UWM backs Bilt as rent rewards expand to mortgages

Bilt Rewards, the platform best known for doling out rewards points for rent payments, more than tripled its valuation to $10.8 billion in a fresh funding round as it seeks to do the same for mortgages. 

The firm is also ending its relationship with Wells Fargo & Co., according to a letter to customers that was shared with Bloomberg. 

Bilt raised $250 million in the funding round led by General Catalyst and real estate investor GID, which were joined by home lender United Wholesale Mortgage, it said in the letter.

“We started five years ago with a direct-to-consumer card, but the business has evolved,” Bilt Chief Executive Officer Ankur Jain said Thursday in an interview.

READ MORE: UWM to bring servicing in-house via “neutral” ICE Mortgage

Bilt initially targeted the broad swath of…