Rocket Companies Adds Personal Finance App Truebill for $1.275B

Real estate, mortgage and financial services platform Rocket Companies on Monday (Dec. 20) entered into an agreement to acquire personal finance app Truebill for $1.275 billion in cash.

Truebill’s app manages subscriptions, helps users improve their credit scores, tracks spending and builds budgets for its 2.5 million members. The company, which doubled its user base in the last year, also renegotiates clients’ bills, often saving them 20% on services including cable and telephone bills.

According to the press release, the company analyzes about $50 billion in monthly transaction volume and has saved customers more than $100 million since it launched in 2015.

“We are very impressed with what Truebill has created — providing a simple, intuitive client experience to help its users save significant money,” Jay Farner, CEO of Rocket Companies, said in the joint announcement. “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 works with tens of millions of potential clients who want to buy a car, buy or sell a home or get a mortgage every year, per the release. The Truebill acquisition gives both companies the opportunity to expand its reach in the financial wellness sector.

“What my co-founders and I originally created as a subscription cancelation app has become so much more,” Haroon Mokhtarzada, co-founder and CEO of Truebill, said in the announcement. “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. 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.”

Related: Amex Partners With Better, Rocket Mortgage On Home Loans

In June, Rocket Mortgage by Quicken Loans and Better teamed up with American Express to help people looking for home loans.

Amex customers who get mortgages from those companies can access a statement of credit for $2,000 for conforming mortgages, or $6,000 for jumbo mortgages.