Acorns reaches $860m valuation through Series E, signs CNBC deal

Smart investment startup Acorns has hit an $860m valuation through a Series E round amid signing a partnership with TV news channel CNBC.

The company picked up $105m through the latest round from investors including CNBC partner NBCUniversal, Comcast Ventures, Bain Capital Ventures and BlackRock, as well as TPG’s Rise Fund and Michael Dell’s MSD Capital.

CNBC chairman Mark Hoffman said, “This partnership with Acorns builds on CNBC’s 30-year commitment to democratizing the financial markets, helping generations invest for their future.

“We are excited to bring together two brands with this shared social purpose to drive value to our viewers, users and customers.”

Acorns provides an app which aims to help users to save money by setting aside spare change and extra cash by rounding up day-to-day purchase amounts and recurring investments.

It also provides retirement savings options and diversified portfolios.

Bain Capital Ventures previously agreed to invest $35m in Acorns through its Series D financing round in 2017, which reached $70m through capital from backers including PayPal, e.Ventures and Greycroft Growth Fund.

Copyright © 2019 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.