Fremont, CA: 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 leading personal finance app that assists consumers in managing every aspect of their financial lives, for $1.275 billion in cash.
Truebill has quickly become the go-to app for consumers who want to live their best financial lives by managing subscriptions, improving credit scores, tracking spending, and creating budgets in a simple, user-friendly app. The company also renegotiates bills on behalf of its clients, saving them up to 20 percent on services such as cable and telephone bills.
Truebill, which was founded in 2015, now has 2.5 million members and has more than doubled its user base in the last year. Since its inception, the company has analyzed $50 billion in monthly transaction volume and saved consumers more than $100 million.
"We are very impressed with what Truebill has created – providing a simple, intuitive client experience to help its users save significant money," remarked 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 use technology to continuously improve their clients' financial health complements Rocket Companies' end-to-end real estate and home financing platform and rapidly growing automotive sales marketplace, bringing Rocket Companies closer to its goal of creating a centralized destination for consumers to manage their entire financial lives.
Rocket Companies interacts with tens of millions of potential clients each year who are looking to buy a car, buy or sell a home, or get a mortgage. The majority of them are simply weighing their options and are not yet ready to make a decision. With the addition of Truebill's financial wellness services, Rocket Companies will have the latest organic growth opportunity as well as a significant channel to nurture clients, keeping them engaged in the company's FinTech ecosystem by giving value in between the large financial transactions for which Rocket Companies is known.