Sitting across from me, the hospitality platform CEO and co-founder kept returning to a metaphor: his company’s flagship card—the thing that made Bilt and gets it tagged, tweeted, and torched on Reddit—is the tip of an iceberg. The rest is a B2B platform that, according to Jain, will clear $1 billion in revenue by the end of this year, up from roughly $200 million in 2024. 

The company is valued at $10.75 billion after a $250 million round in July 2025—more than 3x its August 2024 mark. According to him, Bilt sits inside one in four U.S. apartment buildings, processing more than $100 billion in annual housing spend, and routing nearly $20 billion in spend to neighborhood merchants in the last year.

Now the part Jain would rather not relitigate: In February, Bilt launched Card 2.0 from a new issuer, Cardless, replacing the Wells Fargo Mastercard. Wells Fargo, which had issued the Bilt Mastercard since 2022, exited early on the partnership that was meant to run through 2029. (The program turned into a money-loser for the bank.) Bilt’s response was Card 2.0, a three-tier lineup with annual fees of $0, $95, and $495, and a rewards structure built around a parallel currency called Bilt Cash.

Customers, who had built spreadsheets around the old rewards math, didn’t take kindly to the new system because it closed some card benefit loopholes customers had exploited, and changed how its rent rewards would be calculated. The r/biltrewards subreddit lit up. Ultimately, Jain apologized and Bilt provided a second point-accrual option within days.

The miss, Jain conceded, was messaging. “Our mistake was spending so much time talking about the new stuff and not reinforcing that the old stuff’s not going away,” he said. Rent earners are now getting 1.25x on housing—more than under the prior program. Bilt also released Neighborhood Concierge, an AI service that books restaurants, fitness classes, and travel through Bilt’s existing merchant pipes.

Despite the mishap, Jain still frames the rollout as a success. Rroughly 10% of users were “gaming the system” under the old structure, and Bilt was willing to lose them, he said. The 90% who stuck around, according to him, are spending more—hotel bookings have more than 4x’d year over year, and total engagement has more than doubled in absolute terms. Bloomberg reported that 83% of existing cardholders signed up for one of the new cards. The platform already has more than 5 million members. 

Where Jain gets animated is the merchant side. Bilt is plugged into Toast, Resy, OpenTable, SevenRooms, Mindbody, and the property management stacks of Greystar, AvalonBay, and Brookfield, with 45,000-plus merchants in the network. The company makes money on software fees, usage fees, and merchant commissions—a model Jain compared to Shopify.

As for agentic commerce, in Jain’s framing, only Google, Anthropic, and Bilt have the breadth of demand-side merchant integrations to power AI commerce in the physical world. The company’s annual CEO letter leans into that—”home is where commerce begins”—and Bilt is pushing into mortgages, condo HOAs, and FSA/HSA reimbursement at Walgreens and Bed Bath.

But what’s next for the startup, is neither IPO nor a sale. “You sell the company, you don’t have a platform to actually go do things,” he said. His benchmark on platform thinking, he told me, is a long-ago dinner with Larry Page, during which the former Google CEO told him about sending Eric Schmidt to North Korea to try to see if they could negotiate bringing internet access to the country (A move made possible by Google’s platform and standing). 

So while the card has long been Bilt’s headline, the next 18 months will be about whether anyone notices the rest.

Also, Anthropic announced today a $65 billion Series H round at a $965 billion post-money valuation. This milestone overtakes rival OpenAI’s valuation.

See you Monday,

Lily Mae Lazarus
X: @LilyMaeLazarus
Email: lily.lazarus@fortune.com
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VENTURE DEALS

- Garner Health, a New York City-based digital health platform that helps patients find health care providers using data and financial incentives, raised $100 million in Series E funding. Index Ventures led the round and was joined by Kleiner Perkins, Redpoint, Thrive, Sequoia, Founders Fund, and Kaiser Permanente Ventures.

- Orbital Industries, a London, U.K.-based developer of AI systems that design advanced materials and industrial hardware, raised $50 million in Series B funding. Plural led the round and was joined by NVentures and others.

- Daloopa, a New York City-based provider of structured financial data infrastructure designed to improve the accuracy of AI agents and agentic workflows, raised $47 million in Series C funding. Brighton Park Capital led the round and was joined by Squarepoint Capital, Touring Capital, and Nexus Venture Partners.

- Gray Swan, a Pittsburgh, Penn.-based AI security company, raised $40 million in Series A funding. Madrona and Wing Venture Capital led the round and were joined by Obvious Ventures, Snowflake Ventures, Hudson River Trading, Samsung Next, and existing investor Magarac Venture Partners.

- H1, a New York City-based AI platform that helps life sciences and pharmaceutical companies identify health care professionals for clinical research and medical outreach, raised $40 million in funding. CVS Health Ventures led the round.

- Utilidata, an Ann Arbor, Mich.-based power orchestration company for AI data centers, raised $40 million in Series C funding led by Renown Capital Partners and joined by Keyframe Capital.

- Canals, a Coral Gables, Fla.-based developer of AI for wholesale distribution, raised $35 million in funding. Base10 Partners led the round.

- Triomics, a New York City-based AI company designed to automate oncology workflows for cancer centers, raised $22 million in Series B funding. Battery Ventures led the round and was joined by existing investors.

- Modiqo, a San Francisco-based AI infrastructure startup that helps companies run deterministic, locally executed AI agent workflows, raised $3 million in pre-seed funding. Heavybit and Seligman Ventures led the round and were joined by Irregular Expressions.

PRIVATE EQUITY

- Juniper Landscaping, a portfolio company of Bregal Partners, acquired Hilton Head Landscapes, a Hilton Head Island, S.C.-based landscaping company. Financial terms were not disclosed.

- Periscope Equity acquired a majority stake in Amusement Connect, a Kansas City, Mo.-based cashless game payment solution platform. Financial terms were not disclosed.

- Swoop, a portfolio company of New Mountain Capital, acquired Nimble, a Redwood City, Calif.-based prescription management platform. Financial terms were not disclosed.

EXITS

- Apollo Funds acquired a minority stake in Apex Service Partners, a Dallas, Texas-based HVAC, plumbing, and electrical services business, from Alpine Investors. Financial terms were not disclosed.

- Frazier Healthcare Partners acquired Altruix, a Hunt Valley, Md.-based behavioral health pharmacy platform, from WindRose Health Investors. Financial terms were not disclosed.

IPOS

- Entrata, a Lehi, Utah-based software platform for managing multifamily rental properties, filed to go public on the New York Stock Exchange. The company posted $536 million in revenue for the year ended March 31. Silver Lake, TPP Capital Advisors, and Dragoneer Investment Group.

PEOPLE

- Tikehau Capital, a Paris, France-based private equity firm, promoted Guillaume Arnaud to Head of France and Deputy Chief Executive Officer of Tikehau Investment Management.