Fintech startup Acorns Grow Inc is planning a funding round that could see its value reaching over $700mn, according to Bloomberg.
The company offers digital wealth management services, putting spare cash into funds managed by the likes of Vanguard Group and BlackRock.
The app operates as a ‘micro-investing’ account, letting users have small amounts of money automatically invested in EFTs (exchange-traded funds) in what is becoming a growing trend in the Fintech space. Users can also control how much “risk” they would like to take with their investments.
It currently has over $1bn in assets under management (AUM) and around 4mn people have signed up to the app so far.
Some high-profile investors in Acorns are currently PayPal, BainCapital, BlackRock, Rakuten, Capital Group and many more.
Acorns Grow Inc was founded in 2012, with the app launching in 2014, by Walter and Jeff Cruttenden. The company is based in Irvine, California.