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Nik

@NikMilanovic

Jul 14 • 1 tweets • 1 min read • Read on X

Late last week, news broke that fintech @BiltRewards closed a new $250 million fundraise.

The new funding places the company at a $10.75 billion valuation.

➡️Led by @GeneralCatalyst and GID, with a $100 million strategic investment from @UWMlending.

🏘️ Platform Growth & Usage

➡️Bilt now covers 1 in 4 U.S. apartment buildings and partners with over 40,000 merchants.
➡️More than 85% of users engage with Bilt features without the branded card — through ACH, debit, credit, etc.

Projections

➡️$1 billion+ in revenue by Q1 2026
➡️$100 billion in annual housing transactions by end of year
➡️$10 billion+ in local merchant spend

🌆 Neighborhood Commerce Focus

➡️Services include AI-driven concierge, FSA/HSA-based reimbursements, fitness perks, and merchant “members‑club” experiences
➡️Local merchants, like the José Andrés Group, emphasize how Bilt deepens community connections

🏡 Expansion Across Housing Verticals

➡️Extending into condos, HOAs through partnerships with Douglas Elliman, Century Management, and others
➡️Student housing rollout via joint effort with Blackstone’s American Campus Communities
➡️Launching mortgage payments integration and loyalty, backed by UWM’s strategic investment

💳 Upcoming “Bilt Card 2.0”

➡️Scheduled for February 2026, co-developed with @Cardless.
➡️Will include three tiers: no‑fee, $95‑annual‑fee, and premium $495‑annual‑fee cards.

@twifintech

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More from @NikMilanovic

Nik

@NikMilanovic

Apr 9

Consumer payments aren’t just a product line anymore.
They’re the next war zone.

@jpmorgan's CEO Jamie Dimon published his annual shareholder letter this week, and he flagged an interesting dynamic for banks and fintechs:

@jpmorgan The battle lines?
→ Data access
→ Third-party rails
→ Direct-to-consumer models

Fintech saw them as an opportunity.
Banks now see them as a threat.

@jpmorgan This isn’t just about regulation.
It’s existential.

Banks are investing heavily, rethinking partnerships, and defending distribution.
Not because payments are nice-to-have. Because they’re how you own the customer.

Read 9 tweets

Nik

@NikMilanovic

Mar 20

@Fiserv just made a major play to capture more market-share in Europe.

The payments giant acquired CCV, a Dutch paytech with a 67-year history, expanding its @clovercommerce platform across the Netherlands, Belgium, and Germany. 👇

@Fiserv @clovercommerce This is Fiserv’s second acquisition in weeks (following Payfare) and a clear signal:
It’s doubling down on embedded payments and omnichannel infrastructure.

Why does this matter?

@Fiserv @clovercommerce Clover’s footprint is growing fast.

Already processing $310B annually, this acquisition adds 600,000 businesses to its reach.

Read 8 tweets

Nik

@NikMilanovic

Feb 4

Stock transfers are finally getting a 21st-century upgrade.

For decades, transfer agents—the behind-the-scenes infrastructure that tracks share ownership—have barely evolved.

Outdated systems. Slow processes. Zero innovation.

Now, Fidelity is stepping in with the first major stock transfer overhaul in 30 years.

Fidelity Stock Transfer is a digital-first transfer agent solution designed to modernize how public companies track and manage shares.

For companies going public, this is a huge shift from the legacy, paper-heavy world of stock transfers.

Why does this matter?

Transfer agents are critical to public markets. They:
→ Maintain records of stock ownership
→ Prevent over-issuance of shares
→ Handle corporate actions & shareholder communications

But until now, they’ve been stuck in the past.

Read 6 tweets

Nik

@NikMilanovic

Apr 4, 2022

This is a good time to talk about the dangers of joining fintech startups with super high valuations relative to their progress (or ARR).

Let's assume that you have two fintech companies, Startup A (low-profile) and Startup B (buzzy), competing head-on to build exactly the same product.

(It's more like 5 per YC cohort these days, but...)

What's the danger of joining the buzzy, highly-valued startup?

Startup A has 1 year of product development finished, has more market share, is very low-profile, and raised at a $500mm valuation.

Startup B has 6 months of product development done, has less market share, is super buzzy, and raised at a $1 billion 'unicorn' valuation.

Read 11 tweets

Nik

@NikMilanovic

Mar 13, 2022

@GooglePay

A couple ago, I left my BD & Strategy job at @GooglePay. The next morning, I was on a flight from New York to Kampala for a @twifintech meetup.

@ycombinator

Attitudes on fintech across Africa – on fintech outside of the US for that matter – have shifted dramatically over the past couple years. It’s amazing to see examples like @ycombinator lending its brand to startups from Sudan.

techcrunch.com/2022/03/08/sud…

Early-stage investors are pouring into hubs like Lagos, Cape Town, and Cairo, something that felt like it would take decades to happen, when I wrote this in 2016.

(I got the causal story wrong; I thought only increased FDI would drive startup investment)

techcrunch.com/2016/01/31/afr…

Read 17 tweets

Nik

@NikMilanovic

Apr 16, 2021

We all know that Q1 was a crazy quarter for fintech fundraising - but just how crazy was it?

Fintech companies raised *$17.7 BILLION* in Q1, more than 55% over the highest quarter we've ever tracked.

The number of #fintech deals has been sharply ticking upwards:

- 130 funding rounds in Q1 '20
- Up to 211 rounds in Q4 '20
- Up to *301* rounds in the last quarter

Put differently, funding grew quarter-to-quarter at an 800% CAGR.

Against Q1 '20 (which itself was already showing signs of a frenzy...), venture funding into fintech has still grown at a 160% CAGR.

Read 4 tweets

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