A

Acorns

www.acorns.com link_icon

Acorns Grow Incorporated: Company Research Report



Company Overview



  • Name: Acorns Grow Incorporated.

  • Mission: The mission of Acorns is to look after the financial best interests of the up-and-coming, beginning with the empowering, proud step of micro-investing.

  • Founded: Information on the exact founding date and founders is unavailable.

  • Key People:

  • Noah Kerner, Chief Executive Officer & Chairman

  • Seth Wunder, Global President & Chief Financial Officer

  • Liz Nie, General Counsel & Corporate Secretary

  • Denise Chisolm, Chief Compliance Officer

  • Pete Johnson, Chief Operating Officer

  • Shilpa Reddy, SVP of Marketing

  • Daniel Wood, Chief Technology Officer

  • Kennedy Reynolds, Chief Education Officer

  • Headquarters: No information is available.

  • Number of Employees: No information is available.

  • Revenue: No information is available.

  • What the Company is Known For: Acorns is recognized for making investment accessible to everyone by enabling micro-investing from spare change.


Products



1. Acorns Invest


  • Product Description: An individual investment account that invests in a portfolio of Exchange Traded Funds (ETFs) recommended to clients based on their investment objectives, time horizon, and risk tolerance.

  • Key Features:

  • Automated investing with Round-Ups®, allowing clients to invest spare change.

  • Expert-built, diversified portfolios.

  • Real-time Round-Ups® for checking account purchases.


2. Acorns Later


  • Product Description: An Individual Retirement Account (Traditional, ROTH, or SEP IRA) selected for clients using a suitability questionnaire.

  • Key Features:

  • IRA matching for eligible subscription plans.

  • Tax advantages and diversification strategies.


3. Acorns Early


  • Product Description: An UTMA/UGMA investment account for minors, managed by an adult custodian until the minor beneficiary comes of age.

  • Key Features:

  • Designed for children, allowing early investments for minors.

  • Includes a debit card for kids to grow their money skills.


4. Custom Portfolios


  • Product Description: Non-discretionary investment advisory accounts managed by the customer.

  • Key Features:

  • Not available as a standalone account; requires an Acorns Invest account.


5. Banking Services


  • Product Description: Acorns Visa™ debit cards and banking services offered in partnership with Lincoln Savings Bank or nbkc bank, for Acorns Checking account holders.

  • Key Features:

  • No overdraft, maintenance, or ATM fees for in-network ATMs.

  • Real-Time Round-Ups® for investment from purchases.


6. Sustainable ESG Portfolios


  • Product Description: Investment strategies focused on environmental, social, and governance criteria.

  • Key Features:

  • Portfolios include companies considered stewards of nature and societal issues.


7. Bitcoin ETF


  • Product Description: Provides Bitcoin exposure through ETFs like BITO, investing in Bitcoin futures.

  • Key Features:

  • Allocates a portion of diversified portfolios toward Bitcoin, considered high-risk and volatile.


Recent Developments



  • Partnerships and Investments:

  • Backed by world-class investors including PayPal, BlackRock, Bain Capital, and notable figures like Dwayne Johnson and Kevin Durant.


  • Subscription Plans:

  • As of August 21, 2024, Acorns revised its subscription plan names to "Bronze," "Silver," and "Gold" without changing the service offerings.


  • Acorns Early Rebranding:

  • Acorns Early was formerly known as GoHenry, focusing on investment products for kids.


  • Overall Investments:

  • Over $22 billion invested since inception as of June 26, 2024.

  • Amount invested from Round-Ups alone exceeded considerable figures by July 31, 2024.


  • Customer Growth:

  • Acorns has facilitated investments for everyday Americans, with individuals investing spare change towards wealth building.


  • Educational Efforts:

  • Chief Education Officer, Kennedy Reynolds, emphasizes the role of financial education in empowering users towards financial independence.


No further information is available on additional recent developments or specific new features added to existing products.