Rocketmoney

Rocket Money operates a consumer personal finance mobile application that consolidates a user's financial accounts and helps them monitor and reduce spending. Users can link checking, savings, credit card and investment accounts to view balances and activity in one place, receive alerts when a checking balance falls below a safe level or credit spending runs high, and see categorized breakdowns of spending trends. An algorithmic feature identifies recurring subscriptions and bills so users can see what they are paying for on an ongoing basis.

Beyond the free account-linking and tracking tier, the app offers additional services including a subscription cancellation assistant that cancels services on the user's behalf, an automated savings plan that learns spending habits and moves money toward goals while aiming to avoid overdraft fees, a bill negotiation concierge that identifies bills that can be lowered and negotiates rates with providers, credit score and full credit report access with change alerts, custom budgets that monitor spending by category, and net worth tracking covering assets and debts. The company states the app has more than 10 million members.

Business model

Freemium consumer software: a free tier provides account linking, balance alerts, subscription detection and spend tracking, while a paid Premium tier adds services such as subscription cancellation, automated savings, bill negotiation, net worth tracking, shared accounts and unlimited budgets, including access to human support staff.

Revenue comes from the paid Rocket Money Premium subscription, which unlocks additional features and concierge services on top of the free plan.

Traction

The company reports more than 10 million members and cites thousands of five-star user reviews of the app.