Irvine-based Acorns Grow Inc. raised $30 million in Series D funding that includes investments from Palo Alto-based PayPal and Rakuten Fintech Fund, the investment arm of an e-commerce company in Tokyo.
Acorns launched a smartphone app 20 months ago that offers microinvesting to the public. The app rounds up users’ purchases to the closest dollar and invests the difference in a portfolio of index funds.
The iOS and Android apps have more than 850,000 users, about 75% of them younger than 35.
Acorns was founded in 2014 by Orange County investment banker Walter Cruttenden and his son Jeff. It’s raised $62 million to date, including the Series D round and investments from Greycroft Partners, e.ventures, Sound Ventures, Garland Capital and MATH Venture Partners.
—Michael de los Reyes
