Rocket Companies, a Detroit-based real estate, mortgage, and ecommerce company, has announced the acquisition of Truebill, a personal finance application that helps users to track subscriptions, for USD 1.275 billion in cash. The transaction is expected to close by the end of 2021.
The acquisition of Truebill will bring in millions of customers to the Rocket platform. Truebill is on track to achieve USD 100 million in annual recurring revenue (ARR) this year, and this revenue would add to Rocket Companies’ annualized servicing fee income of USD 1.3 billion.
Truebill currently has 2.5 million members, a 91% retention rate, 150 employees, and has doubled its revenue and customer base YoY. The company also analyzes USD 50 billion in monthly transaction volume and its customers have saved over USD 100 million.
Founded in 1985, Rocket Companies provides an end-to-end real estate and home financing platform and an automotive sales marketplace. The company owns personal finance and consumer technology brands such as Rocket Mortgage, Rocket Homes, Rocket Loans, Lendesk, and Edison Financial. The company has tens of millions of prospective customers and 26,000 employees across the US and Canada.