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Acorns is an investment app that allows people to round up their daily purchases and automatically invest the change into a commission-free diversified portfolio of index funds offered by asset managers. Recently, Acorns was selected for the 'Forbes FinTech 50 for 2019' list.
The automated portfolio management feature in Acorns’ app was designed to help people, especially first-time investors, get started with investing with small automated investments into a portfolio of ETFs.
Acorns charges $1 monthly for accounts less than $5,000 & .25% yearly of account balance >$5,000.
Acorns has opened 850,000 investment accounts, 75% of which belong to millennials.
$860 M in 2019
In the latest funding round, the company's valuation is at $860 million. (Jan. 2019)
4.5 Million in 2019
Currently, the company is managing more over $1.2 billion assets and has crossed 4.5 million users. The company's "Acorns Later” service helps to bring more than 350,000 investors to the platform. It has also invested $40 million to date. (Jan. 2019)
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