Acorns is primarily a mobile-first, micro- and robo-investing app. The company allows its users to invest the spare change from purchases in diversified portfolios. Users can choose between Acorns Core or Acorns Later, an investment and retirement account, respectively. Users define a portfolio by answering questions regarding their financial situation and goals, which Acorns uses to recommend a mix of ETFs. For more information regarding the investment process, please click here. The company additionally provides a checking account, called Acorns Spend. Users link cards and bank accounts to Acorns, which tracks the purchases and deposits the spare change to Acorns. If a user uses Acorns Spend, the user receives an Acorns Debit Card, which replaces the linked cards and bank accounts.
The company was founded in Newport Beach, CA in February 2012, by son and father team Jeff and Walter Cruttenden.
The Acorns application and website are offered by Acorns Advisers, LLC, an SEC Registered Investment Advisor. Brokerage services are provided to clients of Acorns by Acorns Securities, an SEC registered broker-dealer and member of FINRA/SIPC.
How Acorns Works
*Based on Preferred Stock Price, Acorns does not have a stock symbol since it is currently private and is yet to have an IPO.
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