Why Did Rocket Companies Buy Truebill for $1.3 Billion?

A house for sale in northeast Wash., on June 23, 2015. Drew Angerer/Getty Images

Rocket Companies Inc. announced Monday it will buy the personal finance app Truebill for $1.275 billion in cash.

“This allows us to complete this important component of our platform,” Rocket Companies CEO Jay Farner said on CNBC’s “Squawk On The Street.”