landscape in the process.

The startup announced Thursday that it raised $250 million in a round led by General Catalyst and real estate investor GID, with a significant $100 million investment from United Wholesale Mortgage. The injection more than triples Bilt’s valuation from last year and positions it to extend its reach far beyond urban renters.

It’s a bold move at a moment of flux. The residential real estate sector has been grappling with high rates, affordability crises, and a wary younger generation often hesitant to buy. Bilt’s pitch: Why not make the biggest payment of your life—your mortgage—work for you, just like a flight or a hotel stay?

Bilt CEO Ankur Jain believes the company’s loyalty platform can become the "neighborhood rewards" ecosystem, complementing premium offerings from giants like American Express and Chase.

But while Bilt’s future looks promising now, its split with longtime partner Wells Fargo highlights the risks lurking behind the scenes. The bank announced plans to exit its flashy rent-rewards credit card program with Bilt, despite a partnership initially set to run through 2029.

The break wasn’t exactly amicable. Wells Fargo had hoped the Bilt card would help court a younger demographic that might later turn into mortgage customers. But the math didn’t add up. The bank was reportedly losing as much as $10 million a month, partly because most Bilt cardholders were paying off their balances in full, thereby denying Wells the juicy interest income it had anticipated.

To make matters worse, Wells shouldered the fees landlords refused to pay, while internal audits raised flags about potential money-laundering vulnerabilities in the rent-payment ecosystem. By early this year, Wells gave Bilt an ultimatum: rework the terms, or we’re out. In response, Bilt began shopping for a new issuer, courting big names like Barclays and Synchrony Financial. Ultimately, Bilt tapped fintech firm Cardless to build its "Bilt Card 2.0," set to launch in February.

While the Wells exit could have been a stumbling block, Bilt has turned it into a narrative of evolution. The company is now pursuing mortgage servicing relationships, leveraging its rewards flywheel to make homeownership—and the associated payments—feel like part of a lifestyle brand rather than a burdensome financial obligation.

United Wholesale Mortgage CEO Mat Ishbia views Bilt’s platform as a new origination pipeline and a means to deepen broker relationships through loyalty, rather than just rates.

In an industry where customer relationships often end after the sale, Bilt aims to keep homeowners engaged for life, turning every monthly payment into an opportunity for brand building and cross-selling. If successful, Bilt could shift the conversation around home finance. But as its messy Wells divorce showed, the path to transforming rent and mortgage payments into a rewards bonanza is anything but frictionless.

Overheard

Technology

The Next Big Trend in Retail Might Be the 'Apartment Store'

America’s department store model has long been in decline, with annual sales falling about 69% from their 1999 peak and over 1,000 locations closed since 2016. Once ubiquitous anchors like Sears have gone bankrupt, while brands such as Neiman Marcus and Saks have merged to stay afloat. The shift has been driven by e‑commerce, discount chains, and luxury labels favoring standalone boutiques.

Now, a French retailer might have a replacement for empty department stores. Printemps, a Parisian retailer, opened a 55,000‑square‑foot flagship in Manhattan’s Financial District this March. Designed more like a luxury apartment than a typical department store, it features multiple restaurants, a champagne bar, spa and beauty services, an espresso café under a green‑and‑white circus tent, art installations, and museum‑quality décor. The strategy is to draw visitors in not just to shop, but to linger, mirroring the diversified experience that helped European department stores grow revenue by roughly 10% over five years.

Early indicators are encouraging, with strong opening‑week traffic and sales surpassing expectations. But industry watchers caution that it’s still early to say whether this “apartment‑store” concept can take hold broadly in the U.S. The model hinges on consumers embracing immersive, service‑centric retail—and the big question remains whether American shoppers will go beyond novelty and treat it as a daily destination.

Texas Floods Expose Risky Growth and Weak Land-Use Policies

The deadly floods that recently swept through Central Texas, devastating Camp Mystic and surrounding areas, underscore a critical flaw in the state’s growth-at-all-costs mindset. With 1.3 million homes statewide sitting in flood-prone zones, Texas' lax land-use rules leave millions exposed. Counties, unlike cities, lack zoning authority to restrict risky development, a gap magnified by the state’s surging population and fervent private property ethos.

While federal flood insurance standards exist, enforcement is patchy, and many local regulations are outdated or easily bypassed. Political hesitance to restrict building—even in known danger zones—reflects a broader tension: protecting property rights versus safeguarding lives. As climate change intensifies storms, outdated flood maps and rapid development compound the risks.

Experts warn that Texans' deep connection to riverfront living, coupled with weak county oversight, invites repeat tragedies. Calls are growing for stronger statewide action to empower local governments and modernize floodplain management.

The Hill Country’s rapid growth, now pushing development deeper into vulnerable areas, is becoming much more risky. Without policy shifts, Texas may remain caught in a cycle of rebuilding in harm’s way.

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