“We were able to help consumers save hundreds of millions of dollars as Truebill, now as Rocket Money our members will have easier access to home loans, real estate services, personal loans and more thanks to a closer connection with our sister societies,” said Haroun Mokhtarzada“, co-founder and CEO of Rocket Money.
Rocket Companies is dedicated to being the best at creating certainty in life’s most complex moments so its clients can live their dreams. Truebill, soon to be Rocket Money, builds a relationship with consumers by helping them improve their financial lives. Beyond basic subscription cancellation and budgeting services, Rocket Money will connect to the rest of the Rocket platform, improving the consumer experience by delivering the right products at the right time – from a new car to a new house or the ability to power their home with solar panels.
As an immediate benefit to Rocket Platform customers, the company will provide a free premium account upgrade for all Truebill members who already have a home loan managed by Rocket Mortgage. To go further, all 2.6 million customers served by Rocket Mortgage will receive a free premium Rocket Money account for the duration of their loan. A premium account provides automated subscription cancellations, advanced budgeting, comprehensive credit reports, smart savings accounts, net worth tracking, and many other services.
To provide easy login to other Rocket services, Truebill recently added single sign-on features. Consumers who manage their financial life with Truebill can use the same account they already have for Rocket Mortgage, Rocket Homes, Rocket Loans, Rocket Auto or Rocket Solar. Alternatively, those new to the Rocket ecosystem can create an account with Rocket Money and then use that same account on Rocket.
“In times of high inflation, the services provided by Rocket Money become even more valuable to its members. The savings consumers realize when Rocket Money helps them negotiate their bills or waive recurring subscription fees can make a significant difference. when every dollar counts,” said Jay Farner, vice president and CEO of Rocket Companies. “Additionally, the relationships we build and the insights we gain through Rocket Money enable Rocket Companies to create tailored experiences for our customers, ensuring we deliver the right products at the right time.”
Truebill was founded in 2015 by the Haroon brothers, Yahya and Idris Mokhtarzada when they realized they were paying for subscriptions they no longer used, they knew they couldn’t be the only ones having this problem. In the years that followed, the services offered expanded to become a complete tool for managing personal finances.
The Truebill website and mobile app will become Rocket Money in August. The new brand may start appearing in marketing, social media, and other company messaging before the official change. In addition to the name, the rebranding will come with a refreshed design that aligns with other Rocket brands.
Continuing its rapid growth, Truebill grew its member base to 3.4 million users in Q1 2022, a 142% increase from Q1 2021. Of those 3.4 million members, 1.7 million are paying members – more than double the number in the first quarter of 2021.
The company is currently analyzing $80 billion in monthly transaction volume and has saved consumers more than $245 million since its foundation.
Certain of the statements contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are generally identified by the use of words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, ” plan”, “potential”, “predict”, “project”, “should”, “target”, “shall”, “would”, and, in each case, their negative or other, different or comparable terminology. These forward-looking statements reflect our beliefs regarding future events as of the date of this document and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it cannot guarantee that these expectations will prove to be correct. All of these forward-looking statements are subject to risks and uncertainties, many of which are beyond our control, and could cause future events or results to differ materially from those expressed or implied by this document. It is not possible to predict or identify all of these risks. These risks include, but are not limited to, the risk factors that are described in the section entitled “Risk Factors” in our annual report on Form 10-K, our current reports on Form 8-K and other documents. filed with the Securities and Exchange Commission. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements included in this document and in our filings with the SEC. We expressly disclaim any obligation to update or publicly review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.
About Truebill / Rocket Money
Truebill is a leading personal finance app on a mission to empower people to live their best financial lives. The company offers its members a unique understanding of their finances and a suite of valuable services that save them time and money – ultimately giving their members a head start on their financial journey. Members can manage subscriptions, reduce bills, set budgets, and automatically set aside money to meet savings goals. Truebill has enabled members to save more than $245 million since its foundation.
Truebill was acquired by Rocket Companies (NYSE: RKT) in December 2021 and will become Rocket Money in August 2022. The company is headquartered in SilverSpring, Marylandand has an office San Francisco. For more information, visit Truebill.com.
About Rocket Companies
Rocket Companies is a Detroitbased on FinTech platform comprised of personal finance and consumer technology brands including Rocket Mortgage, Rocket Homes, Amrock, Rocket Auto, Rocket Loans, Truebill, Lendesk, Edison Financial, Core Digital Media, Rocket Central and Rock Connections .
Since 1985, Rocket Companies has been obsessed with helping clients achieve the American dream of home ownership and financial freedom. The company delivers cutting-edge customer experiences through its simple, fast and reliable digital solutions. Rocket Companies ranked #7 on Fortune’s “100 Best Companies to Work For” list in 2022, ranking in the top third of the list for 19 consecutive years. For more information, please visit RocketCompanies.com or the Investor Relations website.