This news comes on the heels of its Series F round. The company plans to use the funding to build out its family-specific and crypto offerings. Here are the top-line bullets you need to know.
Acorns, a financial services company, has raised $300M in a Series F. The round drew participation from TPG Capital, Bain Capital Ventures, Galaxy Digital, BlackRock, and Owl Rock Capital Partners, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Acorns enables consumers to invest sub-dollar amounts in fractional shares, rounding up credit and debit card purchases to the nearest dollar and investing the spare change into a portfolio of index funds.
- The company reportedly exceeded its public revenue forecast for 2021 ($126M).
- Acorns currently has over 4.6M paid subscribers.
- The company is supported by a team of about 700 employees and plans to increase the size of its product development team.
Source: Acorns
WHY DOES THE MARKET MATTER?
- The global robo-advisory market is expected to reach a value of $41.1B by 2027, growing at a CAGR of 31.8%, according to Allied Market Research.
- The increasing demand for financial digitization, institution of supportive government policies, and advancement of technologies in the field are driving market growth. Notably, as of Q3’21, wealth tech companies had raised $12.7B — a 115% jump from 2020’s year-end total.
