The addition of the financial wellness services of Truebill is expected to give a new organic growth opportunity to Rocket Companies
Dashboard of the desktop version of Truebill. (Credit: Truebill)
Rocket Companies, a US-based tech conglomerate, has agreed to acquire personal finance app Truebill in an all-cash deal worth $1.27bn.
The Truebill app helps consumers by managing subscriptions, boosting credit scores, monitoring their spending, and creating budgets.
Based in Maryland, the company analyses the spending habits of its members, identifies inefficiencies, and provides immediate methods to enhance their financial health
It is also said to renegotiate bills on the behalf of its clients.
Truebill, which was founded in 2015 as a subscription cancellation app, is claimed to have 2.5 million members. The fintech company is said to currently analyse $50bn in monthly transaction volume.
In June 2021, Truebill raised $45m in a Series D funding round led by Accel.
Rocket Companies CEO Jay Farner said: “We are very impressed with what Truebill has created – providing a simple, intuitive client experience to help its users save significant money.
“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.”
Rocket Companies stated that Truebill’s ability to utilise technology to constantly enhance the financial health of its clients adds to its end-to-end real estate and home financing platform as well as its automotive sales marketplace.
Currently, Rocket Companies owns tech-driven real estate, financial and mortgage services businesses that include Rocket Mortgage, Rocket Auto, and Rocket Homes.
The addition of the financial wellness services of Truebill is expected to give Rocket Companies a new organic growth opportunity and a substantial channel to nurture clients by keeping them engaged in its fintech ecosystem.
Truebill co-founder and CEO Haroon Mokhtarzada said: “By joining forces with the Rocket FinTech powerhouse, we will be able to extend our reach and seamlessly connect consumers with even more services.
“The synergy between Truebill and the Rocket Companies platform could not be stronger, especially when you consider the importance of homeownership as the centrepiece of a healthy financial life.”
The transaction is expected to close by the end of this year.