Acorns, a Newport Beach, CA-based investment app that automatically invests the change from debit and credit card purchases, closed $23m in Series C funding.
The round, which has now raised $32m in total, was co-led by Greycroft Partners and e.ventures, with participation from Sound Ventures, Garland Capital, and MATH Venture Partners. In conjunction with the funding, Mathias Schilling, co-founder and managing partner, e.ventures, is also joining Acorns’ board.
The company intends to use the funds to scale and drive product innovations including a desktop experience.
Led by Jeff Cruttenden, co-founder and CEO, Acorns is an iPhone or Android investment app that allows people to round up their daily purchases and automatically invest the change into a commission-free diversified portfolio of index funds offered by top asset managers. To date, the app has more than 650,000 members and opened over 300,000 investment accounts on mobile platforms processing over 28 million trades.