Rocket Money

Rocket Money, formerly known as Truebill, is a financial management platform launched in 2015 and acquired by Rocket Companies in 2022. The app offers a suite of tools designed to help users track their spending, create budgets, automate savings, and manage subscriptions. Rocket Money's core features include expense tracking, budget creation, credit score monitoring, and net worth calculation. The platform uses artificial intelligence to analyze transactions and provide insights on spending habits.

One of Rocket Money's key differentiators is its bill negotiation and subscription cancellation services. The app can identify recurring charges and help users cancel unwanted subscriptions. For bill negotiation, Rocket Money's team contacts service providers on behalf of users to attempt to lower their bills, typically charging 40% of the annual savings achieved. The platform also offers automated savings features, allowing users to set financial goals and automatically transfer funds to FDIC-insured savings accounts.

As of December 2022, Rocket Money was part of Rocket Companies' ecosystem that had reached 25.4 million total Rocket Accounts. In January 2023, Rocket Money achieved record growth in premium memberships and briefly held the top spot for daily downloads in the iOS App Store's Finance category. The platform operates on a freemium model, with basic features available at no cost and additional premium features accessible for a monthly fee ranging from USD 4 to USD 12.

Key customers and partnerships

Rocket Money has integrated its services with various financial institutions to provide a comprehensive view of users' finances. The platform reported having over 1 million users in its Rocket Rewards loyalty program as of early 2023. This program, launched in October 2022, has shown strong client adoption and engagement, with users redeeming nearly USD 600,000 in point value within the first few months.

The app has partnered with Plaid, a trusted fintech company, to securely link users' financial accounts. This integration allows Rocket Money to connect with a wide range of banks and financial institutions, enabling users to aggregate their financial data from multiple sources. Additionally, as part of the Rocket Companies ecosystem, Rocket Money benefits from synergies with other Rocket brands, including Rocket Mortgage and Rocket Homes, potentially offering users a more integrated financial experience across various aspects of their lives.