Investment app Acorns has secured $23 million in Series C funding. Greycroft Partners and e.ventures led the round with participation from Sound Ventures, Garland Capital and MATH Venture Partners.
NEWPORT BEACH, Calif., April 15, 2015 /PRNewswire/ — Acorns, the leading investment app that automatically invests the change from debit and credit card purchases, today announced it closed $23 million in Series C funding.
As a mobile-only product in the market just seven months, Acorns has:
Grown to more than 650,000 members and opened over 300,000 investment accounts on mobile platforms
Processed over 28 million trades
Linked over a million credit and debit cards
Built a diverse community of investors, 75 percent of whom are under the age of 35
The funding will help Acorns scale and drive product innovations to further eliminate the traditional barriers that prevent individuals from saving and investing. The investment was co-led by Greycroft Partners and e.ventures, with participation from Sound Ventures, Garland Capital, and MATH Venture Partners. To date, Acorns has raised $32 million.
Transforming the Way the World Invests
Since launching in August 2014, Acorns has become one of the fastest growing brokerage firms in history by helping people easily open investment accounts via a mobile app and automatically build financial wealth, with any amount.
“Acorns is making it possible for any individual to save for the future by connecting their daily spending to a long-term, professionally-managed investment strategy,” said Jeff Cruttenden, co-founder and CEO. “Acorns has the power to create more investors than any other brokerage firm – we are expanding the pie by empowering people who thought investing was only possible later in life.”
During the next 12 months, Acorns plans to help more people invest earlier through strategic partnerships and global expansion. The company will also increase its product portfolio to include a desktop experience.
“Acorns is disrupting a large, conservative industry defined by an approach that prevents millions from participating,” said Mathias Schilling, co-founder and managing partner of e.ventures, who is also joining Acorns’ board. “We believe Acorns is creating a future where investing is considered an essential part of a person’s financial life – it’s revolutionary.”
About Acorns Grow Inc.
Acorns is the largest and fastest growing 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 the world’s top asset managers. Founded in Newport Beach, CA in February 2012, by son and father team Jeff and Walter Cruttenden. Acorns takes the guess work out of investing and provides a simple entry-point for anyone to get started using the Acorns app on iPhone or Android. The app and financial engine were built with natural human behavior in mind to help inspire realistic investment strategies that can be held for the long term. Customers accumulate fractional shares and automatically invest and save into a portfolio constructed by world-renowned Nobel Laureate economist Dr. Harry Markowitz. Acorns’ smart portfolio algorithms automatically work behind the scenes, helping people build wealth, pennies at a time. From Acorns mighty oaks do grow!