Rocket Money Acquisition, Valuation, Funding & Investors

Rocket Money was acquired by Rocket Companies for $1.3B in December 2021, a 12.8x multiple on $100M of revenue.

Rocket Money acquisition price

$1.3B

Acquired by Rocket Companies · Dec 2021

Rocket Money revenue at acquisition

$100M

Last twelve months · Dec 2021

Rocket Money revenue multiple at acquisition

12.8x

EV/Revenue · Dec 2021

Cumulative funding Rocket Money raised

$84M

across 7 funding rounds

Rocket Money Overview

About Rocket Money

Rocket Money is a personal finance management platform formerly known as Truebill. Launched in 2015 and headquartered in San Francisco, California, the app connects to bank accounts and credit cards to track subscriptions, recurring bills, and spending. Users cancel unwanted services directly through the interface, with backing from Y Combinator, Social Capital, Cota Capital, and Bessemer Venture Partners.


Founded

2015

HQ

United StatesWashington, DC

Status

Acquired

Customer focus

B2C

Revenue model

Subscription

Revenue

$100M (Dec 2021)

Valuation

$500M (Jun 2021)

Rocket Money Acquisition

Rocket Money was acquired by Rocket Companies for $1.3B on 20 December 2021.

The acquisition price implies a 12.8x revenue multiple on $100M of revenue.

Before the acquisition Rocket Money had raised $84M across 7 funding rounds.

Rocket Companies acquired Truebill, a leading personal finance app that helps users manage subscriptions, improve credit scores, track spending, and build budgets, in December 2021 for $1.275 billion. The acquisition accelerates Rocket Companies' vision to assist clients during complex financial moments by integrating Truebill's services into its platform. Truebill, rebranded as Rocket Money post-acquisition, had an annualized recurring revenue exceeding $100 million as of the acquisition date, more than double the prior year's run rate. This strategic addition broadens Rocket's ecosystem to manage clients' entire financial lives alongside its mortgage and real estate services.

Rocket Money acquisition details
AcquirerDateTypePriceEV/Revenue
20 Dec 2021Strategic M&A$1.3B12.8x

Rocket Money Valuation

Rocket Money is currently valued at $500M, based on its Series D in June 2021.

The $45M round was led by Accel, with participation from Bessemer Venture Partners, Cota Capital and Eldridge Industries.

Rocket Money valuation by funding round

Rocket Money valuation by funding round
DateStageValuation
Jun 2021Series D$500M

Rocket Money Funding History

Rocket Money has raised a total of $84M across 7 funding rounds.

Rocket Money's first fundraising round was a $100K angel round in October 2014. The most recent completed round was a $45M Series D in June 2021.

Rocket Money funding rounds

Rocket Money funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2021Series DAccel (lead); Bessemer Venture Partners; Cota Capital; Eldridge Industries$45M$500MRocket Money, formerly known as Truebill, is a personal finance management platform founded in 2015 and backed by Y Combinator (W16 cohort). The company raised $45 million in Series D funding in June 2021 from leading investors including Accel, Bessemer Venture Partners, Cota Capital, and Eldridge Industries. The company has raised approximately $82 million to $112 million in total funding across five rounds by June 2021. Rocket Money was subsequently acquired by Rocket Companies for $1.275 billion, indicating significant growth and market validation following this Series D round. The company operates in the personal finance and fintech space, serving as a B2C platform for financial management and optimization.
Nov 2020Series CBessemer Venture Partners (lead); Firebolt Ventures; Day One Ventures; Cota Capital; Eldridge Industries$17M-Rocket Money raised $17 million in a Series C funding round on November 12, 2020, led by Bessemer Venture Partners with participation from Cota Capital, Day One Ventures, Eldridge Industries, and Firebolt Ventures. The company, formerly known as Truebill, operates in the personal finance management space. Subsequent rounds included a $45 million Series D in June 2021 at a $500M valuation from investors including Accel, Bessemer Venture Partners, Cota Capital, and Eldridge. The company was later acquired for $1,275M on December 20, 2021.
Oct 2019Series BEldridge Industries (lead); Plug and Play; Lucas Venture Group; Evolution VC Partners; Bessemer Venture Partners; Cota Capital; Jawed Karim$15M-Rocket Money (formerly Truebill) raised funding from investors including Bessemer Venture Partners, Cota Capital, Eldridge Industries, and others, with later rounds documented such as a Series C in November 2020 and Series D in June 2021 at a $500M valuation. The company has raised a total of $83.85M across 11 rounds. Eldridge Industries participated in multiple Rocket Money funding rounds.
Oct 2018Series AJeremy Yap; Dave Gilboa; Lucas Venture Group; Hiten Shah; MaC Venture Capital; Social Capital; Day One Ventures; Cota Capital; Jawed Karim; Marc Katz; Jigar Shah; David Marcus$5M-Rocket Money, formerly Truebill, is a personal finance app that helps users manage subscriptions, lower bills, build budgets, and save money. The company has raised a total of $83.85M across 11 funding rounds, with investors including Cota Capital, Day One Ventures, Bessemer Venture Partners, Accel, and Eldridge. Later rounds include a $17M Series C in November 2020 and $45M Series D in June 2021 at $500M valuation.
Jun 2016SeedCSC Upshot; Plug and Play; Edward Lando; Transmedia Capital; Pareto Holdings; ACME Capital; NKM Capital; Shervin Pishevar; Social Capital$2M--
Mar 2016SeedY Combinator (lead); Hiten Shah; Arjun Sethi; Signatures Capital; Bobby Yazdani; Brad Flora; David Marcus$400K--
Oct 2014Angel-$100K--

Who has invested in Rocket Money?

30 investors have backed Rocket Money across its funding rounds, including Cota Capital, Bessemer Venture Partners, Eldridge Industries, Plug and Play, Social Capital and Day One Ventures.

Lead investors include Accel, Bessemer Venture Partners, Eldridge Industries and Y Combinator.


Rocket Money Investors

Investors in Rocket Money by funding rounds participated
InvestorHQRoundsRoleFirst check
Cota CapitalUnited StatesSan Francisco, CA4ParticipantOct 2018
Bessemer Venture PartnersUnited StatesSan Francisco, CA3LeadOct 2019
Eldridge IndustriesUnited StatesMiami, FL3LeadOct 2019
Plug and PlayUnited StatesSan Francisco, CA2ParticipantJun 2016
Lucas Venture GroupUnited StatesSan Francisco, CA2ParticipantOct 2018
Hiten ShahUnited StatesSan Francisco, CA2ParticipantMar 2016
Social CapitalUnited StatesSan Francisco, CA2ParticipantJun 2016
Day One VenturesUnited StatesSan Francisco, CA2ParticipantOct 2018
Jawed KarimUnited StatesSan Francisco, CA2ParticipantOct 2018
David MarcusUnited StatesSan Francisco, CA2ParticipantMar 2016
Jeremy YapUnited StatesSan Francisco, CA1ParticipantOct 2018
CSC UpshotUnited StatesSan Francisco, CA1ParticipantJun 2016
Firebolt VenturesUnited StatesSan Francisco, CA1ParticipantNov 2020

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Rocket Money Competitors

Rocket Money competitors include listed companies like Green Dot and Klarna, and private ones like Stori, DANA, Tyme Group and Tamara.

Public and private companies comparable to Rocket Money
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
StoriMexicoMexico CityPrivate$300M-$1.2B4.0x
DANAIndonesiaJakartaPrivate--$1.1B-
Tyme GroupSouth AfricaJohannesburgPrivate$168M-$1.5B8.9x
TamaraSaudi ArabiaRiyadhPrivate$360M$52M$1B2.8x
Green DotUnited StatesUnited StatesPublicly listed$2.1B($12M)$751M0.3x
KlarnaSwedenSwedenPublicly listed$3.5B$551M$5.3B1.3x

Rocket Money Public Comps

Rocket Money is no longer listed, but its public comps include PicPay, Atlanticus, Upbound, Arzan Financial Group, Agibank, Qfin Holdings, Wealthfront, Standard Chartered Bank Kenya, Superbank Indonesia and Forbright Bank.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
PicPay$1.2B$205M1.0x0.5x6.0x3.8x
Atlanticus$403M-18.4x2.7x--
Upbound$4.7B$1.7B0.6x0.6x1.5x5.2x
Arzan Financial Group$37M-32.4x---
Agibank$1.3B$227M0.8x0.6x4.4x5.3x
Qfin Holdings$2.4B-0.8x0.8x--
Wealthfront$365M($93M)4.3x4.2x(17.0x)9.9x
Standard Chartered Bank Kenya$323M-3.0x---

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Common questions about Rocket Money

When was Rocket Money founded?Rocket Money was founded in 2015.
Where is Rocket Money headquartered?Rocket Money is headquartered in Washington, DC, United States.
Is Rocket Money publicly listed?No, Rocket Money was acquired by Rocket Companies in December 2021.
Who acquired Rocket Money?Rocket Money was acquired by Rocket Companies in December 2021.
How much was Rocket Money acquired for?Rocket Money was acquired for $1.3B in December 2021, a 12.8x revenue multiple.
What is Rocket Money's valuation?Rocket Money was last valued at $500M in its Series D in June 2021.
How much funding has Rocket Money raised?Rocket Money has raised $84M across 7 funding rounds.
What was Rocket Money's last funding round?Rocket Money's last funding round was a $45M Series D in June 2021, led by Accel.
Who are Rocket Money's investors?Rocket Money's investors include Cota Capital, Bessemer Venture Partners, Eldridge Industries, Plug and Play, Lucas Venture Group, Hiten Shah, Social Capital, Day One Ventures, Jawed Karim, David Marcus and 20 others.
Which companies are comparable to Rocket Money?Companies comparable to Rocket Money include Stori, DANA, Tyme Group, Tamara, Green Dot and Klarna.

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