Rocket Cos. Acquires Financial Wellness Platform Truebill

Rocket Cos., a Detroit-based platform company consisting of tech-driven real estate, mortgage, and financial services businesses, today announced it has entered into an agreement to acquire Truebill, a leading personal finance app that helps consumers manage every aspect of their financial lives.
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Today Rocket Cos. in Detroit announced it has acquired leading financial wellness app Truebill. // Courtesy of Truebill
Today Rocket Cos. in Detroit announced it has acquired leading financial wellness app Truebill. // Courtesy of Truebill

Rocket Cos., a Detroit-based platform company consisting of tech-driven real estate, mortgage, and financial services businesses, today announced it has entered into an agreement to acquire Truebill, a leading personal finance app that helps consumers manage every aspect of their financial lives.

The transaction, which is expected to close before the end of the year, is for $1.275 billion in cash.

“We are very impressed with what Truebill has created — providing a simple, intuitive client experience to help its users save significant money,” says Jay Farner, CEO of Rocket Cos. “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 Cos. — leveraging the power of technology to remove the friction from complex transactions — and applies it to everyday life.”

Founded in 2015, Truebill has become popular through its offerings of subscription management, credit score improvement, tracking spending, and building budgets in an all-in-one app. It also renegotiates bills on the clients’ behalf — saving them as much as 20 percent on services including cable and phone bills.

It currently has 2.5 million members and has doubled its user base in just the last year, the company says. TrueBill currently analyzes $50 billion in monthly transaction volume and says it has saved consumers more than $100 million since its founding.

Truebill adds to Rocket Cos.’ end-to-end real estate and home financing platform and automotive sales marketplace, which brings the company closer to its stated goal of creating a centralized destination for consumers to manage their entire financial lives.

“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,” says Haroon Mokhtarzada, co-founder and CEO of Truebill.

“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 home ownership as the centerpiece of a healthy financial life.”

This new line of business will add consistent monthly revenue for Rocket Cos. Today, monthly payments made by clients to the company’s mortgage servicing operations generate $1.3 billion in servicing income on an annualized basis. Truebill is on track to generate $100 million in annual recurring revenue. That number is consistently growing, with 2021 revenue more than doubling that of 2020.

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