Acorns

Founded in 2012

Operates in US

Financial Services Sector

https://www.acorns.com/

Welcome to Micro Investing. Every purchase you make becomes an investment in your future.

The idea behind this firm’s approach is to enable investors to “invest the change” (aka “acorns” or relatively small amounts of money) that will build over time into a sizeable portfolio.

Acorns is an investment mobile app that simplifies and automates investing.

Anytime you conduct a transaction using your debit or credit card, the Acorns app will round up your purchase to the nearest dollar and then allocate this spare change to your investable pool.

For example, let’s assume that you went out and bought a cup of coffee at Starbucks for $2.67. The Acorns app would round the $2.67 up to $3.00. It’ll then “allocate” the $0.33 difference to your investable funds. However, the app does not transfer the $0.33 out of your bank or credit account – yet.

As you perform more transactions, the app will keep on adding up (allocating) the “spare change/excess” amounts until you reach the $5 threshold. At this point, the app transfers $5 from your bank account and invests this amount in predetermined portfolios (more on this below).

Editorial Staff

Editorial Staff at SG Fintech is a team of Fintech enthusiasts.

Editorial Staff

Editorial Staff at SG Fintech is a team of Fintech enthusiasts.