(RTTNews) - Rocket Companies (RKT) announced Monday it has entered into an agreement to acquire Truebill, the leading personal finance app, for $1.275 billion in cash. The deal is expected to close prior to the end of the year.
Truebill has quickly become the choice for consumers looking to live their best financial lives by managing subscriptions, improving credit scores, tracking spending and building budgets in a simple, easy-to-use app.
Founded in 2015, Truebill currently has 2.5 million members, and has doubled its user base in just the last year. The company currently analyzes $50 billion in monthly transaction volume and has saved consumers more than $100 million since its founding.
With the addition of Truebill's financial wellness services, Rocket Companies will have both a new organic growth opportunity and a significant channel to nurture clients, keeping them engaged in the company's FinTech ecosystem by providing value between the large financial transactions that Rocket Companies is known for.
This new line of business will also add consistent monthly revenue for Rocket Companies, which boasts 2.5 million serviced clients and has an industry-best retention rate of 91 percent.
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