Rocket Companies , a platform that offers mortgage and financial services, has signed an agreement to acquire Truebill for $1.275bn in cash.
Truebill is a personal finance app that allows customers to manage subscriptions, budget, automate savings and optimise their spending.
Rocket Companies seeks to deepen engagement with customers via Truebill, which is said to cater to over 2.5 million users.
Rocket Companies claims that Truebill analyses $50bn in monthly transactions and has saved consumers over $100m since its inception in 2015.
Rocket Companies CEO Jay Farner said: “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 noted that Truebill is on track to generate $100m in annual revenue, which will add to its $1.3bn in income on an annualised basis generated by its mortgage servicing operations.
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.”
In November 2020, Truebill raised $17m in a Series C funding round.