Acorns, the investing app, is announcing a $30 million strategic investment from PayPal, with participation from the Rakuten Tech Fund. This brings the team’s total funding to $62 million.
With 850,000 active investment accounts, Acorns works by rounding up purchases and investing the remainder. In other words, if you buy a latte for $3.99, that penny will go into an ETF.
Users trust Acorns with their credit card information, syncing it with the app for automatic investing. The startup highlights diversified portfolios containing stocks and bonds.
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PayPal invests $30 million in Acorns investing app
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