Rocket Companies, the Detroit-based platform company consisting of tech-driven real estate, mortgage and financial services businesses — including Rocket Mortgage, Rocket Homes and Rocket Auto — has entered into an agreement to acquire Truebill, the personal finance app that helps consumers manage every aspect of their financial lives, for $1.275 billion in cash. The deal is expected to close prior to the end of the year.
Truebill manages managing subscriptions, improves credit scores, tracks spending and builds budgets in a simple, easy-to-use app. The company also renegotiates bills on its clients’ behalf — saving them as much as 20% on services including cable and telephone bills. Founded in 2015, Truebill currently has 2.5 million members, and has doubled its user base in just the last year. The company currently analyzes $50 billion in monthly transaction volume and has saved consumers more than $100 million since its founding.
“We are very impressed with what Truebill has created: providing a simple, intuitive client experience to help its users save significant money,” said Jay Farner, CEO of Rocket Companies. “The company is a perfect fit for the Rocket platform. Truebill’s work helping Americans keep track of their finances and providing guidance that leads to better financial outcomes follows the same philosophy as Rocket Companies — leveraging the power of technology to remove the friction from complex transactions — and applies it to everyday life.”
Truebill’s ability to leverage technology to constantly improve its clients’ financial health adds to Rocket Companies’ end-to-end real estate and home financing platform and quickly growing automotive sales marketplace – bringing Rocket Companies closer to the goal of creating a centralized destination for consumers to manage their entire financial lives, the company said.
“What my co-founders and I originally created as a subscription cancelation app has become so much more. Now, millions of Americans are trusting us to help them take control of their financial lives. By joining forces with the Rocket FinTech powerhouse, we will be able to extend our reach and seamlessly connect consumers with even more services,” said Haroon Mokhtarzada, co-founder and CEO of Truebill. “The synergy between Truebill and the Rocket Companies platform could not be stronger, especially when you consider the importance of home ownership as the centerpiece of a healthy financial life.”
