Acorns, an Irvine, Calif.-based micro-investing app provider, received an investment from The Rise Fund.
The amount of the deal was not disclosed.
The company intends to use the funds to further expand development efforts, including the Acorns Found Money program, its cash-forward rewards program, and the near-term launch of Acorns Later (read what it is below).
Led by Noah Kerner, CEO, Acorns provides a micro-investing app that enables people invest, earn extra money, and grow their financial knowledge.
The company recently acquired Vault, a Portland-based tech company, which lets customers automatically invest part of their paycheck into a retirement fund. Through the acquisition, Acorns will launch the first IRA designed for the up-and-coming, Acorns Later. Current Acorns customers can join the waitlist today for access to the new product, which will be available in early 2018.
The 150-person company just surpassed 2.7 million investment accounts and recently integrated with PayPal.
Acorns can be accessed via the app for iPhone, Android or desktop.
The Rise Fund is TPG’s global investment fund committed to achieving measurable social and environmental outcomes alongside competitive financial returns.