Acorns, a saving and investing app based in Irvine, California, has raised $300 million in new capital, bringing its worth to nearly $2 billion. TPG led the round, which also included BlackRock, Greycroft, and Owl Rock, among others.
Thirty Five Ventures, the investment firm created by Kevin Durant and Rich Kleiman of the NBA, also contributed to the funding. The funds will be used to accelerate expansion and product innovation to serve millions more regular Americans, according to the company.
Acorns intends to expand its platform to include personalized portfolios and family-specific products. It also seeks to allow consumers to include cryptocurrency exposure in their portfolios.
Since its start in 2014, Acorns has grown to 4.6 million paid users and claims to have helped consumers “save and invest over $12.5 billion.”
After abandoning plans for a $2.2 billion IPO with Nasdaq-listed Pioneer Merger Corporation, a publicly-traded special purpose acquisition company (SPAC), in January, the fintech received the funding.
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