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Rocket Companies Inc Ordinary Shares Class A RKT

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Rocket Leans More Into Consumer Finance by Acquiring Truebill

Michael Miller Equity Analyst

Analyst Note

| Michael Miller |

Narrow-moat Rocket announced that it will buy Truebill, which offers its 2.5 million users personal finance management tools, for $1.275 billion in cash. This is a premium price, well above the $530 million implied by Truebill's last capital raise in June, though we do note that the firm has experienced rapid user growth this year. Rocket has plenty of room on its balance sheet to support the deal, ending the third quarter with more than $2.2 billion in cash, and we do not foresee any stress to its financial position as a result.

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Company Profile

Business Description

Rocket Companies is a financial services company that was originally founded as Rock Financial in 1985 and is currently based in Detroit. Rocket Companies offers a wide array of services and products but is best known for its Rocket Mortgage business. The company's mortgage lending operations are split between its direct-to-consumer lending, which sees borrowers accessing the company's lending arm directly through either its mobile app or website, and its partner network where mortgage brokers and other firms use Rocket's origination process to offer loans to their customers. The company has rapidly gained market share in recent years and is now the largest mortgage originator in the U.S. as well as the servicer for more than 2 million loans.

1050 Woodward Avenue
Detroit, MI, 48226
T +1 313 373-7990
Sector Financial Services
Industry Mortgage Finance
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 24,000