Rocket Companies to acquire Truebill for $1.275Bn

Rocket Companies has entered into an agreement to acquire Truebill, the leading personal finance app that helps consumers manage every aspect of their financial lives, for $1.275 billion in cash. This new line of business will also add consistent monthly revenue for Rocket Companies.

Truebill acquisition accelerates Rocket Companies’ vision to help clients in complex moments and will bring millions of clients to the Rocket platform. It is expected to add $100 million in annual recurring revenue to Rocket’s $1.3 billion of annualized servicing fee income.

Truebill’s ability to leverage technology to constantly improve their clients’ financial health will be added to Rocket Companies’ end-to-end real estate and home financing platform and quickly growing automotive sales marketplace, bringing Rocket Companies closer to the goal of creating a centralized destination for consumers to manage their entire financial lives.

Jay Farner, CEO of Rocket Companies said, “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.”