Founded in 2015, Truebill created a personal finance app that uses artificial intelligence to track spending habits. The Maryland company was acquired by Detroit, Michigan-based Rocket Companies, which develops real estate, mortgage, and financial services technology, for USD 1.275 billion in cash. The deal is expected to close before the end of 2021.
In a statement on the deal, Rocket Companies and Truebill said the acquisition news is to be seen as an organic growth opportunity. Users can begin with personal finance tracking through the Truebill app, then move to Rocket Companies when they’re ready to purchase a car, home, or engage in a mortgage deal.
According to Rocket Companies, Truebill will be a consistent revenue boost, as it’s on track to generate USD 100 million in annual recurring revenue. Its 2021 revenue, specifically, is set to more than double that of the previous year.
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