Silver Spring-based Truebill, developers of a personal finance app, will become part of Rocket Companies, a finance company specializing in mortgages and other personal loans, according to a blog post from company CEO Haroon Mokhtarzada.
Truebill was founded in 2011 by Haroon and his brothers Yahya and Idris, all graduate of Montgomery Blair High School, to assist people n managing subscriptions, negotiate billings and provide other personal finance services and tools.
“Over the years, we’ve grown our team from 3 to 159 as that initial vision around subscriptions has broadened to unveil other financial blind spots,” Mokhtarzada wrote, ‘[and] we’ve also heard from many of you about how difficult it has been to improve your credit score, pay down debt or prepare for future goals like starting a family or buying a home. These stories continue to motivate us to work toward our mission: to help millions of people improve their financial lives.
“As part of the Rocket family,” he continued, “we believe that we’ll be more equipped than ever to achieve our mission and deliver products that help you be financially prepared during life’s complex moments.”
“We are very impressed with what Truebill has created—providing a simple, intuitive client experience to help its users save significant money,” said Jay Farner, CEO of Detroit-based Rocket Companies, in a press release. “The company is a perfect fit for the Rocket platform.
“Truebill’s work helping Americans keep track of their finances and providing guidance that leads to better financial outcomes follows the same philosophy as Rocket Companies—leveraging the power of technology to remove the friction from complex transactions—and applies it to everyday life.”
Rocket Companies will acquire Truebill for $1.275 billion in cash, according to the release, in a deal that is expected to close by the end of the year.
“Truebill currently has 2.5 million members, and has doubled its user base in just the last year. The company currently analyzes $50 billion in monthly transaction volume and has saved consumers more than $100 million since its founding,” the release added.
Truebill relocated its headquarters to Silver Spring from San Francisco in 2019.
Screenshot from Rocket Companies website