Rocket Companies recently announced it has entered into an agreement to acquire Truebill, a personal finance app that helps consumers manage their financial lives, for $1.275 billion in cash.
Truebill allows consumers to manage subscriptions, improve credit scores, track spending and build budgets. The company also renegotiates bills on its clients’ behalf—saving them as much as 20% on services including cable and telephone bills, according to the company.
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, it reports.
“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, in a statement. “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.”
With the addition of Truebill’s financial wellness services, Rocket Companies will have both a new organic growth opportunity and a channel to nurture clients—keeping them engaged in the company’s FinTech ecosystem by providing value between the large financial transactions that Rocket Companies is known for, said the company.
“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, in a statement. “The synergy between Truebill and the Rocket Companies platform could not be stronger, especially when you consider the importance of homeownership as the centerpiece of a healthy financial life.”
Truebill was recently ranked No. 19 on the Deloitte Fast 500 list of the fastest-growing technology and life sciences companies in North America. It was also named the No. 1 Consumer Tech company on The Information’s list of the 50 Most Promising Startups.
The deal is expected to close prior to the end of the year.
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