Acorns, an app that turns spare change into investments, raises $10.5M

Updated April 6 with Acorns’ response.

Acorns, easily the best-designed investment app on the market, has secured at least $10.5 million in additional capital.

Acorns disclosed the new round in a filing with the SEC, but it did not immediately respond to VentureBeat’s requests for comment on the matter. Later a company spokesperson told us “we do not have anything to share at this time.”

It’s not clear how Acorns, which is only available in the U.S., actually intends to spend its $10 million and change. We do know, however, that Acorns has a web app and international support in the works and additional capital could help it expand.

As we said last year, “Acorns aims to significantly lower the barrier to investing. It’s a bit like Bank of America’s ‘keep the change’ program, except you’re doing something with your change.” The company says it lets you “invest spare change automatically from everyday purchases into a diversified portfolio.”

Acorns has received heaps of praise to date, but the app’s still a long ways from ubiquity in the U.S., according to app tracking site App Annie.

Prior to this round, Acorns had raised a total of $9 million.