Acorns is a financial technology and services company located in Irvine, California that deals in robo-investing and micro-investing.
Acorns Net Worth
Acorns managed $3 billion in assets for 8.2 million customers, as per Fortune’s Impact 20 list for 2020.
The Company’s History
In 2012, the company was founded by a father-son team, Jeffrey Cruttenden and Walter Cruttenden. They aim to facilitate passive and incremental investments.
The company launched an app in 2014 for Android and iOS devices. Harry Markowitz, a Nobel laureate and paid advisor, designed the portfolio options.
A total of approximately $100 million has been raised by the company since its founding. During the first half of 2021, Acorns planned to merge with Pioneer Merger Corp. In January 2022, however, plans to merge were shelved due to market conditions.
Acorns Costs & Fees
According to Acorns, it has low fees, but it’s really a matter of how you evaluate it. The Acorns membership program offers two tiers, each of which charges a flat monthly fee:
- Personal: $3 per month. The service offers: Find Money, Invest, Spend, and Later.
- Family: $5 per month. The Family tier has all of the Personal tier’s features, plus it allows access to UTMA/UGMA accounts. Think of them as kids’ investment accounts.
It may seem like those fees aren’t too bad, but they can be pretty pricey annually. Beginner investors – the target market for Acorns – are likely to pay higher fees than other robos.