Real estate, mortgage and financial services platform Rocket Companies on Monday (December 20) entered a agreement to acquire the personal finance app Truebill for $1.275 billion in cash.
Truebill’s app manages subscriptions, helps users improve their credit scores, tracks spending and creates budgets for its 2.5 million members. The company, which doubled its user base last year, also renegotiates customers’ bills, often saving them 20% on services, including cable and phone bills.
According to the press release, the company handles about $50 billion in monthly transaction volume and has saved customers more than $100 million since launching in 2015.
“We are very impressed with what Truebill has created – providing a simple and intuitive customer experience to help their users save a significant amount of money.” Jay Farner, CEO of Rocket Companies, in the joint announcement. “The company is a perfect fit for the Rocket platform.
“Truebill’s work to help Americans keep track of their finances and provide guidance that leads to better financial results follows the same philosophy as Rocket Companies: Harnessing the power of technology to take the friction out of complex transactions and applying it to everyday life”.
Rocket Companies works with tens of millions of potential customers looking to buy a car, buy or sell a home, or get a mortgage each year, according to the release. The acquisition of Truebill provides both companies with the opportunity to expand their reach in the financial wellness industry.
“What my co-founders and I originally created as an unsubscribe app has become so much more.” Haroon Mokhtarzada, co-founder and CEO of Truebill, said in the announcement. “Now millions of Americans trust us to help them take control of their financial lives.
“By joining forces with the power of Rocket FinTech, we will be able to expand our reach and seamlessly connect consumers with even more services. The synergy between Truebill and the Rocket Companies platform couldn’t be stronger, especially when you consider the importance of homeownership as the centerpiece of a healthy financial life.”
In June, Quicken Loans and Better’s Rocket Mortgage partnered with American Express to help people looking for home loans.
Amex customers who obtain mortgages from those companies can access a credit statement of $2,000 for conforming mortgages or $6,000 for jumbo mortgages.