(MENAFN) Acorns, the investing app, is revealing a USD30 million strategic investment from PayPal, the US firm operating a global online payments system, with participation from the Rakuten FinTech Fund.
With 850,000 investment accounts, Acorns works by rounding up purchases and investing the remainder, hence Users trust Acorns with their credit card information, syncing it with the app for automatic investing.
Additionally, nearly 75 percent of Acorns' users are between the ages of 18 and 34, and the app is free and fees are just a dollar per month for accounts under USD5000 and 25pct annually for accounts with more.
Based in Irvine, California, Acorns was started by a father and son, Walter and Jeff Cruttenden. According to son Jeff, in the first quarter "all our portfolios have outperformed the S&P on a risk-adjusted return basis."
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.