Acorns, the largest subscription service in consumer finance, to become publicly traded company

31 May, 2021

We’re thrilled to announce that our portfolio company, Acorns, the Irvine, Calif.-based investing and savings fintech app, announced that it has agreed to go public by merging into a special-purpose acquisition company (SPAC) in a $2.2 billion deal.

According to the official press release from the Acorns team, “I am humbled to represent everyday Americans in the global public markets,” said Noah Kerner, CEO of Acorns. “With the backing of trusted investors including BlackRock, PayPal, NBCUniversal, and Comcast Ventures, we are putting the tools of wealth making in everyone’s hands and making it possible for everyday consumers to responsibly manage their money over the long-term.”

Kerner continued, “Going public will help elevate our story, introduce many more people to the power of compounding and financial wellness, and bring financial literacy to the mainstream.”

The transaction is expected to close in the second half of 2021. Upon completion, the Company will operate as Acorns Holdings, Inc. and is expected to trade under the symbol “OAKS” on the Nasdaq Capital Market (“Nasdaq”).

The new Acorns will continue to be led by Noah Kerner, Chief Executive Officer, and the Company’s experienced management team.

Read more: Acorns

Source: Acorns

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