Rocket rebrands recently acquired personal finance app

As consumers become more budget-conscious amid record-high inflation and continuing economic uncertainty, Rocket Cos. is investing in its recently acquired personal finance app. After purchasing Truebill, a 7-year-old app that helps customers manage budgets and save money, late last year for $1.3 billion, Rocket is rebranding the service to Rocket Money.

The move will streamline the new offering under the Rocket umbrella, and Rocket Money will join sister brands such as Rocket Mortgage and Rocket Auto. Rocket also plans to embrace the synergies between its brands by offering additional customer incentives. For example, Rocket Mortgage clients will receive a free premium Rocket Money account for as long as their loan.

Beyond the rebrand, which includes a new logo and brand identity for Rocket Money, the investment gives Rocket Cos. access to a growing revenue stream. More consumers are watching their wallets as fears of a recession grow. For the crucial back-to-school season, only 36% of parents say they can afford their children’s needs “without any issues,” down from 52% last year when families had stimulus checks and advance child tax credit payments, according to a recent survey from Morning Consult.

There is growing consumer interest in personal finance apps, particularly for younger generations—17.5% of millennials use mobile banking apps for budgeting, compared to just 4% of baby boomers, according to a recent report from market research firm CB Insights, which cited Chase Digital Banking figures. Rocket Money will compete with popular apps such as Mint, which has existed since 2007 and was acquired by Intuit two years later.

Truebill had 3.4 million users in the first quarter of 2022, up 142% from the year-earlier period.

“During times of high inflation, the services Rocket Money provides become even more valuable to its members,” said Jay Farner, vice chairman and CEO of Rocket Cos. in a statement.

Rocket expects to transition the Truebill site and app to Rocket Money next month and will roll out the new branding in marketing and on social media before then. The company is taking a measured approach to spreading the word.

“Instead of pre-planning a huge campaign around Truebill becoming Rocket Money, we are going to wait and measure where things are in a few weeks after the change and add media where it makes sense,” wrote Yasi Samini, VP of growth at Rocket Money, via email, noting that the company plans to use podcasts and influencers to tell its brand story.