Acorns Grow Inc. RZI 4.44% wants to go viral. It has enlisted A-Rod and J.Lo to help. Alex Rodriguez and Jennifer Lopez are buying a stake in the California-based company, Acorns said Monday, joining an investor base that includes Ashton Kutcher, Bono and Kevin Durant. Acorns doesn’t just want celebrities as investors—it is also talking to some of them about designing financial products tailored to their interests. The influencer strategy is the brainchild of Acorns Chief Executive Noah Kerner, a onetime DJ for Ms. Lopez and a former head of marketing at WeWork Cos. He is trying to transform Acorns from a niche savings app that invests users’ spare change into a bank alternative used by 100 million consumers. “Our focus is getting everyday Americans saving and investing for the future...in the hopes that we help the next Kevin Durant or Jennifer [Lopez] get there,” Mr. Kerner said.
Why Acorns is one of the World's 50 Most Innovative Companies in 2019
“Don’t make people do the math,” says Noah Kerner, CEO of digital-investment pioneer Acorns, which is on a mission to help people squirrel away money as effortlessly as possible. The company launched in 2014 with a product that rounds up users’ daily purchases to the nearest dollar and automatically puts the difference into investment accounts; a growing stable of brand partners (320 and counting) offer further contributions for qualifying purchases. Last year, Acorns began offering its 4.2 million users the ability to open an IRA, along with a checking account and debit card that link to the company’s investment products. It also redesigned its app to help users better visualize the impact of all those saved dollars and cents.
Comcast & NBCUniversal invest in fintech app Acorns with a deal to produce content through CNBC
NBCUniversal and Comcast Ventures are taking a bet on millennial-focused financial technology app, Acorns. The companies announced an equity investment in the start-up on Monday that includes a strategic partnership with Comcast-owned CNBC to produce original content with Acorns. The two will team up on articles, videos and eventually live conferences with the aim of increasing financial literacy, the companies said. The investment was part of Acorns' latest $105 million funding round, which puts its valuation at $860 million. BlackRock, Bain Capital Ventures, TPG's Rise Fund, DST and Michael Dell's MSD Capital also took part in the Series E round. NBCUniversal, which is now Acorns' biggest shareholder, will also receive a seat on the start-up's board. It will be filled by CNBC Chairman Mark Hoffman.
Investing Startup Acorns Surpasses Betterment with $860M Valuation
There is big money in pocket change. A new $105 million fundraising round for Acorns Grow Inc., whose namesake smartphone app automatically invests small contributions from users into baskets of stocks and bonds, values the startup at $860 million, the company said Monday. That is more than triple the valuation Acorns attained in a 2016 financing round, and it makes the startup worth more than robo-adviser rivals including Betterment LLC that have raised more capital from investors and manage several billion dollars more in client assets.
Americans invest $1B into Acorns by using spare change
Acorns receives 10,000 pre-orders for its newly launched payments card and debit account
Acorns, the financial management service for micro-investments, is adding a rewards debit card to its arsenal of tools aimed at getting Americans to create balanced stock portfolios for economic health. The company has already racked up 10,000 pre-orders for its new (gorgeous) payment card that offers perks like investments into Acorns accounts when users purchase with the card at certain online and brick and mortar retailers. The debit card comes with Acorns micro-investment and its retirement account built into the card’s services. According to the company, it’s the next step in its mission to build an easy,
Acorns hits 3.5 million users, sees 100,000 sign-ups for retirement product in its first month
It looks like the investment service Acorns may turn into an oak faster than expected. Billed as an automated investment manager for the people, Acorns is off to a blistering start with its new retirement account service picking up 100,000 accounts in its first month. Unlike other investment services, Acorns takes spare change from transactions and rewards agreements with certain retailers to invest in a managed portfolio. The company’s initial “spare change” investment service cost $1 per month and its new retirement-focused account costs $2.
BlackRock Invests $50 Million into Acorns to Find Out What Young Investors Want
The world’s biggest money manager is buying a stake in a startup that invests its users’ pocket change, reinforcing a broader push by BlackRock Inc. BLK 2.19% to serve individual investors. The investment in Acorns Grow Inc., which was announced Wednesday, is part of a $50 million fundraising round that BlackRock is leading. It is using its own money instead of client funds for the investment. BlackRock manages $6.3 trillion in assets. The Acorns stake is part of a larger strategy to broaden BlackRock’s appeal beyond big institutions to individuals and wealth managers. Because BlackRock does not sell mutual funds or exchange-traded funds directly to retail investors, as rivals Vanguard Group and Fidelity Investments do, BlackRock lacks direct access to information about how individuals choose to invest over time and what younger people prefer when it comes to digital apps.
BlackRock, world's biggest investing company, is planning to nickel-and-dime you
BlackRock, the world's largest asset manager, handling more than $6 trillion, is leaving no stone unturned in its effort to shore up the investing dollars of the millennial and Gen Z generations. Having already made inroads in the robo-advisor business in recent years, BlackRock is coming for your nickels and dimes next. BlackRock announced Wednesday that it has led a $50 million investing round in microinvesting site Acorns. BlackRock declined to say how much it had specifically invested in Acorns. The personal finance app allows customers to automatically invest spare change from everyday purchases, such as those made via credit card transactions, in exchange-traded funds from BlackRock and Vanguard.
Acorns launches retirement account product to expand beyond retail investing
Acorns, the mobile service that’s providing a gateway to investing in the stock market, has completed the master plan it set in motion months ago with the acquisition of Vault by finally launching a retirement account product today. Called Acorns Later, the service is the first Acorns investment vehicle to get the same kind of tax advantages the swells get when they invest through products like Individual Retirement Accounts. “Setting up a retirement account is confusing and, as a result, two out of three Americans aren’t saving for later in life,” said Noah Kerner, Acorns chief executive officer, in a statement. “Acorns Later removes friction from the decision making process, getting back to our central product philosophy: make big decisions small.”
Acorns, the financial management service for everyone else, adds 3 million users
corns, the financial management service focused on getting low- and middle-income households to invest and save responsibly, has reached 3 million users in the United States. The company has roughly $800 million in assets under management, with accounts coming from primarily low and middle income customers across all fifty states, according to Acorns co-founder and chief executive Noah Kerner. Unlike other savings and investment services — like the automated advisory services on offer from Betterment or Wealthfront, or the no-fee stock and cryptocurrency trading service from Robinhood — Acorns is trying to introduce responsible investing principles and savings methods to consumers who have never had the option before.
PayPal to Introduce Customers to Robo Investing through Acorns Partnership
PayPal Holdings is making a move into robo-investing. The San Jose, Calif., payments company is connecting its website and smartphone apps with those of Acorns Grow Inc., a five-year-old automated savings and investment service, the two companies said Monday. PayPal users will be able to use their accounts to make contributions to Acorns and will be able to monitor and manage their Acorns investments from the PayPal app, said Joanna Lambert, the company’s vice president of consumer financial services. PayPal is rolling out the Acorns offerings in phases, with the first batch of users getting access on Monday and all U.S. users by early 2018. The new partnership is being launched about a year after PayPal took a minority stake in Acorns as part of a $30 million fundraising round that PayPal led. Under CEO Dan Schulman, PayPal has tried to branch out beyond its roots in payments and into other financial services geared toward consumers who lack access to bank accounts and other mainstream financial products.
Acorns to launch new retirement accounts after buying Portland fintech startup, Vault
Micro-investment service, Acorns, which automatically invests small amounts from its customers’ bank accounts into investment funds, has bought Vault, a Portland-based developer of retirement fund investment services. Vault’s application lets its users set aside part of their paychecks into retirement funds. The deal is a solid compliment to Acorns’ own investment app, which is more for acclimating users to the idea of investing in the stock market. The company said that, thanks to the acquisition, it will be launching a new individual retirement account, called Acorns Later. Current Acorns customers can get on the waitlist today for the new product, available starting January 2018, the company said.
Mobile savings & investment app Acorns raises $35M from Bain, is on track to do 1 billion trades in 2017
Acorns is quickly turning into an oak tree in the financial services space. The company now boasts more than 2 million investment accounts (with 600,000 opened in 2017 alone) and is on track to do 1 billion trades in 2017 through the proprietary broker-dealer that it created. Those are hefty numbers to post for any financial services company, especially considering that Fidelity (one of the nation’s largest money managers) will do approximately 60 million trades over the same period.
Ashton Kutcher Discusses Acorns on The Late Show with Stephen Colbert
The Late Show with Stephen Colbert (VIDEO) - Actor and investor Ashton Kutcher discusses some of his top preforming venture capital investments including Uber, Airbnb and Acorns. Stephen discusses his idea for a startup and asks Ashton if he is interested in an investment in his new company, "Flurpy."
The Wall Street Journal's Top 25 Tech Companies to Watch
#22 Acorns - The Wall Street Journal set out to identify companies that show signs of becoming emerging leaders. A data analysis assessed their founders' experience, investor track record, amount of investments raised, growth of workforce and buzz about the company. These five factors were given an equal weighting to calculate a maximum score of 100.
The Acorns Investing App Actually Encourages You to Splurge On That Starbucks Latte
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 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
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.
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.
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.
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