(Adds details on deal, comment and share movement)
Dec 20 (Reuters) – 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.
Shares of Rocket, a platform that comprises mortgage, tech-driven real estate and financial services businesses, were down nearly 1%.
Founded in 2015, Truebill helps customers manage subscriptions, improve credit scores, track spending and plan their budgets in a single app.
The company, which has 2.5 million users, also renegotiates bills on behalf of its users and says it saves them as much as 20% on services including cable and telephone bills.
“The company is a perfect fit for the Rocket platform,” Rocket Chief Executive Officer Jay Farner said.
Loose monetary policies and idle cash have led to record-breaking dealmaking activity this year, as the value of M&A globally topped $5 trillion for the first time.
Rocket is expected to close its deal with Truebill before the year-end, the companies said.
(Reporting by Niket Nishant in Bengaluru; Editing by Anil D’Silva and Sherry Jacob-Phillips)