The merger values Acorns at roughly USD 2.2 billion and is expected to close in the back half of 2021. When it is finalized, Acorns will trade on the Nasdaq under the symbols OAKS.
Institutional investors Wellington Management, Greycroft, TPG’s global impact investing platform, and funds managed by BlackRock also committed to a private placement as part of the announcement. Kerner and Pioneer’s sponsor each plan to contribute 10% of their personal ownership in Acorns as a gift to eligible Acorns customers.
Acorns’ most popular offerings let customers automatically invest the spare change from debit or credit card purchases into index funds. Since launching in 2014, it has expanded into educational offerings, banking products, a debit card, and an automated retirement account service.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now