Rewards startup Bilt raises $250 million in new funding, now valued at $10.75 billion, introducing new Bilt Card 2.0 with three options: no-fee, $95, and $495 annual fee. Wells Fargo partnership ending early due to financial losses, Bilt’s revenue mainly from property manager partnerships and rent payments processing.

Bilt CEO Ankur Jain emphasizes rewards program over credit card, aims to provide best ecosystem for partners. Bilt Card 2.0 to launch in February, current cardholders to transition seamlessly. Chairman Ken Chenault sees Bilt as connecting housing and local commerce for a rewarding neighborhood experience.

Read more at Yahoo Finance: Points-on-rent startup Bilt announces new rewards credit cards with Cardless and a $250 million funding round