PayPal invests $30M in Irvine-based Acorns

by John Siegel
April 21, 2016

, the Irvine-based micro-investment app that allows users to invest their spare change automatically, has announced a $30 million round of financing, including investments from PayPal, Rakuten Tech Fund, and existing investors, and Greycroft Partners.
According to a statement released by the company, Acorns plans to expand its automated investment features to make gathering and growing funds easier than ever before.
By rounding up everyday purchases and investing the difference, the app offers less-experienced investors a chance to get started earlier, while slowing learning the best practices of investing at a younger age. Since launching 20 months ago, 850,000 people have opened investing accounts, nearly 75 percent of whom are between the ages of 18 and 34.
"Acorns is putting the tools of wealth-making in everyone's hands,” said Noah Kerner, board director and incoming CEO, in a statement. “With a focus on financial wellness, we'll continue tackling the big financial challenges this generation faces, and our new partnerships will significantly augment these efforts."
This latest round brings the app's total funding to $62 million.
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