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Acorns (finance)

Acorns (finance)

Acorns is an Irvine, California-based micro-investing company allowing users to round up consumer purchases and invest the change.

Acorns is a company that provides micro-investment services through its mobile and web application. Acorns was founded in 2012 by Jeff Cruttenden, Mark Dru, and Walter Cruttenden. Acorns aims to increase accessibility to several investment options that are previously only available for purchase with a large sum of money. The company is based in Irvine, California.

Services

Acorns has three main services: Acorns Core, Acorns Later, and Acorns Spend. Acorns Core provides users with the ability to invest their spare change, as little as $5, into a portfolio of exchange-traded funds (ETFs). Acorns Later lets users make recurring investments for their individual retirement account (IRA). Unlike the first two, Acorns Spend focuses on allowing users to spend money by opening up a checking account in Acorns and using their issued debit cards.

Funding

Since its founding year, Acorns has managed to raise $207 million in capital through 8 funding rounds. The company’s most recent round was a Series E, collecting $105 million in January 2019. Acorns has received financing from 24 investors, with nine of them as lead investors. Past investors for Acorns have included Bain Capital Ventures, Comcast Ventures, NBCUniversal, TPG, and DST Global.

Timeline

January 2019
Acorns raises a $105,000,000 series E round from Bain Capital Ventures, BlackRock, Comcast Ventures, DST, DST Global, MSD Capital, NBCUniversal and The Rise Fund.
July 20, 2017
Acorns raises a $35,000,000 series D round from Bain Capital Ventures, E.ventures, Greycroft, Nyca Partners, PayPal Ventures and Sound Ventures.
April 21, 2016
Acorns raises a $35,000,000 series D round from Capital Group, E.ventures, Greycroft, PayPal Ventures, Point72 Ventures, Sound Ventures and Thirty Five Ventures.
February 15, 2015
Acorns raises a $23,000,000 series C round from E.ventures, Great Oaks Venture Capital, Greycroft, Liberty Media, Sound Ventures and Thomas H. Lee Partners.
March 2014
Acorns raises a $5,500,000 series B round from Jacobs Asset Management.
October 1, 2013
Acorns raises a $2,500,000 series A round from Steelpoint Capital Partners.
June 1, 2012
Acorns raises a $300,000 seed round from Cruttenden Partners.
February 29, 2012
Acorns was founded by Jason Martell, Jeff Cruttenden, Mark Dru and Walter Cruttenden.

Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
Acorns funding round, January 2019
105,000,000
January 2019
10 Results
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People

Name
Role
LinkedIn

Aubrey Johnson

Employee

Chris Smothers

Employee

Dan Adams

Chief Compliance Officer

David Keegan

Employee

Hugh Tamassia

Chief Technology Officer

Jeff Sippel

Chief Strategy Officer

Jeffrey Cruttenden

Founder

Jennifer Barrett

Chief Education Officer

Jeremy Stephan

Investor

Jessica Schaefer

Chief Communications Officer

Jike Chong

Chief Data Scientist

Jonathan Keidan

Investor

Luke Tubergen

Investor

Manning Field

Chief Operating Officer

Miguel Mota

Employee

Noah Kerner

Chief Executive Officer

Owen Van Natta

Investor

Sami Khan

Employee

Sanford Ewing

Advisor

Stephen Cho

Employee

Tom Arrix

Investor

Tom Ferry

Investor

Walter Cruttenden

Founder

Further reading

Title
Author
Link
Type
Date

Documentaries, videos and podcasts

Title
Date
Link

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Simon Chandler
May 3, 2021
Digital Trends
We've put together six of the best money saving apps for iOS and Andriod to help you create a budget, track your spending, invest, and save for the future.
Rickie Houston, CEPF
April 21, 2021
Business Insider
Acorns and Stash are two micro-investing apps that offer similar accounts, but their fees, investment options, and account features vary.
Amanda Perelli
April 20, 2021
Business Insider
Industry insiders broke down the base commission rates some trading platforms have offered and how affiliate marketing works.
Amanda Perelli
April 19, 2021
Business Insider
Insider spoke with personal-finance creators on YouTube about how much money they are making through affiliate marketing and how it works.
Mary Ann Azevedo
April 7, 2021
TechCrunch
Popular saving and investing app Acorns has acquired Pillar, an AI-powered startup built to help manage student loan debt, in its second acquisition of 2021. New York-based Pillar helps consumers optimize their debt payments by focusing first on student loans. It launched in May 2019 with $5.5 million in seed funding led by Kleiner Perkins. [...]
Michelle Fox, CNBC
March 16, 2021
NBC News
Basketball legend Kareem Abdul-Jabbar has been focused on introducing underserved students to a STEM education through his nonprofit, Skyhook Foundation.
Laura Grace Tarpley, CEPF
February 2, 2021
Business Insider
The Wealthfront Cash Account pays a competitive APY, comes with a debit card, and insures up to $1 million per account holder.
Sarah Perez
December 30, 2020
TechCrunch
A new fintech startup called EarlyBird wants to help families invest in their children's financial futures. Through the EarlyBird mobile app, parents in just a few minutes can create a custodial account, also known as a UGMA (Uniform Gifts to Minors Act) account. These accounts typically allow a parent, aka the "custodian," to invest in [...]
Laura Grace Tarpley
December 9, 2020
Business Insider
Digit analyzes your linked bank account every day to see how much you can afford to save. The first 30 days are free, then you'll pay $5 per month.
Tanza Loudenback
December 9, 2020
Business Insider
Whether you're a beginner with long-term goals or an active investor trying to build wealth, here are our picks for the best investment apps.
Clint Proctor
November 27, 2020
Business Insider
Stash is an investment app that offers fee-free trades, fractional share investing, and account fees starting at $1 per month.
Walter Thompson
August 25, 2020
TechCrunch
It goes without saying that tech alone won't change deeply embedded structures, but it sure can open a lot of doors.
Christopher Competiello
November 19, 2019
Business Insider
Jennifer Barrett, chief education officer at Acorns, advocates for a systematized and disciplined approach to saving and investing.
MATH Venture Partners
April 30, 2019
www.prnewswire.com:443
CHICAGO, April 30, 2019 /PRNewswire/ -- MATH Venture Partners (MATH), a Chicago-based early stage venture capital firm, announced the closing of a new $46...

References

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