Rocket Cos.
RKT,
-6.29%,
the Detroit-based mortgage platform, said Monday it has reached an agreement to acquire personal finance app Truebill for $1.3 billion in cash. Truebill, which was created in 2015, “has quickly become the choice for consumers looking to live their best financial lives by managing subscriptions, improving credit scores, tracking spending and building budgets in a simple, easy-to-use app,” Rocket said in a statement. Truebill even helps consumers by renegotiating bills on their behalf, it added. The company has 2.5 million members, after doubling its user base in the last year. Truebill analyzes some $50 billion in monthly transaction volume and has saved consumers more than $100 million since 2015. The deal is expected to close before year-end. Rocket shares were down 4% Monday and have shed 27% of their value in 2021 to date, while the S&p 500
SPX,
-1.14%
has gained 23%.



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