Move over, Robinhood: Acorns, an investing app used by nearly 7 million people, is going public amid SPAC boom

Acorns app
Acorns app.

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Acorns, the investing app Ashton Kutcher is obsessed with, announced plans to go public via SPAC yesterday in a deal valued at $2+ billion.

If Robinhood is your cool cousin who made $50k on her GameStop stock, Acorns is your quiet uncle who owns a profitable pet food business in the suburbs. Acorns doesn’t allow its 6.8+ million users to buy or sell individual stocks. Instead, it helps them build balanced portfolios for the long term via its signature service, which deposits users’ spare change into index funds.

  • “Acorns will be on the right side of history,” CEO Noah Kerner told the WSJ. “We are not a grow-at-all-costs company.”

Zoom out on SPACs: So far in 2021, SPACs have raised $17 billion more than 2020’s total haul. But even the biggest name in SPACs, Chamath Palihapitiya, wants more oversight of the process.

He might not have to wait long. SEC Chairman Gary Gensler said yesterday that the agency is beefing up resources to look into the SPAC boom, which many fintechs like Acorns have taken advantage of.

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Read the original article on Business Insider