PropTech buys personal finance app in another FinTech M&A 💸; Women-led Anthemis is bullish on anything embedded finance🔥; $16.3 billion bank merger showing that Europeans struggle in the US🇺🇸💸

Good Morning FinTech, December 22

Good day Everyone,

And happy Wednesday! The week is fastly approaching an end, with Christmas just around the corner🎄 To make the best of the festive season, here’s a mix of 3 great FinTech stories I’ve prepared for you today:

PropTech buys personal finance app in another FinTech M&A 💸

The deal 🤝 Rocket Companies announced it will purchase Truebill for $1.275 billion in cash.

Rocket Companies is best known for its Rocket Mortgage product, while Truebill is a consumer-facing app that helps consumers manage subscriptions, automate savings and budget.

Good numbers despite competition 📊 Although the personal finance management (PFM) market is crowded, and Truebill is competing with the likes of Cleo, Albert, and Acorns, it’s on track to generate $100M in annual recurring revenues, according to Rocket. And its 2021 revenues are more than double those of 2020.

Rocket’s also been growing, fueled by the hot US housing market, which has made it the largest mortgage lender in the US—it funded $313.4B during 2020, more than doubling the $141.6B it originated in 2019.

Who’s the biggest winner here? 🤔 The deal’s price tag will prove lucrative for Truebill shareholders. PitchBook data indicates that Truebill’s final private valuation was $530M after its last round was counted. That $45 million investment took place earlier this year. x2.4 increase in less than a year - not too bad 😎