Acorns is an automated investing service that lets customers invest spare change from card transactions into a managed portfolio of ETFs.
Acorns offers a simple, low-cost passive investing solution that's well-suited to new investors.
Acorns was founded in 2012 by Jeff Cruttenden, Mark Dru, and Walter Cruttenden. The company is headquartered in Irvine, California.
Acorns' proprietary financial engine allows customers to roundup spare change from everyday purchases and invest these sub-dollar amounts into a professionally managed portfolio of index funds. Users can also invest additional cash directly with Acorns.
Acorns also offers checking accounts, retirement savings and debit cards. To help everyone spend smarter, Acorns introduced banking that invests with every swipe, and cash-forward rewards.
Acorns has become the largest subscription service in U.S. consumer finance, serving more than 4 million everyday Americans. To date, customers have invested more than $9.6 billion with Acorns, much of it in spare change.
Acorns is backed by Bain Capital Ventures, BlackRock, TPG, Greycroft, Galaxy Digital, Thirty Five Ventures, e.ventures, The Rise Fund, Sound Ventures, and others. The company raised $300M in a new round on Mar 09, 2022. This brings Acorns' total funding to $507M to date. The latest investment valued the company at a $1.9B post-money.