The fintech app Acorns may be backed by high-net-worth investors including billionaire trader Steve Cohen, but its customers are far more average: Regular investors who make as little as $25,000 per year. Acorns is part of a trendy and growing industry of so-called robo-advisors, online-only financial advisors that steer clients' money into low-cost investments. Yet while many financial advisors recommend skipping your morning latte and other inessential indulgences in order to save more for retirement, Acorns actually encourages you to keep swiping your credit card in pursuit of that same goal.
Hot investing app Acorns just snagged Airbnb to give its customers 'free money'
For This Fintech Upstart, Small Is Beautiful
PayPal leads $30 Million Round in Acorns Investing App
Acorns, the investing app, is announcing a $30 million strategic investment from PayPal, with participation from the Rakuten FinTech Fund. This brings the team’s total funding to $62 million. With 850,000 investment accounts, Acorns works by rounding up purchases and investing the remainder. In other words, if you buy a latte for $3.99, that penny will go into an ETF.
PayPal Just Backed An Investment App For Millennials
The startup raised $30 million from the payments giant and Japanese e-commerce company, Rakuten. Jeff Cruttenden had been investing since he was 11. As the son of an investment banker, he was taught as a teenager the value of growing money by investing in mutual funds and stocks. But when he arrived at college, he realized he was one of the few of his classmates who knew anything about
Acorns, the app that automatically invests your spare change, raises $23 million
Opening and managing an investment account can be intimidating for a lot of people, but what if a simple smartphone app could take care of it all for you? Acorns, a eight-month old smartphone app built for exactly that purpose, said Wednesday that it had raised $23 million in additional funding. Acorns’ app was designed to help people, especially first-time investors, get started in investing with small automated investments into a portfolio of exchange-traded funds, or ETFs, that the company selects and balances. Users link their bank accounts to the app, which then automatically rounds up the cost of all transactions to the nearest dollar, withdraws that spare change and invests it. For example, if you buy a coffee for $2.40, Acorns will take an extra 60 cents and invest it in an exchange-traded fund.
Micro-Investment App Acorns Raises $23 Million Led By Greycroft, e.Ventures
Acorns, the micro-investment app that sets up a portfolio for you by collecting your spare change, has today announced the close of a $23 million Series C financing, led by Greycroft Ventures and e.Ventures, with participation from Sound Ventures, Garland Capital, and MATH Venture Partners. This brings Acorns’ total amount raised to $32 million. The company, which rounds up to the next dollar on every user transaction and invests it into a customizable portfolio, says that it has grown to 650,000 members with around half of them opening up investment accounts on the platform. Acorns also says that it’s processed over 28 million trades and linked more than a million debit and credit cards to the platform. Acorns claims to be the world’s first mobile investment platform, letting users attach their credit cards, debit cards, etc. and make deposits or withdrawals at will. But the special sauce of Acorns lies in its sticky-handed grab at your spare change. On every transaction made on attached credit or debit cards, Acorns automatically rounds up to the nearest dollar and takes the spare change, placing it into your investment portfolio. Obviously, users can opt out of that, or set up a system to go in daily and choose which transactions should be rounded up. Users also have control over the type of portfolio they choose, with five options ranging from conservative to aggressive.
12 best iPhone apps of 2014
1) Acorns - We all know investing properly is crucial for long term financial success but getting started can the most overwhelming and difficult part. Acorns takes the friction out of the process by investing the change left over from your everyday purchases into a portfolio managed by a financial professional. You can choose how much to invest, how aggressive you want to be and the app takes care of the rest. Acorns is free but costs $1/month once you start investing.
Going Mobile: a User’s Guide to Investing Apps
In a world where there are mobile apps for shopping, dating and identifying constellations in the night sky, it was inevitable that Wall Street would bring managing money to the smartphone. A growing array of apps makes it possible to track your investments, allocate assets and trade—in real time, anywhere with an Internet connection. Large asset managers and discount brokerages have rolled out app-based services. So have small startup firms, some of which are luring investors with investment competitions or features adapted from social media.
This App Makes Investing As Easy As Swiping Your Credit Card
Investing is complicated. Acorns is not. The app from California-based father-son team Walter and Jeff Cruttenden aims to take the anxiety, deliberation, and intimidation out of investing by boiling it down to a matter of cents. The company, which just released its app on Android in addition to the existing iPhone version (available in the US only), was founded in 2012 and has raised $9