Acorns Going Public at $2.2 Billion Evaluation

Acorns is a mobile investing app that has been on the market for several years, but in May of 2016 it went public. The company made their initial public offering (IPO) on the New York Stock Exchange (NYSE) at $16 per share. Today, Acorns offers their investors a unique investment experience, where they can invest their spare change in stocks, bonds, ETFs, and mutual funds.

Acorns, the company that launched a mobile investing app that lets you round up your purchases, now has a long-term plan to go public. The company announced that it had filed a Form S-1 with the U.S. Securities and Exchange Commission last week with a $2.2 billion valuation. That puts its market capitalization at $3.7 billion.

While I have been deeply advised against this (based on all the stories of startups overspending their seed rounds and then going to their investors to get more money to survive), I am going to do it anyway.

Popular savings and investment app Acorns today announced plans to go public via a deal with special purpose company (SPAC) Pioneer Merger Corp. The $2.2 billion figure, three times the company’s value two years ago, is just one example of the many SPAC deals that have sent fintech’s value soaring in recent months. SPAC is led by well-known figures in the tech industry, including Uber co-founder Oscar Salazar, Lifelock co-founder Todd Davis, and former e-trade CEO Mitchell Kaplan. Other institutional investors include Wellington Management, Declaration Partners and The Rise Fund. The company plans to list on NASDAQ under the symbol OAKS in the second half of 2021.

Helping Millennials Save Money

Acorns claims to be the largest subscription-based fintech startup in the country. According to the latest estimates, the company has more than 4 million subscribers and is expected to reach 10 million by 2025. Customers pay between $1 and $5 per month for Acorns’ services. Acorns, on the other hand, rounds up customers’ debit and credit transactions to the nearest dollar and invests those extra pennies in ETFs. The app differs from popular platforms like Robinhood or Interactive Brokers, which allow traders to actively invest. Acorns, on the other hand, eliminates the decision-making process and allows people to invest passively without having to worry about constantly monitoring their portfolio. The company, founded in 2014, has become a favorite of millennials, especially in the past year as investing has become more popular. The company is also expanding into financial education, working with BlackRock, PayPal, NBCUniversal and Comcast Ventures, among others. CNBC, an NBCUniversal company, is partnering with Acorns to provide personalized financial content to app users through a feature called Grow Magazine. From the basics of investing to retirement information, users who choose the $3 or $5 systems have access to a wide range of financial education tools. Again, the content is primarily aimed at young millennials who are considering investing for the first time in their lives. In addition to basic investment and financial information, the company offers debit cards, banking products and retirement services.

SPAC fintech transactions continue at rapid pace

Acorns joins a number of other fintech companies looking to go public via a SPAC. Although the number of new SPACs declined in April (10 compared to 109 in the previous month), several operations are still underway, according to rumors or confirmations. Some of the better-known companies that have gone the SPAC route include the financial app SoFi and the investment app e-Toro.Acorns, a popular investment app, is launching its initial public offering (IPO) today. The company is expected to raise around $200 million, a significant amount for a mobile-first VC company. The company’s valuation will likely be around $2.2 billion, and the most popular post on dashmerchant is “Acorns IPO + $2.2 Billion Valuation.”. Read more about acorns spac ticker and let us know what you think.

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