Fintech app Acorns receives $105m funding
Fintech app Acorns has received a $105 million Series E funding round, which puts its valuation at $860 million, with NBC Universal and Comcast Ventures as leading investors.
BlackRock, Bain Capital Ventures, TPG’s Rise Fund, DST and Michael Dell’s MSD Capital also took part in the round.
NBC Universal, now Acorns’ biggest shareholder, will place CNBC chairman Mark Hoffman on Acorn’s board. CNBC has also reported on this story.
The California-based start-up has several financial products, such as automatic investment of spare change from debit or credit card purchases.
Its automated retirement account service “Acorns Later” has hosted 350,000 investors who have invested $40 million to date, according to the company.
Acorns also releases educational content through its site “Grow”. The investment includes a partnership with Comcast-owned CNBC to produce original content with Acorns.