Acorns is a fintech startup, the savings and investing app. It is a platform that allows its users to round up purchases and automatically invest spare change in low-cost, diversified exchange-traded funds portfolio offered by such asset managers as BlackRock and Vanguard.
The Series F funding round was led by TPG. Besides, it included BlackRock; Galaxy Digital; Greycroft; Owl Rock, a division of Blue Owl; Senator Investment Group; Torch Capital; Industry Ventures’ Bain Capital Ventures Headline; and Thirty Five Ventures. With the money raised, Acorns plans to continue R&D development, organic growth, and possible acquisitions search.
Acorns, California, the USA, was founded by Jason Martell, Jeff Cruttenden, Jennifer Barrett, Mark Dru, Walter Cruttenden in 2012. Now, the company has over 4.5 million customers. “It’s difficult to get people to read about money in the first place, it’s even more difficult to get people to retain the information. And we think active learning is the solution to that,” Acorns CEO Noah Kerner. Considering acquisitions, the company is going to buy family-sector-focused companies as many Acorns customers are parents who want to better manage money. Also, Acorns plans to expand into cryptocurrencies and give people exposure to Bitcoin.