Whether via startups like Wealthfront or Betterment, or through services from giants like Charles Schwab, simplified long term robo-advisory investing solutions are quickly gaining interest from investors. Taking the ‘simplified’ approach to the next level is Acorns.
Focusing on making saving simple, using the Acorns mobile app, investors connect their credit or debit card plus a checking account. After that, transactions made on the cards are rounded up, with the extra change being invested in the user’s Acorn account. As an example, on a $11.20 food bill, Acorns rounds the total to $12, with $0.80 sent to be invested.
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Similar to other robo-advisory offerings, before beginning to invest with Acorns, users enter information such as their investment goals, risk tolerance, and time horizons. Acorns then uses this data to customize which of their funds, the customer’s money should be invested in. The funds managed by Acorns are composed of portfolios that invest in liquid ETFs that invest in stocks, bonds, and real estate holdings.
Founded in 2012, by father and son team, Jeff and Walter Cruttenden,, the firm has grown to 65,000 registered users. Achieving a new milestone, Acorns announced publicly last week that it has raised $23 million in a Series C round. The funding was led by Greycroft Partners and e.Ventures, with participation from Sound Ventures, Garland Capital, and MATH Venture Partners as well. Currently only available to US residents, along with the funding, Acorns has announced that they are planning on adding support to international accounts in the future.