Skip to main content

PayPal, others plunge $30 million into mobile investing app Acorns

Image Credit: Acorns

Want smarter insights in your inbox? Sign up for our weekly newsletters to get only what matters to enterprise AI, data, and security leaders. Subscribe Now


Acorns, an app that aims to simplify personal investing, announced today that it has raised $30 million. PayPal, Rakuten, and Greycroft participated in the round.

Acorns CEO Noah Kerner*, new to the company as of this year, called the PayPal investment “strategic” and said the partnership “will make it possible to bring the benefits of micro-investing to more and more people around the world.”

The company declined to share what, exactly, it plans to do with the $30 million, aside from saying that the cash will enable it to expand. However, some sort of product tie-up involving PayPal and Acorns seems likely, given the “strategic” language.

To date, 850,000 people have opened accounts on Acorns, the company tells us — up by 200,000 this year. Acorns declined to share how many of these people regularly use the service.

Acorns has publicly raised more than $60 million since 2012, including a $23 million raise in April 2015.

 

*Kerner worked at WeWork before Acorns, joining as I left the company.