Acorns Grow Inc., a company focused on offering micro-investing and retirement services, is now valued at $860 million, according to CNBC. This is a result of the funding round that happened at the end of January where investors such as Comcast Ventures, Bain Capital Ventures and NBCUniversal.
With this investment, the company experienced significant growth from the $159 million it raised up until November 2018, according to CB Insights. This development comes after its announcement that it is looking for above $100 million in funding, according to Bloomberg.
During the Series E round, Acorns received a $105 million in funding from various investors. Investors such as NBCUniversal (who is now the largest stakeholder in Acorns) joined existing shareholders such as BlackRock Inc., PayPal Holdings Inc., as well as celebrity Ashton Kutcher and basketball star Kevin Durant.
This value is reported to be thrice its value in 2016. CNBC reports that with this investment, the company is now ahead of its competitors such as Betterment (with a value of $700 m) and Pitchbook ($500 m).
The app allows users to invest small amounts or spare change towards a diversified portfolio. Other services it offers include debit cards and cash back programs. In July 2018, Acorns achieved $1 billion in terms of the investments they manage, Yahoo Finance reports. Currently, the app has around 4.5 m customers.
Since its conception in 2012, the company has expanded its services with the addition of debit cards, allowing users to make digital deposits.