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Handsomely designed investment app Acorns today announced the close of a $23 million funding round led by Greycroft Partners and e.ventures. This news follows our own report that the startup had “secured at least $10.5 million” in funding earlier this month.
Acorns chief Jeff Cruttenden tells us that the new funds will be used to “help take us to the next level,” with focus on three projects in the short term: the launch of Acorns’ first web app, the launch of a “wearable app,” and updates to the company’s existing mobile apps. We can only assume that this wearable app will launch on the Apple Watch.
By the end of the year, Cruttenden says Acorns also plans to launch internationally: “We have some really excellent partners coming on board to take us overseas, and we should have announcements on that before the end of the year as well.”
As we’ve written previously, “Acorns aims to significantly lower the barrier to investing.” The company’s pitch is pretty simple: “invest spare change automatically from everyday purchases into a diversified portfolio.”
To date, Acorns says it has over 650,000 people using the app, 300,000 of whom are investing. Acorns tells us those investing users have linked over 1 million bank accounts and credit cards to date.
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