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.
PRODUCTS & SERVICES:
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.
Viewable by subscribers only
Acorns has opened 850,000 investment accounts, 75% of which belong to millennials.
Harry Markowitz, Jonathan Keidan, Oskar Mielczarek de la Miel
NUMBER OF EMPLOYEES:
E.ventures, Great Oaks Venture Capital, Garland Capital Group, Jacobs Asset Management, Greycroft Partners, Math Venture Partners, Sound Ventures, Groundswell Investments, Cruttenden Partners, PayPal, Rakuten Fintech Fund, Steelpoint Capital Partners, Point72 Ventures, Jonathan Keidan, The Rise Fund, Steelpoint Capital Partner, Cruttenden Partners, Comcast Ventures, NBCUniversal, Bain Capital Ventures, BlackRock, TPG’s Rise Fund, DST, and Michael Dell’s MSD Capital.
Walter Cruttenden (CEO); Jeff Sippel (CTO); Sean Dignan(CCO); Noah Kerner (CEO)
VALUATION / MARKET CAP:
$860 MM 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)
DATE OF LAST FUNDING:
SEED & PRIOR FUNDING:
$2.5 Millions Closed:
$6.2 Millions Closed: Mar 2014
$23 Millions Closed: Apr 2015
$70 Millions Closed: Jul 2017
$105 Million Closed: Jan 2019
An undisclosed strategic investment was received in January 2018.