Fintech app Acorns hits $860m valuation after raising $105m

Ben Heathcote

In App Deals. January 31, 2019

Acorns, the investment and savings app, has raised $105 million in funding at a valuation of $860 million. The Series E round was led by NBCUniversal and Comcast Ventures, with participation from BlackRock, Bain Capital Ventures, TPG’s Rise Fund, DST and Michael Dell’s MSD Capital.

California-based Acorns claims to have more than 4.5 million users across its portfolio of saving and investing services products. Like the UK’s Moneybox, the app allows users to automatically invest the spare change from debit or credit card purchases by rounding up each transaction to the nearest dollar.

NBCUniversal will also receive a seat on the startups’s board, according to CNBC, which will be filled by chairman Mark Hoffman. Acorns has also announced it is partnering with CNBC to produce original content.

CNBC chairman Mark Hoffman said:

“This partnership with Acorns builds on CNBC’s 30-year commitment to democratizing the financial markets, helping generations invest for their future. We are excited to bring together two brands with this shared social purpose to drive value to our viewers, users and customers.”

Noah Kerner, CEO at Acorns, added:

“We aim to put the tools of wealth making in everyone’s hands and this includes helping all Americans grow their money knowledge. Collaborating with the powerhouse that is CNBC will take these efforts to entirely new heights for our customers.”

The new valuation of $860 million is more than three times what Acorns was after its 2016 fundraising round.