![]() “So when the time is right, we are prepared to execute with extreme excellence.” ![]() “We developed that capability and muscle internally and we’re fully prepared to do it,” Kerner said. Presently, Acorns has about 700 employees and will continue scaling up, particularly in product development, Kerner said.Īs for going public, the executive described the company’s process of going public via SPAC “as a dry run at going public.” The company also plans to continue building products that allow parents and their kids “to save and invest, and get educated together.” Since its 2012 inception, the company has evolved its offering to also include investment services, debt management and a product aimed at children, Acorns Early. “It is an uncorrelated asset class so it makes sense to include it as part of a well-balanced, diversified portfolio,” he added. “So at the moment of decision-making we’re bringing together educational content and product in the same place.”Īcorns plans to include “no more than 5% exposure” to crypto as an option for customers who would like to participate, according to Kerner, who emphasized there “will not be crypto trading on the Acorns platform.” “Active engagement helps people learn more,” he told TechCrunch. By giving them the ability to customize their portfolios, Kerner said the goal is to help them feel more engaged. Historically, Acorns has automatically created portfolios for its customers. In 2022, Acorns plans to roll out customized portfolios, the ability to add crypto exposure “to a diversified portfolio” and more family-specific offerings. It had 4 million subscribers as of August 2021.Īcorns’ SPAC listing depicts a consumer fintech business with a SaaSy revenue mix Last year, when the company planned to go public via a SPAC, it had projected revenue of $126 million for the year, according to its deck, as analyzed by our own Alex Wilhelm. While he declined to reveal revenue or income figures, Kerner said only that the company had “exceeded its public forecast” for 2021 and now has more than 4.6 million paid subscribers. With the latest capital infusion, Acorns has raised over $500 million, according to Crunchbase. Private equity firm TPG led its Series F, which also included participation from BlackRock, Greycroft, Owl Rock (a division of Blue Owl), Senator Investment Group, Torch Capital, Industry Ventures, Bain Capital Ventures, Galaxy Digital, Headline and Kevin Durant & Rich Kleiman’s Thirty Five Ventures, among others. In the meantime, Acorns has raised money to continue to explore more acquisitions - it acquired two companies in the first half of last year - as well as to fund “growth and innovation,” Kerner said. “We think that makes the most sense going forward.” “As we go forward, we’re going to pursue a traditional IPO,” he said. New York-based Acorns had last raised more than three years ago - a $105 million Series E round in January of 2019 at an $860 million valuation.ĬEO Noah Kerner told TechCrunch this week that the company felt it “ wasn’t the right time to go public.” The announcement of the raise comes about six weeks after the consumer fintech startup said it was shelving its plans for its $2.2 billion SPAC with Pioneer Merger Corp. ![]() Savings and investing app Acorns has raised $300 million in a Series F funding round that values the company at nearly $2 billion.
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