Detroit-based financial services and consumer lending firm Rocket Companies has entered into an agreement to purchase personal finance app Truebill for $1.275 billion in an all-cash transaction.
Rocket says the acquisition will bring millions of users to its platform and is expected to add $100 million to its $1.3 billion annual revenue. The deal is due to close before the end of the year.
Rocket will integrate Truebill into its end-to-end real estate and home financing platform – which also includes Rocket Mortgage and Rocket Homes – and says the deal brings it closer to its goal of “creating a centralised destination for consumers to manage their entire financial lives”.
Founded in 2015, Truebill helps consumers manage their personal finances. It allows users to manage subscriptions, track and improve their credit score, track spending, and create budgets.
The fintech also renegotiates bills on its clients’ behalf and claims it can save users up to 20% on services such as cable and telephone bills.
Truebill reports 2.5 million members and has doubled its user base in the last year.
“Truebill has created a simple, intuitive client experience to help its users save significant money,” says Rocket Companies CEO Jay Farner.