Rocket Cos to buy personal finance app Truebill for nearly $1.3 billion

Dec 20 (Reuters) – Rocket Cos Inc (RKT.N) said on Monday it would buy personal finance app Truebill for nearly $1.3 billion in cash, as the Detroit-based company looks to expand its reach in the smartphone market. consumer finance.

Shares of Rocket, a platform comprising mortgage, tech real estate and financial services businesses, fell nearly 1%.

Founded in 2015, Truebill helps customers manage subscriptions, improve credit scores, track spending, and plan their budgets in one app.

Sign up now for FREE unlimited access to Reuters.com

The company, which has 2.5 million users, also renegotiates bills on behalf of its users, saying it saves them up to 20% on services, including cable and phone bills.

“The company is a perfect fit for the Rocket platform,” said Rocket CEO Jay Farner.

Loose monetary policies and idle cash have led to record trading activity this year as the value of global mergers and acquisitions topped $5 trillion for the first time. read more

Rocket is expected to close its deal with Truebill before the end of the year, the companies said.

Sign up now for FREE unlimited access to Reuters.com

Reporting from Niket Nishant in Bangalore; Edited by Anil D’Silva and Sherry Jacob-Phillips

Our standards: the Thomson Reuters Trust Principles.

Add Comment