Acorns, a US micro-investing platform which allows people to collect, save and invest small amounts of money via mobile, closed a $5.5m Series B round of funding.
The round was led by Jacobs Asset Management, with participation from clients of Digital Offering, technology-driven investment bank.
The company, which has raised a total of $8.3m to date, will use the funds to launch their mobile app and financial engine.
Led by Walter Cruttenden, Acorns is a financial services company focused on facilitating micro investing by enabling the investment of aggregated sub-dollar amounts in fractional shares with high frequency and allowing people to save and invest their money.
The Acorns app, which leverages a proprietary brokerage and advisory engine, rounds-up credit and debit card purchases to the nearest dollar, then automatically collects and invests that spare change into a portfolio of index funds offered by money managers Blackrock, Vanguard and PIMCO.
FinSMEs
12/03/2014