Rocket Cos Inc 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 consumer finance market.
The Truebill app tracks its users’ budget and spending and helps them with canceling recurring subscription charges. Truebill says it has doubled its number of users in the past year and is now up to 2.5 million users and $50 billion in analyzed transactions each month.
Rocket said that acquiring Truebill will add $100 million a year in recurring revenue to its own bottom line and bring Rocket “closer to the goal of creating a centralized destination for consumers to manage their entire financial lives.”
Read more/Source: Yahoo News
