US fintech Acorns lands $300m investment to boost growth

Irvine, California-based saving and investing app Acorns has raised $300 million in new funding, taking its valuation up to nearly $2 billion.

Acorns raises $300m funding

The round was led by TPG with participation from BlackRock, Greycroft, and Owl Rock, among others.

Thirty Five Ventures, the investment start-up founded by US basketball star Kevin Durant and Rich Kleiman, also contributed to the raise.

The firm says the new funds will be used to “accelerate growth and product innovation to help millions more everyday Americans”.

Acorns plans to expand its platform to include customisable portfolios and family-specific offerings. It also aims to give users the ability to add cryptocurrency exposure to portfolios.

Acorns currently boasts 4.6 million paid subscribers and claims to have helped its customers “save and invest over $12.5 billion” since its launch in 2014.

The funding comes after the fintech abandoned plans for a $2.2 billion IPO with Nasdaq-listed Pioneer Merger Corporation, a publicly traded special purpose acquisition company (SPAC), in January.