“We are very impressed with what Truebill has pioneered – providing a simple and intuitive customer experience to help its users save big,” Varner said. “Truebill’s work in helping Americans track their finances and provide guidance that leads to better financial results follows the same philosophy as the Rocket companies – harnessing the power of technology to remove friction from complex transactions – and applying it to everyday life.”
read the following: Rocket companies announce third-quarter earnings
Rocket expects the new line of business to boost its monthly revenue. The company’s mortgage servicing operations currently generate $1.3 billion in service income on an annual basis. The Rocket Companies have 2.5 million served customers and claim to have the best retention rate in the industry at 91%. Truebill is on track to generate $100 million in recurring annual revenue in 2021, more than double what it was in 2020.
“What my co-founders and I originally created as an opt-out app has become so much more. Now, millions of Americans trust us to help them take control of their financial lives,” said Aaron Mukhtarzada, Co-founder and CEO of Truebill. “By joining forces with the Rocket fintech powerhouse, we will be able to expand our reach and seamlessly connect consumers with more services. The synergy between Truebill and the Rocket Companies platform could not be stronger, especially when you consider the importance of home ownership as the mainstay of a healthy financial life.”
The deal is expected to close before the end of the year.