Acorns, the mobile app with the tagline “Invest the Change,” seems to have cracked the investing nut as it’s recently been able to bank $10.5 million more capital from investors into the company, VentureBeat reported.
No details were provided on how Acorns plans to spend that investment, or who it came from, but it was confirmed through a filing with the SEC, VentureBeat said. Acorns, which helps anyone turn their spare change into investments, has received closed to $20 million in funding with this additional round. The app works by investing change into a diversified portfolio by taking spare change from purchases.
Acorns prides itself on being the fast and easy way to invest money without needing to put much time or effort behind the decision.
“Acorns is the first mobile investment application that lets you open your own investment account on your phone in a few seconds,” the company’s website states. By banking the spare change from everyday purchases, the mobile app rounds up each amount to the next dollar and banks it away for investments. It can then be invested automatically through the app or on-demand by the user’s request. While the mobile app is live, the Web app is coming soon, the company said.
What do the reviews have to say about Acorns? As shown on its website, a Forbes article said: “The app makes investing effortless,” while The Verge called it the “virtual piggybank that puts your nickels and dimes to work.”
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