Adding Rocket Fuel to Your Finances: Leading Financial Empowerment FinTech Truebill Becomes Rocket Money
Truebill, a personal finance app and part of Rocket Companies (NYSE: RKT), will rebrand as Rocket Money in August 2022, aligning itself with sister brands. This change aims to enhance consumer access to financial services such as home loans and budgeting tools. Currently, Rocket Money serves 3.4 million users, with 1.7 million premium subscribers. The company has saved consumers over $245 million since its inception and now analyzes $80 billion in monthly transactions. Existing Rocket Mortgage clients will receive free premium accounts for the life of their loans.
- Rebranding to Rocket Money aligns with other Rocket companies, potentially enhancing customer engagement.
- Increased member base to 3.4 million, up 142% from Q1 2021, indicating strong growth.
- 1.7 million premium paying members, more than double compared to Q1 2021, reflecting increased user satisfaction.
- Free premium accounts for existing Rocket Mortgage clients, promoting cross-selling opportunities.
- None.
The brand change will more closely align with sister companies Rocket Mortgage, Rocket Homes and Rocket Auto
DETROIT , July 19, 2022 /PRNewswire/ -- Truebill, a leading personal finance app and part of Rocket Companies (NYSE: RKT), today announced it will officially change its name to Rocket Money in late August. More than simply a rebrand, the name will bring Truebill closer to the other businesses on the Rocket Companies platform and provide the opportunity for Rocket Money to better help consumers at various touchpoints throughout their financial lives.
"We have been 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 all through a closer connection with our sister companies," said Haroon Mokhtarzada," co-founder and CEO of Rocket Money.
Rocket Companies is focused on 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 improve their financial lives. Beyond the core services of canceling subscriptions and creating budgets, Rocket Money will connect with the rest of the Rocket Platform, enhancing the consumer experience by offering the right products at the right time – from a new car to a new home or the ability to power their home with solar panels.
For an immediate benefit to clients on the Rocket platform, the company will provide a free premium account upgrade for all Truebill members who already have a home loan serviced by Rocket Mortgage. Going further, all of Rocket Mortgage's 2.6 million serviced clients will receive a free premium Rocket Money account for the life of their loan. A premium account provides automated subscription cancellations, advanced budgeting, full credit reporting, smart savings accounts, net worth tracking and many more services.
To provide a streamlined connection to other Rocket services, Truebill recently added single sign-on capabilities. Consumers who are managing their financial lives with Truebill can use the same account they already have for Rocket Mortgage, Rocket Homes, Rocket Loans, Rocket Auto or Rocket Solar. Alternatively, those who are new to the Rocket ecosystem can create an account with Rocket Money, then use that same account across Rocket.
"During times of high inflation, the services Rocket Money provides become even more valuable to its members. The savings that consumers achieve when Rocket Money helps negotiate their bills or cancel recurring subscription fees can make a significant difference when every dollar counts," said Jay Farner, Vice Chairman and CEO of Rocket Companies. "Additionally, the relationships we build and the insights we get through Rocket Money enable Rocket Companies to create bespoke experiences for our clients – ensuring we are offering the right products at the right time."
Truebill was founded in 2015 by brothers Haroon, Yahya and Idris Mokhtarzada when they realized they were paying for subscriptions they were no longer using – and knew they couldn't be the only ones with this problem. In the years since, the services offered expanded to become a full personal finance management tool.
The Truebill website and mobile app will change to 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 rebrand will come with a refreshed design that aligns with other Rocket brands.
Continuing its rapid growth, Truebill increased its member base to 3.4 million users as of the first quarter of 2022 which is up
The company currently analyzes
Some of the statements contained in this document 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," "will," "would" and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to 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 can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled "Risk Factors" in our Annual Report on Form 10-K, Current Reports on Form 8-K, and other filings 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 that are included in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.
Truebill is a leading personal finance app with the 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 leg up on their financial journey. Members can manage subscriptions, lower their bills, build budgets and automatically set aside money to reach their savings goals. Truebill has saved members more than
Truebill was acquired by Rocket Companies (NYSE: RKT) in December 2021 and will become Rocket Money in August 2022. The company is headquartered in Silver Spring, Maryland, and has an office in San Francisco. For more information, go to Truebill.com.
Rocket Companies is a Detroit-based FinTech platform company consisting 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 its clients achieve the American dream of home ownership and financial freedom. The Company offers industry-leading client experiences powered by its simple, fast and trusted digital solutions. Rocket Companies ranked #7 on Fortune's list of the "100 Best Companies to Work For" 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/adding-rocket-fuel-to-your-finances-leading-financial-empowerment-fintech-truebill-becomes-rocket-money-301589172.html
SOURCE Truebill
FAQ
What is Truebill's new name as of August 2022?
What are the benefits of the rebrand to Rocket Money for users?
How many users does Truebill have before rebranding?
What financial metrics did Truebill report?
What special offer is available to Rocket Mortgage clients?
