Acorns operates a platform allowing members to invest by regularly saving small sums of money, an approach called micro-investing, to save for retirement. The website also offers basic banking services at low fees. The company divides its services into three primary categories. The first enables members to invest spare change in exchange-traded funds (ETFs). The second allows users to create and fund an IRA through the platform, and the third provides members with a debit card provided through companies such as Visa, Inc. Acorns offers subscriptions for $1, $2, and $3 per month for packages of different services.
The company was founded in 2014 and as of February 2020, Acorns had 6.8 million users, up from 4.6 million the previous year. The company says that more than $1 billion has been invested through its platform to date.1 According to Crunchbase, Acorns has had 12 funding rounds.9 The company has raised hundreds of millions of dollars in funding from backers including NBCUniversal Media LLC, Paypal Holdings Inc. (PYPL), and Black Rock Inc. (BLK).
Acorns has modernized the old-school practice of saving loose change, merging the robo-advisor model with an automated savings tool. Acorns charges $1 a month for a taxable investment account, $2 a month to add on an individual retirement account, or $3 a month for an Acorns checking account — called Acorns Spend — plus investment and retirement accounts.
Acorns puts its advantages simple and straight: there are no account minimums and they don’t work on commission, as their goal is to give the customer the tools to take the best financial care of themselves, easily.
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